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Almost everyone has heard of NFTs, cryptocurrencies, digital art, and a bunch of other jargon. Tokenising art has likely been the subject of a lot of discussion over the last months. Essentially, you are turning your work into an NFT (non-fungible token), which enables verification of the piece’s authenticity and, ultimately, access to a vast new market. Blockchain allows the trade of digital assets and non-bankable assets such as real estate and art. Artex is a project of this kind that is aimed at providing maximum value to its investors. In this article, we will learn more about the Artex platform.
Current Challenges in Accessing Artworks in the Art Industry
Poor marketing skills
Typically, artworks such as paintings and sculptures are sold at auction or directly from the artist. To bring their artworks to the right buyers has been a challenge for artists for a long time. Their marketing skills have lagged since they are more concerned about creativity. Since galleries and collectors fill this gap, they charge a high price. Thus, it results in a great deal of loss in the remuneration of art workers.
Investors don’t have a secure platform
Current intellectual property laws prohibit artists and legal heirs from claiming any ownership rights to previously purchased artwork. If an investor wants to invest in artwork securely, his or her options are limited. Only auctions and galleries offer secure investment options. Thus, they have to pay a high commission for their listings.
Inflated prices
Investors sell their artwork exclusively through Artex auctions and galleries. Consequently, these institutions earn relatively high commissions. The process of preserving and exhibiting art is a time-consuming and expensive one. The commission for auction houses is usually 12-25%, while the commission for galleries can be 6-10%. Today, the art industry needs a transparent and liquid market instead of this outdated and cumbersome system.
Intransparent pricing
Price transparency is another major challenge in the market for modern art. These investment opportunities were available only to the very wealthy, who had no reason to check price tags before buying.
Normally, this discourages normal collectors from inquiring about prices. Studies show that most collectors are uncomfortable asking for the price and will assume they cannot afford it. Consequently, many potential collectors and investors are priced out of the market simply because they are unwilling to inquire about price tags.
What is Artex?
Currently, crypto money, which is created with smart contracts, is experiencing a period of high prices. These currencies have no physical counterpart and are increasing at an exponential rate. Thus, it is critical to tokenise artworks and give them physical value and ownership. This will also open up the market for new fine art investors. Everybody can participate in purchasing world-class artwork.
The Artex platform is the first and only one of its kind globally, offering tokenised artwork as a currency. Artex provides you with access to a new generation of art acquisition platforms, where you can participate in first-class works of art at any time and in any amount. Using blockchain technology, the appraised value of first-class works of art is tokenised based on transparent pricing by renowned art experts worldwide. People can participate in the pre-sale process and purchase or sell the number of artworks listed on the market using smart contract technology.
Learn how Artex is solving challenges in the art industry
Artex’s working model conforms to the views of asset owners, artists, auction houses, and galleries, while encompassing common interests. Opening the way for democracy in art investments promises to offer the sector liquidity, security, transparency, and easy access that it needs. The following are ways that Artex enhances the lives of art collectors and artists.
Specialised platforms for artists
If you are looking for a platform that offers artists a good way to sell out their artwork, the number of options is limited. Artex, however, is a platform that talented artists can use to list their art. To provide the artist with the best possible results, the team at Artex analyses their existing strategies.
Dedicated Platform Collectors
In the world of art, many millennials buy artwork for enormous prices. The purchase of fine arts was only available to a small number of people, but Artex enabled all people to own fine arts. With Artex’s smart contracts, you can buy and sell any amount you desire from the works on the market. It ensures a democratic distribution of funds in the art market.
List Quality Artworks
Artists, art galleries, and collectors can submit requests to list first-class works of art through the platform. Artists and art academics from universities worldwide are members of this commission, along with renowned curators from the art world. As a result of the commission’s evaluations, the artwork’s financial value is established. The insured artwork is tokenised based on its insured value so that it can be listed on our platform for pre-sale.
Cryptocurrencies Benefits
Crypto art has an impact on investors, consumers, and artists alike, and is an exciting new concept that holds a lot of promise. With every piece of crypto art minted, the piece’s ownership and authenticity will be forever verified on the blockchain.
Blockchain is like an expert in fine arts in the crypto world – it is trustworthy and can give you authentic results. Verification and approval of all transactions are carried out by consensus by participants in the network, which makes fraud more difficult.
Art tokenisation has many benefits
Exchanging digital art on blockchain offers a number of benefits similar to those offered by trading cryptocurrencies. Owning digital art and identifying it as authentic is easier and more efficient using this method. Listed below are some of the benefits of tokenisation of digital art.
- Due to the immutability and transparency of blockchain technology, its features, and other advantages are automatically applied to the tokens stored on the platform. The tokenisation of art helps to weed out several problems plaguing the industry.
- By digitising ownership into tradable tokens, tokenisation enhances the liquidity of artworks. In this way, art becomes an attractive investment option. Investors enjoy investing in art.
- The use of a tokenising art platform can also serve as a reliable method of authenticating and verifying works of art. Blockchain technology makes it much easier to track the certification and ownership of a given item.
- This medium allows independent artists and budding artists to list their artwork and promote them, without going through expensive galleries. Additionally, they gain complete ownership of their works and avoid paying third-party agents or intermediaries.
- Since cryptocurrency is mainly transferred through specialised (mostly digital) wallets, both parties on both sides of transactions can technically remain anonymous, even though the blockchain ledger is publicly accessible. Consequently, when looking at a ledger, it is often possible to view the wallets used to process the transaction, but not necessarily the people behind them.
- As an investor, you benefit if the value of a painting increases over time. The platform allows you to sell your tokens to interested buyers and receive a currency equivalent back in your own currency after a certain period.
- The painting’s history, its condition report, and the details of the painting are available for investors to see. Additionally, it includes high-resolution images of the artwork and a full explanation of its provenance.
Conclusion
There is no doubt that the art world is constantly evolving. Blockchain technology enables immutability and transparency that give anonymity to investors and artists, and tokens minted in the future will also have access to these features. As a result, many current problems plaguing the traditional art industry can be solved with blockchain technology. The art world, its curators and collectors, and everyone connected must adapt and grow. Continually, new innovations and ideas emerge, posing new challenges to the art world, so you should improve yourself.
Crypto art’s future depends on the people who believe in it and its extent of mainstream adoption. Crypto art has been widely embraced by musicians, artists, athletes, and celebrities in current times. Many people are willing to buy, sell, and collect NFTs. Artex allows any investor, whether a small or millennial investor, to invest in fine arts. Artex is doing a great job providing a dedicated platform for artists and collectors. Fine arts isn’t out of reach for small investors anymore. The Artex team believes everyone is entitled to invest in quality artwork, not just a privileged few. This is an awesome platform that you should check out.
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Earnings Disclaimer: The information you’ll find in this article is for educational purpose only. We make no promise or guarantee of income or earnings. You have to do some work, use your best judgement and perform due diligence before using the information in this article. Your success is still up to you. Nothing in this article is intended to be professional, legal, financial and/or accounting advice. Always seek competent advice from professionals in these matters. If you break the city or other local laws, we will not be held liable for any damages you incur.
