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Art Market Transactions
For Simplified, Efficient,
Secured, & Transparent
Art Market Transactions
If you have been looking into ways to get pieces of art verified as genuine, you may have heard of something called token technology. What is token technology, and how is it being used in the art world to help make it a safer place for both buyers and sellers? What is token technology? -- Token technology is something that is involved in an ICO, otherwise known as an initial coin offering. This is when a digital coin goes public for the first time, and tokens are then offered to the general public to buy. This token technology is then often turned into Bitcoins, making them an even safer digital currency than the original initial coin offering may have had. How is it used in the art world? -- As a new crytocurrency or digital currency can be used to buy art, this makes it safer for both the buyer and the seller in the transaction. After all, with a token converted into a digital currency like Bitcoin, it makes it easier to put off releasing the payment for a just purchased piece until after the piece has been authenticated if you are the buyer. It makes it safer for the seller as well as, once the money has been paid and converted into tokens and then Bitcoins, it is impossible for a buyer to ever be able to get the money back. No matter what scam he may try to pull with regards to the piece's authenticity. The new platform will eliminate many agents -- One of the things buyers and sellers of art both complain about are the high fees agents often take for doing little more than collecting and paying out money. With token technology, however, those agents can be avoided and thus the fees both parties have to pay for an art transaction will be far less.
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WHAT IS TOKEN TECHNOLOGY? The term "Token Technology" includes a method for the world of art to track down any forgery. This method will protect a safer future for the galleries, collectors and art institutions. USING CRYPTOCURRENCIES: It is well-known by those who know and appreciate excellent art in its truest form know that this word is not transparent. By guiding these fans of art using cryptocurrencies through their transactions, the investors can relax because they benefit by this method. Cryptocurrencies does increase the transparency and security of the platforms of smart contracts. Information can be pulled together that regular investors can't normally retrieve. This enables the art market to be democratized which lets it act as a direct contact with the art industry and investors. ROBUST SOFTWARE: Robust software will authenticate images. A digital fingerprint that is unique is used on each piece of artwork. It can be scanned too match textural details. It can then be stored on the blockchain and can locate any fakes. CHANGING THE ART INDUSTRY: Those individual collectors and even large institutions will benefit from the protocol of the authentication. The reports on the condition will be done faster and easier which makes the artworks traced and tracked must more efficiently. That enables logistics companies and insurers to depend on the functionalities. Now the artists themselves can resale their art and benefit financially. SUPPORTING CATALOGUING AND TRANSACTIONS WITH BLOCKCHAIN: Using token technology, the art world is the most transparent than it has even been. Basing the platform on blockchain, it can catalogue the artwork's provenance, digital fingerprints and history. This is possible since the platform is built on profiles that a tamper-proof. Using decentralization and smart contacts, the best standards of security are guaranteed. SAVINGS: There is a great monetary savings for investors by using technology to stop forgeries. The savings can be up to hundreds of millions of dollars each year. |
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