Art auctioning is a business that has long been dominated by firms such as Bonham’s, Philips, Sotheby’s, and the Christies. These firms have ever been
Art auctioning is a business that has long been dominated by firms such as Bonham’s, Philips, Sotheby’s, and the Christies. These firms have ever been dealing with the problem of items’ provenance, and the fact that third party validation is necessary means that transactions get to be slow. ArtChain is a cryptocurrency platform that has been developed to specifically deal with the problems that physical auctioneers face, and make things easier and better for both art sellers and buyers. The platform ensures that art pieces are accompanied by appropriate digital certificates, their ownership history, and other relevant facts that need to accompany them. That aspect ensures that ArtChain gets to be the platform to look forward to for anybody who intends to buy or sell art.
How ArtChain intends to build trust among interested art sellers and buyers
Any art item that intends to sell on ArtChain must have its accompanying digital certificate, proof of state, the date and time for which it was stamped, and other proofs that focus on authentication, value, and ownership. Buyers and sellers receive detailed support from the ArtChain marketplace, and the speed up Auction House ensures that any transaction gets to deliver the desired level of assurance. Third parties are also involved in providing intrinsic value that may be attached to a given art collection, and this aspect does ensure that any art item gets to feature its right reputational value.
Planned release of ArtCoin
ArtCoin is a planned token that will be used to represent value in any transactions taking place on ArtChain. The platform plans to make ArtCoin available for use in the second half of 2017, and with this move, ArtChain intends to make its user experience even better for the members. ArtChain also treats the privacy of its users with utmost concern. The blockchain system applied in the platform ensures that any contracts’ conditions and other relevant information are shared in a manner that makes it impossible for theft and fraud to happen.
How ArtChain is set to transform buying and selling of arts
The inclusion of ArtCoin and Smart Contracts in ArtChain will allow for art buyers and sellers to syndicate ownership of their assets in different ways, and this aspect creates diverse ways through which investments in arts can be made. The platform also aims at making transactions to proceed faster, reduce the many transaction risks that buyers and sellers are likely to face, and also ensure that conveyance costs are lowered to reasonable terms.
Reinventing the cryptocurrency industry
Going by the features and functionality that ArtChain intends to roll to its members, it would be safe to say that this cryptocurrency platform will make a significant impact in 2017. The blockchain industry may have been stagnant for quite some time, and that has led to a situation where criminals have become more sophisticated, identification of counterfeits and fakes has become harder, and tracing the location of vulnerable hacks gets to be difficult. ArtChain is modeled to take care of the challenges that have faced the cryptocurrency world for years, and with that kind of approach its members can expect an interface that takes care of user needs.