Works of art have traditionally been perceived not only as a source of aesthetic pleasure but also as a store of value. This made art one of the biggest markets in the world with the estimated sales volume of $67.4 billion, as per this year’s report published by Art Basel. Despite showing such bloomy figures, the industry of art is still tormented by numerous problems, resolving which requires a fresh approach, such as the one displayed by the international project Monart, which is registered in Malta. Monart creates a global community of art lovers and a blockchain ecosystem, powered by the ERC-20 compliant MART token, that will facilitate the promotion, sales, and the overall appreciation of creative products.
Apart from gathering the artists and art lovers under its banners, Monart plans to establish a comprehensive ecosystem that will heed the financial, promotional, and educational needs of its members. The project will present a blockchain-enabled marketplace where all aspiring and established creators will be able to exhibit their works for sale. Naturally, all sale/purchase operations are to be made in MART.
Monart will also launch an online art channel, allowing users to learn about new trends in art and also showcase their best works. The project also has the ambition to open two galleries, in Paris in New York, in addition to the proprietary 2200 m² art center located in Beijing.
Lastly, Monart launches the Art Accelerator Initiative with the purpose of helping the underappreciated artists to get into the limelight of the industry. A part of the funds obtained through STO will be allocated specifically for the development of the Accelerator.
MART comes in the form of a security token that supports the two revenue streams created by Monart for the token holders. The MART holders are entitled to receiving payments formed on the basis of gross profits obtained by selling items from the project’s unique art collection. By the way, half of the money obtained during the STO will be used to purchase the artworks to supplement the collection. Such profits are to be paid to the holders in full, void of any commissions. Additionally, the holders will receive 10% from all transactions that occur on the marketplace.
The token holders are also entitled to receiving other perks, for instance, discounts on exclusive works of arts, admission to private sales, and invitations to participate in various events across the globe. There will be three groups of holders: Silver, Gold, and Platinum. The placement in each group will depend on the amount of MART, equivalent to Euro, held in the user’s digital wallet since the closure of STO or for the duration of one year. 10 thousand Euro worth of MART will place the user in the Silver Group, 100 thousand - Gold, half a million - Platinum.
The pre-sale of Monart’s security tokens is due to begin on July 1 and last for two months, until August 31. The pre-STO price of MART is 0.04 EUR per token, though the purchases can be made only in ETH. The interested investors can submit their details for whitelisting on the official website. It appears that Monart will pass the softcap in flying colors since it is quite low - 1 million EUR, whilst the hardcap is 20 times higher. The list of restricted areas is rather extensive and includes the Balkans, Belarus, Burma, Ivory Coast, Cuba, Democratic Republic of Congo, Iran, Iraq, Liberia, North Korea, Sudan, Syria, Zimbabwe, and Somalia.
|Start||September 1, 2019|
|End||October 31, 2019|
|Soft cap||$1 000 000|
|Hard cap||$20 000 000|
|Tokens for sale||1000000000|
I am convinced that in a not so distant future we will see the market of fine art follow the footsteps of the financial sector and the industries of gambling and sports, which show great interest in the blockchain technology. Through Monart, blockchain could become the bedrock for the art market that is void of counterfeit, shady deals, and copyright infringements. This coin won't stir too much hype since fine art interests a relatively limited group of people, but it certainly has the potential to become a solid cryptocurrency, backed by a devoted community.
I can't say anything negative about Monart at the moment. This startup has a vibrant team staffed with experts in the respective fields; the concept is fresh and viable and the market for its realization is huge. One thing that bothers me, though, is that Monart may have bitten on a piece it wouldn't be able to chew. I mean that they are planning to maintain too many components of the ecosystem at once: the community, the marketplace, the galleries, and so on. In my opinion, it would have been better for them to start with a marketplace, bring it to perfection and then move forward.
To tell you the truth, I don’t really understand the idea of buying works of art online. Personally, I wouldn’t pay a hefty sum of money for a painting or a sculpture without seeing it first with my own eyes. That concerns only fledgling artists, of course, like the majority of those which Monart wants to promote. Nevertheless, I do recognize the potential that this blockchain platform has as a place where young talented people could showcase their works and share their experiences. But not so much as the marketplace, that would be way too risky.
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