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My name is Mark Lurie, I'm the founder and CEO of codex protocol. To give you a
little personal background I'm from the US, I previously founded and sold a
venture backed online marketplace for fine art collectibles. So I've been the
art and collectibles space for a while, and before that I worked in venture
capital making startup investments, did an MBA and BA from Harvard. And can
you tell me what codex does?
So codex is a blockchain based title registry for
the art and collectibles market. So that includes fine art, fine wine, collectible
cars, jewelry and watches and unlike every other major asset class and this
is about a two trillion dollar asset class there's no way to prove your
ownership and there's no way to track ownership. There's no title registry.
that's really important because it makes it really easy to do a lot of things
like transact and insure and loan. So what we're doing is we're bringing
provenance onto the blockchain that's a history of ownership and transmission of
the item and it's the main factor in determining authenticity and thus value
of fine art and collectibles. And so with our title registry you'll be able to
know something's authentic and you'll be able to prove its yours. So that
seems like a really major flaw in the trading of these items. How was it
done before? It's very hard the way it's done before is you have the item and you
maybe have paper receipts maybe you don't and each time it's transacted you
have to do a lot of research and diligence. That's a big reason why today
and the art and collectibles market commissions are 40 percent plus it's
hard to get loans, it's hard to know if something's authentic and it's really
hard to resell an item and prove it's authentic. What we're doing is we
brought together an industry consortium of auction houses and
software providers to the auction industry who are all coming together and
agreeing we have to change this we have to create a title registry. And so on day
one we will be adopted by a big portion of the market. So how do you go back and
create that provenance? What are your
validating factors because it seems like this is only gonna work from now onwards.
That's true but most items go through auction at some point in their life and
the way authenticity is determined now is you say oh what auction house or what
dealer was it purchased from? We'll trust the good ones and we won't trust the bad
auction houses. We're gonna load ten million items a year or more or at
least up to that from our auction houses onto the registry. So starting now those
will have good provenance and people will be able to make a judgements
around whether it's authentic. So essentially you have to start from the
status quo but for the future we have to start somewhere? And
then we have one application that we're building on top of it this is the first
application there will be many applications and this is called Biddable
Biddable makes it possible to bid anonymously at all those auction houses
and pay with cryptocurrency so that people with crypto can purchase art and
collectibles. Anyone can bid more easily than they can now which is
actually surprisingly complicated. So Biddable will make it easy for people
around the world to invest in art collectibles. So can you explain to me
why it's complicated now and how this will make it better?
Sure. So today in order to bid in an auction you have to apply a couple weeks
ahead. You may have to send bank statements proving your net worth and
even then the auction house may not let you bid because they need to know that
if you bid and win you'll pay. They lose about ten percent of their revenue to
people who bid and win but never pay and so particularly people in Asia can't bid
in Western auctions because Western auctions can't read Mandarin bank
statements. That's a major problem for the industry and so we're creating a
for our first application is a title escrow application so that you can make
a cryptocurrency deposit and be instantly approved to bid in an auction.
That makes it much easier for the bidder and gives confidence to the
auction house that you can pay. Do you have any competitors? This is
actually a really big problem and a very obvious problem art and collectibles.
Lots of people have thought about it before and many people
have tried. The reason it hasn't been done in the past is because no one wants
to register all their art and collectibles and jewelry with a central
authority. With the blockchain they can prove their ownership without disclosing
their identity to any central authority. So there are multiple people who have
tried, but the problem is how do you get adoption? How do you make a title
registry to standard? We have a consortium of a large portion of the
auction market that's pre agreed to use the Codex title registry which is why we
know we're going to be successful. But the idea itself is actually quite
obvious if you're in the space. So there aren't other people trying to do this using a blockchain?
There are other people trying to do this with blockchain but none of them have contractual
agreements and partnerships with all of the major auction houses such that they . will
actually become the standard. So you've got all the agreements in place
what stage are you at in terms of launching and going live?
We announced last week that we're doing the project. We've had a lot of good
reception. We won the first place in a 40 company competition and we'll be
launching later this year in all of those auction houses. We're under
development today. And so where's the road map from there once you launch
what are you looking to do next? So we'll launch with those auction
houses and we'll do a lot of marketing to get a lot of new bidders involved and
bidding and using biddable and all those items will get registered on the title
registry. And then what we'll do is we'll go do partnerships with other
stakeholders in the art and collectibles market whether it's art shipping, whether
it's insurers, asset-backed lenders, dealers, galleries, artists who might want
royalty rights on their pieces, and will encourage them to build applications and
we'll help them build applications so that we have a kind of the ecosystem all
using this title registry and cementing it more and more
as the standard and solving all those problems in the art and collectibles market.
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