Starting next spring, our company will begin providing services for "B-OWND," a new platform that utilizes blockchain to enable the sale and distribution of Japanese art and craft works to the world. In addition, ahead of the launch, we launched the website at 2:00 p.m. on November 29th.
"B-OWND" (hereinafter, this service) is a platform that directly connects Japanese artists and craftspeople with collectors (purchasers), curators, and art critics from around the world. It creates an environment where communication between artists, collectors, and curators, as well as mutual evaluations between the three parties, are made public, and third-party evaluations can be visualized by art professionals and general users.
In addition, the introduction of blockchain will enable the buying and selling of artworks through e-commerce, while guaranteeing the added value and authenticity of artworks in the art market, where the authentication of artworks, value creation through the mutual influence of the new and used markets, and past ownership history are important. By forming a new distribution network for collectors both in Japan and overseas, we will increase the recognition and popularity of art and craft works, expand the market, contribute to the inheritance of techniques, the training of cultural leaders, the promotion of Japanese culture and art, and regional revitalization.
Currently, participation of artists and craftspeople active around the world in various genres, such as glass, lacquer, ceramics, and bamboo, has been decided, and about 30 artists are expected to participate at the time the service starts next spring. After that, participation will be expanded to include more artists, collectors, and curators.
B-OWND Conceptual Diagram
Art Blockchain Network Diagram
Background of the initiative
Art and craft works have a strong affinity with our company's business of "space creation," and are used in the various spaces we work on, playing an essential role in creating better spaces. Our company's Cultural Spaces business also holds one of the largest shares in the industry, and our group company includes Tansei Institute Co., Ltd., Japan's only think tank specializing in Cultural Spaces, and we continue to promote Japanese culture both at home and abroad.
The environment for artists and craftspeople, the "bearers of culture" in Japan, is tough, and the number of employees in the traditional craft industry in particular has been declining since peaking at 288,000 in 1979, falling to one-fifth of the previous figure at 65,000 as of 2015 (according to the Traditional Craft Industries Promotion Association). One of the most pressing issues is nurturing the next generation of talent and establishing a base for their activities, and there is a need to further increase the value of art and craft works in Japan and around the world, and to secure sales and distribution channels for these works.
Furthermore, while the size of the global art market is said to be approximately 6.75 trillion yen, the size of Japan's art market is approximately 240 billion yen, and efforts to grow it in the future are considered important (Source: Agency for Cultural Affairs, Government of Japan "Toward Revitalization of the Art Market"). However, the current situation is that awareness of art is low, due to the complexity of issuing certificates that guarantee the value of works and managing their provenance, and the limited information generally available.
Therefore, by working to establish a platform that connects people from all over the world with Japanese artists, we hope to expand Japan's art market, broaden the scope of activities for artists and craftsmen, and contribute to the promotion of Japanese culture and the arts.
Main features of "B-OWND"
(1) Media Function
It will function as a promotion and curation medium, providing a place for artists to disseminate information and artworks, for collectors to discover and interact with artists, and for curators to evaluate artworks. In addition, by supporting multiple languages, it will enhance the international reach of artworks, artists, and craftspeople.
(2) Market Functions
We will establish an e-commerce market function and realize sales not only in Japan but also overseas. By opening up the Japanese art market to collectors both in Japan and overseas, we will contribute to the "expansion of the art market" and "improvement of international presence," which are part of the "cultural economy strategy" promoted by Agency for Cultural Affairs, Government of Japan for Cultural Affairs.
(3) Authenticity and distribution management function for artworks
Using blockchain, we will automate the process of verifying authenticity and managing distribution of art and craft works. We will promote a "rebate model" that allows artists to choose to receive a portion of the transaction fee during secondary distribution. System Development in collaboration with Startbahn Co., Ltd. (※), and through business collaboration with the company, we aim to support the activities of next-generation artists and promote Japanese art and craft works.
* Startbahn Inc.: A startup company established in 2014 The University of Tokyo with the mission of "solving art-related issues through technology." They are working on an "Art Blockchain Network" that cross-connects art-related services around the world by issuing certificates. They have obtained patents for their "rebate model" in both Japan and the US.
Comments regarding the launch of the platform "B-OWND"
Seiichiro Yoshida, General Manager of Business Development Cultural Spaces Division
We are launching a new platform business that combines arts and crafts with technology. As Japan is in need of value creation that utilizes culture and the arts, we aim to revitalize the art market through innovation, and in our "space creation" business, we will also challenge ourselves to create new spatial value through collaboration with artists. We hope that by helping more people around the world learn about and appreciate Japanese arts and crafts, we can contribute to the realization of a society filled with sensitivity and culture.
Ken Ishigami, Producer, B-OWND, Business Development Division, Cultural Spaces Business Department
This new blockchain-based system will connect those involved in arts and crafts, creating a more open market. Crafts, which embody the beauty of Japan, have been nurtured throughout Japan's history and refined to this day. Through B-OWND, we will connect artists and craftspeople who create works that combine Japanese crafts with new sensibilities with people around the world. We also aim to solve the issues facing Japanese arts and crafts by encouraging the distribution of works in a different way than before.
*The contents of notices and news releases are current as of the date of announcement.
Please note that this may be subject to change without prior notice.