Right now, we are witnessing a seemingly improbable blend of the world of art with the realm of cryptography. It appears that blockchain could be successfully implemented in the sphere of art dealing, which is one of the main objectives set by the project under review.
ArtPro is an international startup that wants to open the new faucet of art purchase/selling by fusing this process with blockchain. The project is registered in the jurisdiction of Estonia, headquartered in Tallinn - the company’s official registration number is present on the home page of ArtPro’s official website. The sale of APT, the ERC-721 non-fungible utility token, is currently being conducted on two IEO launchpads.
The main problem that plagues the contemporary art market, which generates annual revenue of around $80 billion, is a forgery. For instance, the official statistics, provided by the FBI Art Crime Team, said that nearly 30% of all art pieces in French museums are forged, which is, obviously, only the tip of the iceberg. In addition, the modern online art market is very underdeveloped and confined by various barriers.
ArtPro offers a solution to the provenance issue which resides in the amalgamation of conventional methods of authentication of art objects with the transparency, immutability, and decentralized nature of blockchain.
ArtPro has deliberately chosen the ERC-721 standard for the tokens since each token of this standard is not interchangeable, thus it can be used for the purpose of art authentication and the store of the lineage of every object.
Each APT token has a hash that contains information about the owner of a piece of art, as well as the history of its transactions. If the object is sold or transferred, this action gets recorded in a new hash that is stored in both the token metadata and the Ethereum blockchain, hence ensuring the authenticity and the traceability of all pieces of art.
ArtPro also introduces a marketplace, where users can browse art and view the provenance reports before making a purchase, using cryptocurrencies, fiat, or APT tokens. It also has the so-called “try before you buy” feature, which affords the opportunity for a potential buyer to see the work at his home, thanks to the augmented reality software.
Oliver Hams. The founder and CEO. The British art expert who has been working in this industry since 2010, when he started out as a portfolio manager at Drift Capital Partners. In 2014, Hams established The Sales Training Room, a company that dealt with commercial property and fine art. In 2017, he founded ArtPro and has been working on this project ever since.
Ashleigh Ulysses. The co-founder and COO. She has been working as a business operations manager since 2012, before joining The Sales Training Room in 2017, where she met Hams. Ulysses joined ArtPro in February 2018.
The sale of APT tokens currently takes place on two launchpads: Exmarkets and Latoken. The event will last until September 3. ArtPro allocated 500 million tokens for sale at a price of $0.15 per APT. All unsold tokens will be burned. The softcap is established at $5 million. ArtPro only accepts investments made in Ethereum. Whitelisting and KYC are mandatory. The citizens of a host of countries: USA, China, Egypt, Singapore, and many more, won’t be able to buy these tokens.
|Start||July 25, 2019|
|End||September 3, 2019|
I saw several similar projects pop up lately on the crypto horizon, but I can tell for sure that ArtPro is the most comprehensible one. I like the fact that they concentrated on developing a really practical solution, which is the hashing of the owner data, instead of ruminating about the ways to help young artists and such. I also have to try out their AR application to see whether it is really capable of providing the promised experience.
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