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NFTs are digital certificates associated with blockchain-based digital assets. Essentially, they represent digital assets in the form of cryptocurrency tokens. You can buy NFTs for original artwork, trading cards, music, videos, and anything digital. The trend of art NFTs has been around for two years, where artists sell their artwork for a high price. These art NFTs are growing rapidly.
Globally, the art market accounts for about $60 billion in annual market volume, according to Statista’s (2021) data. Additionally, the data projects that the online art market will be worth $9.32 billion in 2024. In the Art NFT space, many users own art pieces, and various projects are available. However, investment in fine arts can be problematic for small investors. That’s where Artex comes into play.
Artex believes that everyone has the right to own first-class artworks, not just the fortunate or privileged. Their vision is to ensure acquiring and participating in artworks becomes the new crypto trend. With blockchain technology, they provide products and services that benefit all investors, no matter how big or small.
How Artex Platform Brings Art to the Masses
Today, art investments are among the safest alternative investments available. Sadly, this option is the playground of only a privileged minority and other people who participate as spectators by paying a fee. At this point, Artex intends to break this pattern by offering first-class artwork tokenised on the blockchain to everyone, both elite minorities and the general public.
This platform’s primary goal is to allow users to participate in high-quality artworks within their budgets. Artex is therefore designed with the logic of a traditional stock market, where users can purchase and sell artworks with the local currency (fiat) or cryptocurrency. The platform features works from famous artists and artworks from young artists who are on the verge of becoming famous. The listed artworks are offered to major auctions and exhibited at various global organisations each year. As a result, user rights are always fully protected in the short, mid, and long-term.
By breaking down million-dollar works into smaller units, Artex has achieved its mission to be the leading provider of first-class art for its users. Consequently, the public may transition from being a viewer to become a possessor. Therefore, all people have the right to participate in art, and popular artists’ artworks are not subject to enslavement. This is how Artex promotes the arts among the masses.
Artex Platform: How it Works
Artex creates digital certificates using blockchain technology to safeguard artworks. Smart contracts are used for tokenising and registering artworks on Binance’s Blockchain Network. During the process, users are provided with all information transparently, including the artwork’s identity, its smart contract, the total supply, and the wallets. By registering on the Artex platform, users are also given a BEP20 wallet, where they keep all the tokens received from the platform. Below, we explain the process in more detail.
Listing Artwork
The Artex platform offers first-class artworks from artists, galleries, and collectors based on their requests. Through the Artex commission, the platform evaluates requests from artists, galleries, and collectors to list works of art. This commission comprises artists, academics from various universities around the world, and leading curators in the art community. The commission determines the value of the artwork based on its evaluation.
Tokenisation of Artworks
The artworks are insured for a higher amount than the amount set by the Artifact Valuation Commission. After that, the Artex platform lists the token on Binance Smart Chain following its insurance value and makes it available for pre-sale on our platform. Each year, the listed works are exhibited worldwide and sold at auctions. In this way, investors’ rights are always protected in the short, medium, and long run.
Public offering of 49% of the artwork
In this scenario, the entire insurance value of the artwork is tokenized and 51% of the tokens are smart contract locked on the owner forever. Thus, it is guaranteed that only 49% of the artwork will be traded on the platform. This is called physical ownership. In this case, the ownership, insurance costs, and maintenance costs of the artwork are held by the owner.
Using an auction system
There will also be an auction system on the Artex platform. Art owners can earn income by listing their artworks in an auction using this system. In the course of Artex’s auction, the owner’s artwork is held. The bids of each participant in an auction and bidding are recorded and protected by smart contracts. After the auction period has ended, the user who placed the highest bid becomes the new owner of the artwork. An artwork’s ownership is recorded on the blockchain platform through a smart contract, and the artwork is transferred to the new owner.
What is the Artex Token, and what are its features?
Artex Token is a native digital cryptographically-secured token representing attributed utility functions specified in the protocol/code of the Artex platform. The token is designed to be used on the platform only as an interoperable utility token. Below are some features of Artex Token:
Transactions are performed decentralised
Artex’s tokens are non-refundable and function utility tokens. The Artex Token is intended to be used by participants on the Artex platform to exchange information in a decentralised manner.
Tokens of Trust
The aim of introducing Artex Token is to provide participants with a convenient and secure way of making and receiving payments. Additionally, it is not intended for use as a medium of exchange for goods or services or payment. Hence, it is secure and can be used for purchasing fine arts.
Encourage economic growth
The Artex Token offers the economic incentives that will be distributed to encourage users to contribute and participate in the ecosystem. As a result, all participants are fairly compensated for their efforts, creating a win-win situation. Artex will award tokens to users only based on their contributions, activity, and platform use. Inactive participants will not receive any Artex Token rewards.
Uses of Artex Tokens
As Artex’s platform gains worldwide popularity, utility value and its demand for tokens will both increase simultaneously. Below are some things you can do with the Artex Token this time.
- Tokens are used to pay platform fees for smart contracts production and approval.
- The Artex Token will be used to participate in auctions and bids.
- Artex Token holders will have access to exclusive privileges like participating in international events organised by the platform.
An overview of Artex Tokenomics
The platform’s main goal is to maintain the balance between the supply and demand of Artex Tokens. Artex Token’s supply will remain at 100.000.000 ($100 million) in an unchanging manner. Half of the total supply will be made available in the first year of issuance. The remaining 50% of the supply will be released into circulation within four years at predetermined times.
For Artex Token to be easily accessible and to encourage ecosystem growth, users must be incentivised to act as liquidity providers. As part of the decentralised market-making process, users must stake digital assets to ensure the liquidity of transactions. In exchange for opportunity costs, these liquidity providers will be rewarded with Artex Tokens if they help the adoption of the Artex platform by staking assets or adding them to liquidity pools. Rewarding users will be based on their relative contributions after making adjustments and corrections.
Despite the distribution of Artex Tokens, users do not own or benefit from any company assets. They also no longer own any of the company’s affiliates. As far as developing a secondary market or exchange for trading Artex Token is concerned, this will be run and operated by independent parties.
Conclusion
The crypto art world is booming thanks to the sales of NFTs, digital artists’ contributions, and the growth of collectors’ communities. There were problems with crypto art investments in the past, but Artex has also solved those issues. Fine arts exchange platform Artex is the first blockchain-based platform in the world. As the world’s first and only platform of this type, it represents the art market’s future. The platform is completely trustworthy as it gives all investors, whether big or small, the opportunity to invest in fine arts. If you are a small investor and would like to invest in fine art, consider Artex.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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