ArtPro – The Art of Blockchain
A storm has hit the investment market which we are not going to recover from. Crypto investment is that storm. With strict capital controls in place by most countries to control the flow of money and charge high taxes, cryptocurrency gained usage in circumventing capital controls and taxes, leading to an increase in demand. Cryptocurrency has been able to present an easy to use digital alternative to fiat currencies. Offering frictionless transactions and inflation control, investors have been prudent enough to add these currencies in their diversified portfolios as an asset, as the size of the market does not represent a systemic risk. Cryptocurrency employs the use of cryptography that assures high-security processes and verifies transactions personal to each user. Hence, counterfeiting and anonymous transactions are impossible to achieve.
While this revolution is gaining wide acceptance, ArtPro is creating the go-to marketplace for private dealers and contemporary artists, with a strong focus on emerging talent.
But before we go any further, please check out this APP preview video to get even more acquainted
Now that I have your attention, let’s get right to it.
What exactly is ARTPRO?
ArtPro is creating the go-to marketplace for private dealers and contemporary artists, with a strong focus on emerging talent. The ArtPro platform will open the art world to the masses, making it possible for anyone to discover and purchase fine art online without the excessive fees, intermediaries, and steep learning curve that have traditionally made art available to only to the privileged and the well-connected. Certificates of provenance, stored on the blockchain, attest to the authenticity of each artwork on the ArtPro platform, but that is only the beginning.
ArtPro forms a complete ecosystem in which traditional and contemporary art harnesses cryptocurrency, smart contracts and augmented reality to create an open platform that supports everyone from emerging artists to first-time investors. Through partnerships with galleries that are working with rising artists, ArtPro’s MVP will launch populated with contemporary works that can be admired and acquired instantly. Buyers have the option to store purchases in a secure facility for investment purposes or to have them shipped to a location of their choice.
For years, the art market has failed to innovate and persisted with inefficient systems that benefit auction houses and galleries but do little for the creators and collectors of great art. ArtPro is bringing the outmoded art industry into the 21st century while eliminating the fakes that are endemic to the industry via a proprietary three-part provenance solution. The ArtPro ecosystem shall be characterized by transparency and fairness for the benefit of all participants.
ART AS THE STORE FOR WEALTH
Art has long been valued for more than its beauty. From Old Masters to contemporary pieces, art has been used as a store for wealth for people wanting to invest in assets that are largely immune to the movement of the financial markets. The chain of title, however, is as valuable as the work itself with complete provenance correlating with higher returns.
THE GREATEST THREAT
As much as 30% of all art sales are believed to involve forged pieces. The Deloitte Art & Finance Report 2017 lists ‘authenticity, lack of provenance, forgery, and attribution’ as ‘the greatest threat to the reputation of the art market’.
BARRIERS TO GROWTH
The online art market is yet to reach maturity and efforts to promote its growth have been futile because buyers’ concerns haven’t been addressed. The lack of transparency surrounding both condition and pricing, a shortfall of available information to educate buyers about the art and the reliability of the authenticity of a piece have been preventing the conversion between browser and buyer.
ArtPro does not profess to unilaterally solve all of the problems afflicting the art industry. The ArtPro platform, however, will play a significant role in helping the art world to advance into the digital age, and in democratizing fine art for a global audience.
ArtPro will operate as a platform that connects participants and stakeholders within the ArtPro ecosystem. The most visible manifestation of this will be the ArtPro website and dApp, which form an information-rich portal for accessing a complete suite of resources for art aficionados.
Education and access to contemporary art are provided through a range of multimedia resources including articles, tutorials and videos. Aspiring investors will be guided through the fundamentals of appraising and acquiring fine art, from first steps to advanced strategies. Most importantly, buyers and sellers are connected, enabling art to be traded instantly using the APT token via the MetaMask browser or in-app wallet.
Developers are free to create dApps built upon the ArtPro protocol, and a reward fund will incentivize the development of meritorious projects. Features such as provenance reports and the ArtPro marketplace can be integrated into third party platforms via API, bringing artists and their work to a wider audience.
The ArtPro Market
Buyers search for available work on the platform. Using filters to narrow the search, there is the option to view works only from verified sellers.
Once they have chosen a piece, the provenance report is downloaded using the APT token. When satisfied, the buyer can add it to the cart.
Payment is made using APT. Once the checkout is complete, the token is locked into the smart contract. If the vendor is verified, the APT Token will be released straight away.
Once successful delivery of the art has been confirmed or inventoried in a secure vault, the payment is released to the vendor.
Feedback is left by both transacting parties for our reputation system and ArtPro receive a small sales commission.
The ArtPro Marketplace will use a rating system in tandem with blockchain-held reports to deliver a high level of transparency. It will create a benchmark for sellers to aim for and buyers to seek that will be transformative to online sales.
Example: Alice has $20,000 to spend on a work of art but her time is precious and she is unable to trawl auction houses and galleries. Alice searches the ArtPro dApp by artist, genre, size and medium. Her search returns 100 suitable options, but for Alice, a certificate of authentication is imperative as she would like to think that in years to come her children will benefit from the sale of a wise investment. Using the rating system, Alice can eliminate any works that lack verified provenance (held on the ArtPro blockchain), before settling on a shortlist of artworks she likes from highly rated sellers and galleries.
How It Works?
Connects participants and stakeholders
Allows art to be browsed and filtered by type, price, artist and style
Acts as an information-rich portal for art lovers
Provides strategies for appraising and acquiring art
Enables transactions using the native APT token
CATALOGUE OF AVAILABLE WORKS
The ArtPro Platform offers works from emerging and established artists. Whether you’re a collector or an investor, ArtPro has something for you
Digital certificates stored on the blockchain provide complete provenance for every piece of art on the ArtPro platform
USER RATING SYSTEM
The ArtPro Marketplace uses a rating system to encourage transparency, set buyer and seller standards and drive confidence
The use of AR, to provide a realistic representation of art in a 3D space, will help to drive more sales and will eliminate some of the problems associated with buying art online. It will also give the app real-world utility, making it much more than just a tool for passively browsing works of art.
ArtPro: The APT token
The ArtPro marketplace functions as an online gallery where people can browse and learn more about its composition and creator. Each work of art is priced in the viewer’s native currency and APT, and can be purchased instantly.
The ArtPro platform uses the non-expendable token standard (NFT) ERC721 to assign a unique identity to each work of art. This allows you to track and transfer your lineage. ArtPro Reports will be the first dApp to be built on the ArtPro platform. It will contain a complete directory of each work of art inventoried by ArtPro, with its attached source report. Users can browse through the selection of artworks.
The ArtPro team is fully committed to creating the best possible platform for the community, the purchase of the APT token will allow access to the investment fund and purchases made in APT will be eligible for a minimum reduced investment threshold. The price of 1 APT will not be quoted in trade until 2026. The tokens will function as the main economy of the ArtPro platform.
Token name: APT
Token type + designation: ERC20, utility
Number of tokens minted: 500,000,000
Unsold tokens: Burned
Public sale price: $0.15
Pre-sale price: $0.1
20%Founders & Advisors
17%ArtPro Investment Fund
10%Developer & Emerging Artists
3%Airdrop & Bug Bounty
15%Marketing, PR & events
Inception of ArtPro platform
Groundwork commences for core team
Official registration of UK entity: ArtPro platform LTD
Public release of ArtPro website and whitepaper
Presale – ICO crowdsale
Beta launch of MVP
Lunch of MVP with partnered galleries & artists
Introduction of augmented reality to the platform
The first ArtPro art exhibition in London
Release of the quarterly ArtPro collector’s publication
Release of the ArtPro art investment fund
Be a part of this incredible project. Download the whitepaper for the full scoop.
Till next time…
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Disclaimer: This article was published in terms of the bounty campaign. I am not a project team member or its representative but a supporter of this incredible project.