Investments in artwork have become a popular trend over the last few years. However, there are many limitations to it with online transactions for art. Korean startup ARTBLOC has launched its unique blockchain project to overcome the issues attached to the art market and helping artists get a fair deal for their work. ARTBLOC is an Art Blockchain project that objectively evaluates the investment value of an artwork based on the art reviews, list of transactions and exhibition records of the artwork. The investors can rely on the evaluations to make reasonable investment decisions in purchasing the fractional ownership in the artwork.
ARTBLOC Ecosystem for artists & patrons
The startup was launched in March 2019 and hopes to open up the first version of its services – ARTBLOC Hub and ARTBLOC MarketPlace before the year’s end. Artists, art galleries, collectors and many others can upload the artworks they own through ARTBLOC Hub and create digital provenance of the artworks they upload. Various users can leave their own interpretations or reviews of other user’s artworks.
The community service allows its users to utilize the blockchain to accumulate review data on the interpretations and constructive criticisms on the artworks and to receive record data, transactional history, and exhibition history of the artworks. Users can evaluate artworks from various perspectives using ARTBLOC than limiting it to evaluations from only selective few people. The accumulated data can help facilitate art trades in the existing primary and secondary markets. It is quite useful for emerging artists, who can grow based on the feedback received through ARTBLOC Hub, and the art critics can generate profits by discovering new artists with high potential for growth and interpreting their artworks.
In search of the next Van Gogh!
ARTBLOC MarketPlace is the service where the ownership in the artworks with investment value is tokenized and issued, listed, and traded. The startup aims to tokenize the ownership of the artworks, with their investment values validated through the data accumulated through ARTBLOC Hub. The tokenized ownership of the artworks can be listed and traded through ARTBLOC Trade. Also, based on the information that would have accumulated from ARTBLOC Hub, investors can trade tokenized shares in the ownership of real artworks through various portfolio strategies and generate profits.
ARTBLOC hopes to set up a new art market for trading artworks so more investment funds flow into the art markets and thereby expand the markets further. The startup wants to become a much sought global trade platform which may just discover the next Vincent van Gogh of the modern world!