Art Provenance Platform ARTEX Launching Token Sale – Blockchain News
ARTEX, a decentralized art provenance platform, has announced the start of a token presale campaign. Through the whole crowdsale campaign project team aims to collect a soft cap of $5,000,000 and $15,000,000 of maximum funding.
ARTEX says they will offer reliable and convenient platform for art market with fraud-proof provenance and transactions, copyright protection and beneficial community for experts, artists and market facilities.
The project foundes plan to offer safe verification of every subject and art object by the expert community on the basis of 35 awards – one of the largest photo awards in the world. In 2016, 75 000 people uploaded 200 000 photos to this site.
ARTEX will establish the Blockchain based historical record of art objects (provenance), both digital images, and items of cultural and historical importance. It will unite dealers, galleries, art critics, photographers, collectors, investors, and exhibitors on a single platform. ARTEX will offer two basic services: restriction of unauthorized printing of digital photos; authentication and sale of artwork. It will provide an aggregated record of each artwork transaction, create Blockchain-based register for the authentication of artwork, secure transactions, copyright protection and monetization of expertise among the art community.
The project was founded by Vladimir Povshenko (CEO), one of the leading figures in the Russian photo market, the owner of the «Russian photo» magazine, Vladimir has wide portfolio of more than 100 conducted events – from seminars and exhibitions to the “The Photographer’s Day” festival, with more than 20,000 attendees; Valeriy Kochergin (CTO), the creator of 35photo.ru, the largest professional photography social network and the founder of 35awards, the world‘s second largest photo competition; and Evgeniy Galiakhmetov (CFO), a Blockchain investor with 13 years of banking experience in managing positions.
Funding of the project will be carried out using a crowdsale held inside a Smart-Contract based Ethereum ecosystem. Token sale will be launched at 8th of November 2017 and will last for 30 days.
Presale with beneficial conditions is to be launched at 10th of October. The token emission will be limited to $350.000 with the fixed price $1 for 13 Art Tokens. While later token sale price will be $1 for 10 tokens. The purchase is made by transferring the Ether to the address of the Smart Contract. All collected funds will be spent on alpha-version, marketing, promotion and for crowdsale preparations.
“ARTEX forms an ecosystem that will attract new players to the art market along with providing the security and transparency of transactions, copyright and art objects credentials. It will lower the threshold of entry by opening trusted access to all necessary insights and tools for wise investing and art experience monetization,” said Vladimir Povshenko, CEO and co-founder of ARTEX.
ARTEX ecosystem propose three tokens for inner transactions:
The Art Token is the main method of payment, it allows:
- Photos pre-moderation
- Cost of a photo estimation
- Experts’ work payment
- Print lab verification
- Printing services payment
- Escrow services payment
- Gallery verification
- Picture token issue
- System change voting
- Work of art purchase
An arbitration system will guarantee the fulfillment of the terms of the transaction between the customer and the executor by engaging randomly chosen arbiters. Each arbiter states independent decision and the overall outcome is based on the arbiter’s individual rating and the majority of voices. The cost of arbitration will be determined by the amount of the transaction.
The project roadmap has four stages and timeline exceeding 2021. First step will be finished by the end of 2018 with the development of project infrastructure and inclusion of the initial batch of artists, experts, and contributors. Second step will end by the end of Q3 2019 by enabling the photo lab printing, verification of new photo labs and implementing the mechanisms of safe deal and arbitration. Third stage will be finished by the end of 2020 with attraction of major art galleries and art historians, digitization of famous paintings and internal token sale system finalization. The last stage assumes the platform is scaled out to other adjacent art areas, e.g. coins, jewelry and antique cars.
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