Another startup from the FinTech sector successfully uses technology blockchain. A company founded in London ArtSquare created a free trading platform stokenizowanymi works of art, ensuring full transparency, and based precisely on block chains.
A new art trading platform
London startup ArtSquare developed a free trading platform for tokenized works of art based on blockchain technology.
Its users can purchase and exchange shares in works of art represented by negotiable shares.
The minimum investment value is 1 euros.
The main goal of ArtSquare is to make the art market more open to a wider group of users - art lovers and retail investors.
The biggest barriers to the art market
The modern art market is mainly available to those with a substantial budget to buy expensive masterpieces.
Moreover, the world of art has been rather skeptical towards the digitization of resources.
Only recently has blockchain technology started to penetrate it, and it has a lot to do in this field ArtSquare.
The platform is also an alternative for all those discouraged by the time-consuming process of purchasing a work, in most cases requiring contact with art galleries or participating in auctions.
ArtSquare - a new approach to the art market
The problems mentioned above are to be solved by the ArtSquare platform, tokenizing works of art. This means that individual of them will be divided into shares that can be purchased and sold on the ArtSquare exchange.
Fiat currencies will serve this purpose.
Such digital works of art will have the form based on blockchain technology tokens, representing unchanging value, and above all guaranteeing the security of transactions.
In addition, the platform also issues intelligent contracts between the expert team in the field of art and the owner of the work. They contain the terms of ownership of the tokensized works of art.
Tokenized worksthat are placed on the ArtSquare market must have an appropriate certificate of authenticity and a document confirming its place of origin.
As a result, users get a guarantee that they become investors of the original work of art.