ArtChain Global is being created by a leading blockchain technology team and successful venture capital entrepreneurs in a joint effort with senior analysts and in with collaboration with the art industry. The aim is to provide solutions to a number of inherent and emerging issues in the art industry and to promote the sound and efficient growth of the art and culture industry as a whole by taking advantage of the technology and its application. ArtChain Global endeavours to build an autonomous blockchain underlying architecture and a trading platform for the art industry while developing a distributed ecosystem for the art industry and the economy as a whole.
Current challenges and issues in the art market:
- Given the high efficiency enabled by the internet, the liquidity of the art market needs to be improved and due to relative information asymmetry in the art market, there are a number of issues arising in the
public market such as lack of transparency on prices and ownership history (provenance) and inadequate control of transaction data.
-High threshold for the collection of high-value works of art, beyond the affordability of the general public.
-Authenticity and appraisal of high-value works of art.
-High difficulty appraising the value of works of art in the primary art market and lack of transparency trading in the secondary auction market (both online and offline). ArtChain Global White Paper
- Huge price differences for the works of talented artists before and after death.
-Lack of recognition, public attention and care for a large number of artists. A large number of potentially great works have been ignored or buried away by the market as many artists can’t afford to show their
works or receive appropriate valuation for their works before they come to fame.
The development of ArtChain Global is expected to provide a total solution to these issues by creating a new ecosystem for art and bring the art industry into a new era. ArtChain Global consists of the underlying architecture of blockchain to support a business system centred around art assets trading platforms.