This art-trading platform will cooperate with the world’s biggest auction houses to offer online auction services. To make the project a reality, only a small investment is needed to make it free from regional restrictions. The blockchain creates an immutable time stamp, which means that data on the transactions conducted on artwook cannot be forged. All the information is tamper-proof and transparent.
The Main Benefits Of Artwook
The artwook platform integrated the ecology of the art world with intelligence technology to deliver a trusted platform. Galleries, auction houses, museums, and individual traders can use this platform. The platform offers an effective solution for the improved information asymmetry and deals with the issue of lack of transparency in transactions in the current art industry.
The utilization of a third party blockchain platform that manages the database including ownership details, closing price, provenance history and much more will ensure a reliable trading platform for the art world.
By collecting data using different sources for pricing of an item, working together with a bespoke art security firm will ensure the safety of stored artworks. The creation of a digitized fraud-proof provenance check via their technology will greatly reduce risk, incomplete transactions, and the chances of capital loss.
This platform will focus on multiple transactions of a sale cycle. Besides that, it will increase the liquidity for the high-value investments. The Artwook blockchain platform will offer joint ventures on transactions as an option. By providing the expected profit rate and a regular analysis of the art market, the platform will increase the transparency and efficiency of transactions.
The Current Art Market
With the rapid economic growth in China, the middle class has grown significantly. This population has changed tremendously not just in lifestyle and consumption habits but also the high demand for the preservation of capital, investment returns, and the diversification of the assets. The traditional investment vehicles like financial and property product do not fully meet their wants. This group is moving a huge proportion of their assets into collectibles with most focus on artworks.
A recent 2015 report on China showed that the volume of Chinese art dealers had grown significantly in the past decade. This has made China one of the biggest markets for art in the world. Another report in 2016 showed that art auctions had reached 8.4 billion USD in turnover. This figure represented 38% of global volumes. This is despite the fact that 2016 was a year of stagnation of the global economy with the art market cooling down. However, the Chinese art market was still strong, becoming the biggest art market in the world.
Some Of The Issues Artwook Could Resolve
There are major problems of authentication in the art world. The blockchain is a shared public ledger that records every transaction. Thus, the establishment of an application blockchain technology can help to improve market liquidity and transparency. Other issues are valuation difficulties and complex transactions. The ICO has not been announced but the AKC token sale is expected to launch in July 2018.