ArtPro - The Art of Blockchain

wbasket (-1)(1)in #blockchain • 6 years ago

INTRODUCTION

Since the emergence of blockchain technology in 2008 when Satoshi Nakamoto introduced bitcoin, there have been rigorous efforts to apply the blockchain to several aspects of the global business process, Blockchain technology has been described as having the potential to disrupt many industries with a low-cost transaction, immutability, and enhanced security. In the years that have followed, many other blockchain implementations have been developed with each one exhibiting unique features tailored to specific use-cases.

Blockchain has made it possible to issue just about any asset via a distributed ledger framework. With the aid of cryptocurrency tokens, these assets can be given economic value in order to initiate and validate several transactional processes. Several on-chain protocols have been developed by a number of startups and established companies alike in order to create blockchain-based solutions.

As more technological advancements are uncovered, Lynked World, a blockchain-based secure platform for individuals and institutions to own, control, and share trusted digital identities, data and documents came on board.

ADVANTAGES OF BLOCKCHAIN IMPLEMENTATION

Decentralized Payment Processing

The payment processing framework for global commerce is based on a centralized system which requires the services of third-party authenticators. These third-party agents are responsible for ensuring the fidelity of the global payments system and they charge fees for their services. One of the fundamental philosophies behind the operation of the blockchain is the removal of these third-party agents and their associated cost of trust and replacing them with a robust, functioning distributed ledger payment framework.

Creating an Immutable System of Record

The blockchain is the first successful implementation of the distributed ledger framework. On public blockchains, the distributed ledger constitutes an immutable system of records that is available to all participants. The immutability of a blockchain ensures that it is tamper-proof.

Reducing Cost of Transaction

Payment processing remains the basic level of commerce but it is one that has not seen much in the way of evolution since the emergence of fintech protocols. Blockchain technology has the potential to disrupt commerce by causing a paradigm shift in the mechanism by which transactions are carried out. The fees charged by third-party actors and middlemen in the payment chain constitute a considerable portion of the cost of transactions. By eliminating the middlemen, the cost of transaction is materially diminished.

Enhanced Security

Operating on a multinational scale opens up any enterprise to the activities of hackers looking to breach the structural and functional integrity of the platform. Blockchain technology offers a robust security framework that makes it difficult for hackers to make an incursion into the platform. There is no central point of failure and hence no single point of entry for malicious digital attacks. This ensures the safety and security of the data collected by field agents and the payment processing network. that provides an accurate accounting for the entire platform.

As more technological advancements are uncovered, ArtPro is creating the go-to marketplace for private dealers and contemporary artists, with a strong focus on emerging talent.

ABOUT ArtPro

ArtPro is creating the go-to marketplace for private dealers and contemporary artists, with a strong focus on emerging talent. The ArtPro platform will open the art world to the masses, making it possible for anyone to discover and purchase fine art online without the excessive fees, intermediaries, and steep learning curve that have traditionally made art available to only to the privileged and the well-connected. Certificates of provenance, stored on the blockchain, attest to the authenticity of each artwork on the ArtPro platform, but that is only the beginning.

ArtPro forms a complete ecosystem in which traditional and contemporary art harnesses cryptocurrency, smart contracts and augmented reality to create an open platform that supports everyone from emerging artists to first-time investors. Through partnerships with galleries that are working with rising artists, ArtPro’s MVP will launch populated with contemporary works that can be admired and acquired instantly. Buyers have the option to store purchases in a secure facility for investment purposes or to have them shipped to a location of their choice.

For years, the art market has failed to innovate and persisted with inefficient systems that benefit auction houses and galleries but do little for the creators and collectors of great art. ArtPro is bringing the outmoded art industry into the 21st century while eliminating the fakes that are endemic to the industry via a proprietary three-part provenance solution. The ArtPro ecosystem shall be characterized by transparency and fairness for the benefit of all participants.

The Problem

ART AS THE STORE FOR WEALTH

Art has long been valued for more than its beauty. From Old Masters to contemporary pieces, art has been used as a store for wealth for people wanting to invest in assets that are largely immune to the movement of the financial markets. The chain of title, however, is as valuable as the work itself with complete provenance correlating with higher returns.

THE GREATEST THREAT

As much as 30% of all art sales are believed to involve forged pieces. The Deloitte Art & Finance Report 2017 lists ‘authenticity, lack of provenance, forgery, and attribution’ as ‘the greatest threat to the reputation of the art market’.

BARRIERS TO GROWTH

The online art market is yet to reach maturity and efforts to promote its growth have been futile because buyers’ concerns haven’t been addressed. The lack of transparency surrounding both condition and pricing, a shortfall of available information to educate buyers about the art and the reliability of the authenticity of a piece have been preventing the conversion between browser and buyer.

The Solution

ArtPro does not profess to unilaterally solve all of the problems afflicting the art industry. The ArtPro platform, however, will play a significant role in helping the art world to advance into the digital age, and in democratizing fine art for a global audience.

ArtPro will operate as a platform that connects participants and stakeholders within the ArtPro ecosystem. The most visible manifestation of this will be the ArtPro website and dApp, which form an information-rich portal for accessing a complete suite of resources for art aficionados.

Education and access to contemporary art are provided through a range of multimedia resources including articles, tutorials and videos. Aspiring investors will be guided through the fundamentals of appraising and acquiring fine art, from first steps to advanced strategies. Most importantly, buyers and sellers are connected, enabling art to be traded instantly using the APT token via the MetaMask browser or in-app wallet.

Developers are free to create dApps built upon the ArtPro protocol, and a reward fund will incentivize the development of meritorious projects. Features such as provenance reports and the ArtPro marketplace can be integrated into third party platforms via API, bringing artists and their work to a wider audience.

The ArtPro Market

STEP 1

Buyers search for available work on the platform. Using filters to narrow the search, there is the option to view works only from verified sellers.

STEP 2

Once they have chosen a piece, the provenance report is downloaded using the APT token. When satisfied, the buyer can add it to the cart.

STEP 3

Payment is made using APT. Once the checkout is complete, the token is locked into the smart contract. If the vendor is verified, the APT Token will be released straight away.

STEP 4

Once successful delivery of the art has been confirmed or inventoried in a secure vault, the payment is released to the vendor.

STEP 5

Feedback is left by both transacting parties for our reputation system and ArtPro receive a small sales commission.

The Platform

The ArtPro Marketplace will use a rating system in tandem with blockchain-held reports to deliver a high level of transparency. It will create a benchmark for sellers to aim for and buyers to seek that will be transformative to online sales.

Example: Alice has $20,000 to spend on a work of art but her time is precious and she is unable to trawl auction houses and galleries. Alice searches the ArtPro dApp by artist, genre, size and medium. Her search returns 100 suitable options, but for Alice, a certificate of authentication is imperative as she would like to think that in years to come her children will benefit from the sale of a wise investment. Using the rating system, Alice can eliminate any works that lack verified provenance (held on the ArtPro blockchain), before settling on a shortlist of artworks she likes from highly rated sellers and galleries.

How It Works?

Connects participants and stakeholders

Allows art to be browsed and filtered by type, price, artist and style

Acts as an information-rich portal for art lovers

Provides strategies for appraising and acquiring art

Enables transactions using the native APT token

The Features

CATALOGUE OF AVAILABLE WORKS

The ArtPro Platform offers works from emerging and established artists. Whether you’re a collector or an investor, ArtPro has something for you

PROVENANCE

Digital certificates stored on the blockchain provide complete provenance for every piece of art on the ArtPro platform

USER RATING SYSTEM

The ArtPro Marketplace uses a rating system to encourage transparency, set buyer and seller standards and drive confidence

AR App

The use of AR, to provide a realistic representation of art in a 3D space, will help to drive more sales and will eliminate some of the problems associated with buying art online. It will also give the app real-world utility, making it much more than just a tool for passively browsing works of art.

ArtPro: The APT token

The ArtPro marketplace functions as an online gallery where people can browse and learn more about its composition and creator. Each work of art is priced in the viewer’s native currency and APT, and can be purchased instantly.

The ArtPro platform uses the non-expendable token standard (NFT) ERC721 to assign a unique identity to each work of art. This allows you to track and transfer your lineage. ArtPro Reports will be the first dApp to be built on the ArtPro platform. It will contain a complete directory of each work of art inventoried by ArtPro, with its attached source report. Users can browse through the selection of artworks.

The ArtPro team is fully committed to creating the best possible platform for the community, the purchase of the APT token will allow access to the investment fund and purchases made in APT will be eligible for a minimum reduced investment threshold. The price of 1 APT will not be quoted in trade until 2026. The tokens will function as the main economy of the ArtPro platform.

Token Details

Token name: APT

Token type + designation: ERC20, utility

Number of tokens minted: 500,000,000

Unsold tokens: Burned

Public sale price: $0.15

Pre-sale price: $0.1

Token Distribution

35%Pre-sale

20%Founders & Advisors

15%Public Crowdsale

17%ArtPro Investment Fund