Who doesn’t love some fine-looking, inspiring art? Art is one of the major roots of life that has the potential to empower human hearts fragmented by cultural differences. Art is also the most essential tool that depicts various cultures all over the world and conveys every concern deeply and meaningfully! The value of art is something that doesn’t fade away. Here are some numbers that prove this statement.
The evolution of ART INDUSTRY!
- The research said that the global art market sales increased by about 6% in the year 2018 and hit $67.4 billion in sales according to the report of economist Clare McAndrew in “The Art Market 2019.”
- Over the past decade, the global value of artwork sales has gone up by 9%.
But the question here is, even though the sale values were shaken up, why the artists and investors who want to buy them are experiencing constant challenges? What are they? How can they be resolved?
Modern arts are often overpriced, and there are also other challenges involved in preserving artworks like unstable climatic conditions, building maintenance, conservation, and restoration, etc. Even though they want to, people step back from investing in artwork because of such reasons and high entry barriers. A wide range of people either lack money to invest in an artwork they are really interested in or do not have the time or knowledge to spot the perfect art they want to plunge their money in. This is where the concept of art tokenization comes into light. What if art tokenization can untangle all these challenges? How? We are going to find out in this blog, but to begin with, let’s see what art tokenization is.
What does art tokenization mean?
Tokenization is the process of converting the value or rights of an asset into digital tokens. In terms of the tokenization of art, an investor doesn’t have to buy an artwork entirely for its restraining actual price. Tokenization improves efficiency and allows fractional ownership with which a group of investors can buy the art together and split the share value and ownership. There are various types of tokenizing art such as,
- Commercial gallery art tokenization
- Single Art Tokenization
- Trophy Art Tokenization
Key benefits of Art Tokenization:
- A substantial amount of Liquidity
- Paves the way for wide-spread opportunities and encourages small-time investors to participate
- Fragmented Ownership
- Reduced Costs
- Instant, Efficient transactions
- Easy global access
- Broadening community and authentication through blockchain
- Elimination of physical challenges like climate conditions
- Enhanced security, elimination of risks/ fraud.
Also, the tokens are backed by blockchain technology that controls and verifies transactions with the exchange of tokens and completely secures the investor’s interest. How do blockchain and tokenization together influence the art industry? Let’s find out.
How blockchain revolutionizes the art industry:
- Blockchain technology has an immutable nature, which makes many industries adopt it into their spaces, especially in the case of the art industry.
- Blockchain, along with art, has opened up massive opportunities for new investors. It serves as a solution that reduces the challenges faced by them.
- There’s no need for a big exhibit or gallery for artists to showcase their work. Blockchain platforms are transparent and decentralized, which allows any potential investor around the network to view the artwork.
- Blockchain connects the buyer and seller directly, removing the middlemen.
- Blockchain records every transaction with a chain of blocks coded with cryptography. This helps with the authenticity of the art piece value.
- Blockchain provides users anonymity where the name of the buyer and the value is concealed and ensures 100% secure transactions.
Now how do you tokenize your art? What is the best way to attain a reliable art tokenization platform? Before diving into the development process, you need to follow a few steps to make sure your platform is authentic like,
- Conducting massive research on the requirements and market needs.
- In-depth research of the existing platforms, how they work, and what they offer.
- Talking to experts for legal advice and every other essential aspect involved
- The last but the most important factor to consider is hiring the best service providers.
To build your tokenized art offering platform all the way from the ground up, will take up a lot of your time and money, and requires qualified technical assistance. To get your platform up to speed, the smart choice is to collaborate with a certified, experienced company that will offer you authentic solutions.
We, at Blockchain App Factory, have a dedicated and well-experienced team of developers who strive towards offering you an elite, feature-rich art tokenization platform with necessary regulatory frameworks. Our expertise and vast knowledge in the field will assure you robust art tokenization platform development services integrated with cutting-edge blockchain technology. Our art tokenization platform comes with,
- Automated Legal compliance
- Multi-ledger art tokens/Coin development
- Globalized KYC/AML integration
- Accredited Investor verification
- Advanced Blockchain technology and smart contracts
- Token ratios and distribution
- Automated reporting to authorities
- Fundraising investor dashboard
- Multi-layered security integration
Why pick us over our competitors?
- We have a team of 200+ members driven towards only one goal: to provide you a platform with core functionalities and features.
- Our platform has the most robust, legally compliant structure that will sustain your business in the long run.
- Our developers are blockchain pioneers with massive experience.
- Our platform is highly securitized.
- Our team consists of well-founded legal, technological, and financial advisors.
Apart from all this, our platforms are highly-scalable and customizable based on your preferences. Our solutions come at a fraction of cost, within a fraction of the time! If you’re looking to amplify the value of your exquisite artworks, reach out to us and we’ll help you raise millions!