Artex records the provenance of works of art in the blockchain. Find out how it works today in our review.
What Is Artex?
Artex is a decentralized art marketplace where investors and collectors can receive information about exhibitions and sales, including expert assessments and price indexes. The platform aims to use blockchain technology to record the provenance of works of art.
The token sale for Artex begins on October 10, 2017.
Artex is being developed by a Russia-based company that has been in the photography market since 2005. The company is the largest media holding group for photos in Russia and the CIS, with a growing presence to western audiences. Today, their websites (including rosphoto.com, 35photo.ru, and club.foto.ru) receive more than 1 million visitors each month.
The team wants to use that experience to make Artex the leading art provenance platform.
What Problems Does Artex Seek To Solve?
The official Artex website, Artex.global, identifies three core problems with the world of art, including:
- Problems with trust
- No transparency
- Closed art community
We’ve seen other blockchain technologies target the world of fine art. The art industry has come under criticism for its lack of transparency and high barriers to entry. Two major players dominate the art auction space, which is why many people call the space a duopoly. And, high barriers to entry and low transparency make the fine art world difficult for the average person to access.
Artex’s whitepaper and website frequently mention the age of art buyers: the average art market investor is over 45 years of age. Young investors often have no idea how to participate in the economy or buy a piece of art. Artex wants to use mobile technology and an easy-to-use app to solve that problem.
Artex wants to solve all of these problems using blockchain.
How Does Artex Work?
Artex’s solution involves three core functions:
- Create a common register for pieces of art, built on blockchain technology
- Allow anyone to access this registry using a convenient mobile application
- Provide open, transparent entry to the market
Artex wants to change the way people buy and promote works of art. They want to make the process more transparent and secure. With Artex, artists receive a mechanism that provides them with a monetary reward from each sales transaction.
To accomplish that goal, Artex will use its existing database of photographers (over 600,000 people) and its connections with art galleries. Artex will leverage these connections to create a public register of pictures on the blockchain.
Anybody willing to enter the art market will be able to do so using a simple, user-friendly mobile app. Using a smartphone or mobile device, you can check the full history of a photograph (its provenance), including the first time it was downloaded onto a platform (proof of rights and expert evaluation), its history of ownership, its imprint characteristics, and the number of certified copies available. You can also view its history of sales, with each sale being recorded onto the blockchain.
Ultimately, Artex wants to make copyright management easier for art and photographs. The platform provides an immutable record of the transaction history for a piece of art, as well as any other pertinent information about the art piece
In terms of monetization, Artex will charge a 1% commission on all transactions made within the ecosystem.
Who’s Behind Artex?
Artex is led by CTO and Co-Founder Valery Kochergin, CEO and Co-Founder Vladimir Povshenko, and CFO and Co-Founder Evgeniy Galiakhmetov.
Kochergin is known for creating the largest professional social networking site in the world of photography (35photo.ru), and is the founder of Russia’s largest photo award platform, 35Awards (which is also the second largest platform in the world).
Povshenko, meanwhile, is the owner of “Russian Photo” magazine, and is the creator of the largest community of professional photographers in Russia, the “Russia Photo” club.
Galiakhmetov, meanwhile, has 13+ years of banking experience, was promoted from credit card sales manager at Citibank to a head of corporate sales at HSBC. He’s also a blockchain asset investor.
The Artex website lists a location in Hong Kong.
How Do Artex Tokens Work?
The Artex ecosystem revolves around the use of Art Tokens. The token is the main method of payment on the Artex platform. You can use tokens to pre-screen photos, estimate the cost of a photo, pay for an expert’s analysis, verify a print lab, pay for printing services, pay for escrow services, verify a gallery, produce a photo token, vote on a system change, or pay for a work of art.
There are two other tokens in the Artex ecosystem, including the Photo Token and the Picture Token. The Photo Token gives its owner the right to print a photo in one of the verified labs on the Artex network. Meanwhile, the Picture Token holds ownership rights of a picture recorded on the blockchain.
Only the Art Tokens are being sold during the upcoming token sale.
The Artex Token Sale
Artex is seeking to raise $5 million (minimum) to $15 million (maximum) during its token sale. The developers have set an exchange rate of $1 USD = 10 Art Tokens during the presale, or $1 USD = 13 Art Tokens during the general crowdsale (this rate may vary based on the ETH/USD exchange rate).
The token sale launches on October 10, and will last until November 9, 2017.
Artex aims to solve crucial problems in the world of photography and fine art sales. The ICO is taking place throughout October and November. To learn more about the platform, or to participate in the ICO today, visit online at Artex.global.