Why collectors manage their collections digitally

As our world becomes more digital, it’s no surprise there is an increased demand for managing physical collectibles in a digital way. In this article we’re looking at the three core reasons collectors are moving their collections online: (1) to better enjoy their collection (2) to ensure better financial security (3) for simplicity and saving time.

Nearly $5 billion of art and collectible is bought online annually, and processes for managing collections online is growing alongside the market. At Codex, we’ve been implementing features to make digitally managing your collection sophisticated and easy. Let’s look at the the improvements that managing your collection digitally can add to your life as a collector.

Enjoy your collection

Using Codex as a digital photo album to track your collection lets you enjoy the pieces you’ve collected. You can easily view and scroll through all of the items you collect in one place.

View this collection on Codex: https://codex-viewer.com/auction-houses/live-auctioneers

You’ve gone through a lot of work to collect your pieces, you should share them with your communities. Every item you add to Codex is called a Codex Record. If you set your Records to “public” in the settings, you can share each item on social media. Post the link to your Records on your social platform and share the story behind your collectible.

Codex Records have custom social media preview links (shown in the image below) that makes sharing your items presentable and personalized.

Social Media Preview link

Curious to learn more about your item? Posting your Records on different social forums can help you discover more about your items. Collectors have strong online communities on platforms like Facebook, where they knowledge share and gain access to helpful information about their collectibles.

Financial security

As we discussed in this article, the value of an item is in its provenance. According to the 2019 Deloitte Art & Finance Report, 79% of wealth managers believe that blockchain will improve provenance traceability of art and collectibles. Storing this information securely on the blockchain gives you confidence that you are properly maintaining the value of your items.

For a majority of collectors, it makes financial sense to insure collections as a whole rather than obtaining individual claims per item. On-demand, online insurance coverages are becoming the norm for the items in our every day lives. Gathering all of the provenance and financial information about your collection in one place makes it that much easier to submit claims online to platforms like Sure or Lemonade.

Time saving

Managing your collection online on Codex should make your life easier! Create a Simple Login account and sign up via email or Google account. It’s an intuitive platform that’s designed to help collectors quickly and easily manage their entire collections in one place. Sign up here to try it out!

About Codex

Codex is the leading decentralized asset registry for the $2 trillion arts & collectibles (“A&C”) ecosystem, which includes art, fine wine, collectible cars, antiques, decorative arts, coins, watches, jewelry, and more. Codex will be adopted by the Codex Consortium, a group of major stakeholders in the A&C space who facilitate over $6 Billion in sales to millions of bidders across tens of thousands of auctions from 5,000 auction houses in over 50 countries.

To learn more about Codex initiatives, visit our white paper. To inquire about partnerships and developing dApps using the Codex Protocol, please contact us via Telegram or Twitter

Codex is the leading decentralized registry for the $2 trillion arts & collectibles ("A&C") ecosystem. Our Publication: https://medium.com/codexprotocol/latest