Among the most dynamic and compelling markets, art has been both a passion and a lucrative investment space for a long time for many participants in the art market, from galleries and auction houses to collectors, sponsors, artists, and eager buyers. In 2021, the global art market was at record highs, with billions of dollars spent on impressionist, post-war, and contemporary works. Blockchain technology is reinventing the process of buying, selling, trading, and even making and enjoying art.
The crypto market is booming right now, and you can buy and sell digital artwork on several online marketplaces. Similarly, Artex is one kind of marketplace that is based on blockchain technology and is the best platform for investing in art. Through this platform, users can trade fine art and manage their investments at any time.
What is Artex?
Artex is the first and only platform of its kind powered by blockchain. The platform’s primary goal is to allow users to participate in top-notch artwork within their budget. The Artex platform is built with the logic of the classical stock market, allowing buyers and sellers to buy and sell artworks using the Artex token. It offers a platform for investors to manage their assets easily, and artworks can be purchased with any amount.
How Artex Takes Art to the Blockchain
Artex’s new generation market model enables democratic distribution between individuals. Artex combines a blockchain-based infrastructure to provide protected digital certificates for artworks. The artworks are tokenised on the Binance Smart Chain Network and recorded with smart contracts. The user has access to all information in this process, including the artwork’s identity, its smart contract, its total supply, and its wallet. Artex utilises the Ethereum blockchain to record artwork’s provenance on the blockchain. Users of the Artex platform also receive BEP20 wallets when they register on the platform. They can store all tokens received through the platform in these wallets.
Artex artworks are tokenised using blockchain technology. Transaction records will include a history of transactions as well as art critiques. Artex uses the broader concept of tokenisation on a blockchain to apply to the art market. As part of their tokenisation services, Artex issues digital tokens, which can be used as digital representations of physical assets. As a result of using tokens to represent assets on a blockchain, art collectors gain the following benefits:
Ownership of artwork
It can simplify and make the process of securitising more cost-efficient, involving fewer and sometimes no intermediaries as it does today. As a result, fractional ownership of expensive art pieces has become more feasible in the past.
With blockchain-based digital assets, you can easily exchange digital assets without relying on a central authority. Therefore, token markets typically have a higher level of transparency and lower friction than markets using traditional intermediaries. As a result, they are more liquid since they are easier to access.
Verify the provenance and authenticity of the assets
Blockchain-based platforms enable large groups of people to share trusted data without the need for a central authority because tokens can represent information and assets. Additionally, this can lead to a more liquid, reliable, and secure online art market. Markets where the authenticity of artworks, artists, buyers, and sellers can be easily verified, and direct money transfers between parties can be securely conducted.
Protect your digital assets
Lastly, tokens generated on blockchains are unique and uncopyable. Using these tokens, purely digital artworks are created that are immutable and whose ownership is established, maintained, and transferable. This may bring about new markets for art and digital collectibles.
Listing and Ownership of Artworks
On Artex’s platform, investors can list high-quality artwork to attract buyers. Artex platform allows artists, art galleries, and collectors to list their first-class artworks. On the Artex platform, they list not only the works of famous artists but also the works of promising young artists.
Art experts do all the pricing of art pieces to make sure that art enthusiasts and investors get the best value for their money. Experts from several countries participate in promoting transparency and gaining favour with a broader range of their target market. The artwork is tokenised on the blockchain according to its appraised value, letting individuals buy and sell the quantity of artwork listed and participate in pre-sales.
With Artex’s native token, ARTEX, buyers, and sellers of qualified artworks can buy and sell art tokens. These artworks are displayed at various global organisations each year and are auctioned by major auction houses. Therefore, there is always the protection of investors’ rights in the short, medium, and long term. By using the tokens associated with the listed works, investors can buy and sell them in the amounts they desire, and there is an easy way to manage your investments.
Auctioning System on Artex Platform
There is also an auction system on the Artex platform. Art owners can aim to generate income through the auction system by listing their artworks. Each artwork is pre-approved, and an independent evaluation commission determines its fair price before it is listed. While Artex is conducting the auction, the insured artwork is kept by the owner. Bids placed by users in the auction and bidding process are registered through a smart contract and guaranteed.
The highest bidder becomes the new owner of the artwork at the end of the auction period. Using the blockchain infrastructure, the ownership is recognised with a smart contract, and the artwork is delivered in its physical state to the new owner.
In the past, only those privileged in the fine art industry were able to make money from art. Now, everyone can make money from fine art. With Artex’s smart contracts, investors and individuals can buy and sell works listed during the pre-sale process for any amount they want. With Artex, individuals can trade fine art and manage investments at all times.
The Artex platform makes it easy for collectors to invest in fine and high-end artworks, and trade them on increasingly liquid markets. As a result, there is a new opportunity to participate in the market for masterpieces. Thus, it is possible to build more diversified high-end art portfolios without the high costs and risks associated with full ownership.
Hopefully, you have enjoyed today’s article. Thanks for reading! Have a fantastic day! Live from the Platinum Crypto Trading Floor.
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