There have already been extensive talks about the means to create a digital copyright stamp in the arts industry. Developers see the blockchain technology as a way to create a solution for the needs of the artists, since it is a tamper-proof register of ownership.
Artex plans to create a market where works of arts of all types can be registered, auctioned, sold and traded in a transparent fashion. Whether we are talking about paintings, photographs, music or literature, authors will be able to record their creations on their platrom and access auctions and clients for their works.
An artist can send their work for certification and then record in under their name. Even if that work changes multiple hands, the point of origin of that work will be traceable on a transparent blockchain via a serial number and can be verified for autheticity.
„The process of buying and promoting works of art becomes transparent and secure, and artists receive a mechanism that provides them with a monetary reward from each sales transaction.” The developers explain on their website.
The product itself is a blockchain-based market available on mobile devices, with the goal of capturing 30% of the photography market by the end of 2019 and 10% of the art industry in general by 2021. Translated into numbers, this would mean a 5 billion market in 5 years.
It is important to say that they already have an alpha version out for testing, available on their website.
In the ecosystem Artex Art-token is the main payment instrument both for the professional community and for the system users.
Artex tokens are utilitarian and will be part of the ecosystem in various ways, from payments for attribution (expert evaluation) to promotional services, payments for exhibitions, escrow services, purchasing on the website and voting for changes in the system.
Their whitepaper makes a more in-depth analisys of the potential for how they expect the cryptocurrency to evolve over time. They expect to see a 10x increase in the price of the tokens by 2019 and a 30x increase by 2021.
The structure of the investment distribution
25% - Operational expenses
- Administrativ expenses and management - 30%
- Product development - 43%
- Marketing - 25%
45% - Art Portfolio
- Purchase of 150 to 800 of the most liquid artworks, in particular at the world's best galleries, for their introducing into the blockchain and connecting to the platform ARTEX.
- One of the most reliable and stable investment instruments. The growth of art portfolio value is 15–25% a year.
30% - Marketing budget
- Advertising in mass media - 36%
- Art events - 21%
- Context advertisements - 12%
- SMM - 16%
- Conferences - 15%
Artex - The ICO
The developers plan to finance the project in a smart contract-based crowdsale. They evaluated 100-130 tokens for 10 USD (during their mid-october presale).
The actual ICO stage starts December the 5th. They plan to raise 15 million USD. After they reach their goal, the issuing of tokens will stop (1USD=10 tokens)
Althought they do not have early bird discounts, they do offer a discount for bigger investors.
$ 1 000 – $5 000 = 3% bonus; $ 5 000 – $ 10 000 = 5% bonus; $ 10 000 – $ 50 000 = 10% bonus; $ 50 000 – $ 100 000 = 15% bonus; over $ 100 000 = 20% bonus
Purchase will be affected by Ethereum transfer to the smart-contract address.
The team behind the project is the largest media holding for photos in Russia and the CIS which is „industriously extending to the western audience”. They are based in Russia and already have a first slate of works that they plan to record on the Artex blockchain