Codex Protocol develops an infrastructure for creating a decentralized registry of collectibles and art. Even at the initial stage of development, the project was supported by a strong consortium of 5,000 auction houses with extensive experience in this segment. The goal is to become an industry standard.
Codex initially focused on the $ 2 trillion Art & Collectibles asset class, where the need for the registry is greatest, because there is no centralized title registry. For unique assets, the origin (identity, ownership chain and other metadata about the element) are of fundamental importance. Just imagine such a market in one application — at any time, collectors, buyers, as well as auction makers will be able to get all the necessary information about a particular work of art.
The decentralized Codex registry will allow collectors to gain confidence in the authenticity of purchased items. The platform can exist as an industry protocol and will make it possible to create decentralized applications on it. The company itself already adds to it two applications Biddable and Sellable. It should be noted that the well-known companies, as well as the auction houses, have already invested in the project — they were able to see the potential of the platform, which opens new opportunities for connoisseurs of collectibles.