Arteia announces the launch of its ICO (Initial Coin Offering). Arteia offers the first comprehensive, advanced technology platform set to empower art collectors by linking a collection management system to a matching platform supported by a provenance tracker. Arteia Collect, launched in October 2018, is the ultimate cataloguing solution to manage any kind of collections and was created by collectors for collectors.
Arteia will open at the end of the ICO it’s decentralized platform allowing art market’s actors to interact around a provenance ledger, to share, study, inventorize, lend and trade artworks through matching marketplaces, in a tokenized ecosystem.
Founded in 2016 in Brussels, and with its first product, Arteia Collect, launched in October 2018, Arteia’s project stems from the desire to bring more transparency and more security to the art world, the project is led by a mix of experts from the art, business and tech field. Its founders, Philippe Gellman (CEO), Marek Zabicki (CTO) and Olivier Marian (CSO),are entrepreneurs and experienced collectors.
Unlike any other known project, the Arteia platform’s MVP will be fully functional at the end of the ICO and will already offer the 5 use cases described in the white paper to the token holders.
“We raised already EUR 3 million since the creation of the company to develop our working platform and we are onboarding new collectors every week. Now it’s time to rocket our project on an international basis and an ICO seemed the mos accurate way to get the necessary means and develop a whole tokenized eco-system. We will bring more efficiency and liquidity on the secondary market with much lower fees than on the actual Art market and more transparency creating a universal ledger by anchoring in the Blockchain the provenance of Art pieces.
The Arteia solution powered by our ICO is a promise of greater transparency and more equal distribution for the art market,” comments Philippe Gellman, the CEO of Arteia.
Arteia: the solution for an art market looking for innovation
The art market is one of the last still barely touched by the digital revolution. Art is a very profitable asset class, and art sales have been booming in the past years, partly due to the gradual introduction of online sales and online-only auctions.
However, the market lacks transparency related to artwork provenance, price-setting and commission fees. These problems pave the way for blockchain technology to make a critical and long-lasting impact on the industry by bringing more trust and liquidity to the art market.
Arteia has developed an innovative decentralized peer-to-peer service for artists, collectors, and professionals of the fine art ecosystem: a comprehensive platform to serve the needs of all the actors in the art market.
In this sense, we are proud to have already been able to develop partnerships and solutions with key respected actors in the sector, such as our joint venture with Cahiers d’Art, RAISONLINE, that will be the first digital catalogue Raisonnesolution anchored to the blockchain.
We create the art world of tomorrow
The total pool of token for this operation is fixed at 400,000,000 (four hundred million) ARTK, the Soft cap for this operation is settled at US $3.5 million and the Hard cap is at US $15 million. 50% of the tokens will be sold during the ICO.
Token prices will be fixed shortly before the pre-sale and the main sale according to BTC and ETH volatily.
This ICO will be one of the first offering where all 5 use cases described in the Whitepaper will be running and available for token buyers at the end of the fundraising sale period when the toekens are issued.
What use for the ARTK token?
The ARTK token will allow its owner to subscribe to and access the platform’s services directly after the ICO. It will also manage the access to the provenance tracker where artists and estates will be able to store publicly and securely the provenance of their artworks.
The five use cases that will be available for token holders will be:
- Subscription to the cataloging solution.
- Provenance: adding provenance details of an artwork by the users and consulting the provenance of an artwork.
- Matching and allowing both parties to agree on the details of a transaction in a secure and trusted environment provided by smart-contracts powered by the ARTK token.
- Lending: allowing collectors to safely lend his artworks to museums and exhibitions.
- Showcase: creating a public or private showcase and gain recognition or just share the passion.
In the long run, Arteia’s goal is to become a global platform for the art market actors, with a marketplace supported by our provenance ledger, to trade art works in fiat or crypto currencies. Such a platform will help the digital world of token and crypto to connect with the physical field of art.
“Cofounded by collectors and engineers, Arteia uses the finest and latest technologies — including blockchain — to suit the needs of all the actors of the art world. Our teams have been working for three years to develop this product, which is already used by artists and galleries. More than 30 000 artworks are already onboarded,“ explains Philippe Gellman, CEO Arteia
Blockchain technologies for the highest possible level of trust, security and confidentiality
Created by collectors to meet their needs, Arteia knows the extent to which the security and confidentiality of art collections are foremost. This is why Arteia’s access is protected by Two-Factor Authentication and allows the user to decide where the data is stored (on various hosted servers around the world, or on a personal server disconnected from the Internet).
Arteia also leverages on blockchain technologies to develop its artwork provenance tracker, creating an immutable history of each artwork life. This provenance database will serve as a tool to verify the authenticity of an artwork and to establish the value of the piece. Dealing with artworks with a veritable digital identity will also bring higher trust in the platform. Furthermore, blockchain technologies will enable the creation of immutable digital “catalogues raisonnes” by contemporary artists, creating a complete list of all their works in a simple and secure manner.
“Arteia’s blockchain infrastructure will allow peer-to-peer connections between art collectors allowing direct sales,and we are looking forward implementing price predictions and trends analysis to help them make better decisions. In this sense Arteia is a real use case for blockchain technologies: offering transparency and liquidity on the market, it will allow people, to use art as an investment in a rapidly changing digital age,“ points out Marek Zabicki, CTO Arteia.