The Importance of Artchain
Blockchain technology has changed the way things are done in the art market. Previously, it was difficult for new art investors to enter the market and there was a huge investment requirement in order to even invest in the market. However, with the advent of Artchain, that has all changed. Now, just about anyone interested in the art market with as little capital as possible can invest in the market.
What is Artchain?
Artchain uses blockchain technology and is one of the leading innovative solutions. It works to democratize the art market through a process known as asset tokenization. Furthermore, Artchain uses its powerful AI technology to allow galleries and artists to insert their digital ArtDNA fingerprint into their art. It is due to this that the ability to prove ownership by tracking and verification of the validity of artwork is possible.
Benefits of Artchain
Understand the benefits of Artchain will help you see why it is crucial to implement it throughout the world so that the art industry can truly flourish and reach its full potential. The art market is worth billions of dollars. It is one of the most competitive markets that offer great returns.
Artchain adds a layer of security to the entire art market which allows dealers and investors to feel secure. This sense of security will also help allow the market to perform better.
The single group of individuals that will benefit the most from Artchain is art investors. Through asset tokenization, the market is opened up to more investors that can buy a share in classic artwork. Art and coin will go hand in hand. Art investors will get an art token, art coins, or art cryptocurrency for ico art and ico artwork. The coin artwork network can be added to involve the entire art market to allow for better market performance. This means that moderate retail investors that couldn’t afford to buy luxury art pieces will be able to enter the market. Crowdfunding can also be used in the art world.
Museums and Galleries
Museums and galleries will be able to ensure that the authenticity and quality of the artwork are protected with the help of the ArtDNA feature. They will also have access to a digital ledger of ownership that will also show the current condition of the pieces. If anything happens to the art such as a scratch or nick, the dealers would be able to record the change instantly.
The unique ArtDNA feature of Artchain makes it easier for the verification of the authenticity of art. It will benefit legal officers greatly. As the owner of the artwork would be automatically established, the burden on legal officers would be reduced.
Artchain is also beneficial to insurance companies as they will be able to make use of the digital records to insure the art work. They will be able to play a bigger and more secure role in the art market with the help of Artchain.