ArtChain Global ICO Review: Blockchain Ledger For Trading And Protecting Art

American poet and theologian Thomas Merton once said that art enables us to find ourselves and lose ourselves at the same time.

Indeed, the sheer creativity of art excites the mind into thinking and behaving in new ways.

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Art has been an outlet for the creativity and ingenuity of the human mind for thousands of years. The craft has given us timeless classics such as Leonardo’s Mona Lisa, Botticelli’s The Birth of Venus, and the impressive Sistine Chapel, to name but a few.

In today’s world, art trading is an expensive business indeed. The global art market is worth somewhere in the region of $1tn. That is a lot of lattes for the ordinary man.

The advent of the internet revolutionized the art world almost overnight, providing artists with a global exposure for their crafts and wares. The internet also brought forward the darker side of art trading: fakes and counterfeiting.

The blockchain is the next logical step in the evolution of art trading, and ArtChain intends to make full use of this emerging technology to construct a solid art ecosystem.

ArtChain: blockchain-based ecosystem to support art trading

This ICO focuses on art, with its many ramifications and branches, with the intention of creating a solid ecosystem for recording works of art in circulation while supporting art trade. The platform will use the native ACG token as an incentive for the ecosystem. Artists, developers, investors and sellers will be rewarded with ACG for their contributions.

How it works

The ArtChain platform includes two key elements, supported by the underlying blockchain technology:

ArtChain Global Works of Art Registration and Asset Management – According to the whitepaper, this is “a registration system for new and emerging artists and their works of art, which enables a number of emerging artists to start registering their works of art on the blockchain system of ArtChain Global.”

Art Asset Trading Platform with Artists – The whitepaper specifies that “artists can conduct smart contract-based transactions here. The Trading Platform offers both online and offline registration and trading of art assets.”

ArtChain in figures & quick facts

  • Token Name – ACG
  • Total amount of tokens issued – 3.5bn
  • Pre-ICO & ICO – April 2018

The ArtChain token

The ArtChain token, ACG, the company describes as a “medium of value in circulation, ACG is mainly used to complete transactions on ArtChain Global. It can be used in exchange for handling fees, the use of applications, transaction registration and recording of works, pledging works of art and access to offline venues and other similar transactions.”

Once created, the tokens will be distributed as follows:

  • Pre-sale – 25%
  • ICO – 5%
  • Community – 10%
  • Global Team – 20%
  • Art Incentive Program – 40%

The team

 

Learn more about the Artchain team here.

Social media presence and digital footprint

Here are the numbers for Artchain at the time of writing (mid May 2018).

  • Twitter – 71 followers
  • Facebook – 265 followers
  • Telegram – 9075 followers
  • Instagram – 2,084 followers
  • LinkedIn – 25 followers

Competition

There are indeed very few ICOs dedicated to the world of art. BARTVault, All of Art, and FRESCO, may have similar propositions.

Overall, however, there’s still plenty scope for an ICO such as ArtChain to carve itself a niche before the market becomes saturated.

Consult the ArtChain whitepaper for more information about the platform, additional features and services.

Conclusion

Any art form, whether it’s painting, sculpture, literature, is a beautiful thing unto itself and deserves to be preserved.

The blockchain might become the vehicle of choice for art preservation in the future, just as it may become the default art trading platform, if ArtChain or other similar ICOs have their way.

 

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