Pay Arts by Bitcoin. Why not?
In September 2017, Lynx Art Collection was opened by Frank and Nikki McKeever with a focus on crypto-themed artworks and payment options in Litecoin, Monero, Ether, and Bitcoin. With much price fluctuation and a down market since, their artwork business is instead soaring.
“The bear market didn’t really affect our sales throughout the majority of 2018,” Frank McKeever stated.
By Dec 2018, the McKeevers had received more than 500 payments in crypto, which accounts for about 75% of their total annual sales. They sold over 1,000 pieces of crypto artwork for the year.
Shop less but Spend more in Crypto
Examples of real-world crypto payments do not stop at the McKeevers’. According to BitPay, a Bitcoin payment processor, 2018 saw a peak in the average value of cryptocurrency payments made – up to $678.77 almost double that of only $338.53 in 2017. While data suggests that crypto users may be shopping less, they are spending more when they do.
More Ways to Spend in Crypto
According to Andrew Lee, CEO of BitPay and Purse, a peer-to-peer marketplace that matches Amazon shoppers with Bitcoin spenders, we can expect a bright future for crypto payment. He emphasizes that people need motivations to spend in crypto instead of fiat currencies.
Trevor Jones, one of the artists selling prints for Bitcoin through Lynx Art Collection, created paintings including augmented reality, which have been going down so well with collectors that his crypto-related artworks can now be worth up to $13,000. He has also created an online community where he shares about his work on Twitter.
“A lot of doors have opened up, with having future exhibitions,” Jones said, adding that some of these exhibitions will take place at tech company offices this year.
“My previous sales were mainly through commercial galleries. Being able to sell quite expensive artwork to someone I’ve never met before is spectacular,” Jones continues.