Integrating blockchain technology into the arts industry is not untested. It is part of the greater attempt of using blockchain technology in commercial applications.
Blockchain’s decentralised structure ensures fairness in transactions, establishes and maintains trust between people.
Blockchain’s unique characteristics fit perfectly into the art market, specifically regarding problems such as asymmetric information, transparency, and opaque transactions. It can make art transactions more credible and reliable. It can reduce people’s concerns on investing in art, and attract a more diverse community of people to invest in art. Blockchain technology can be applied in aspects of art authentication, provenance and digital pledging of assets. These are all attempts in decentralising critical aspects of trading in the art market.
The ArtWook Team comprises of veterans from the art industry and experts in blockchain technology. They come together under the goal of innovating traditional art transactions through blockchain technology. Artwook is a transformative platform based on the concept of a shared economy, allowing shared ownership, crowd investment in art works and exchange of such shares.
ArtWook’s art acquisition team will acquire art pieces with great growth potential. Acquitted artworks will be registered on the blockchain and can then be subscribed to on the ArtWook platform (the first transaction). After all shares are subscribed to, indicating a successful crowdfunding attempt, investors will gain ownership rights, shares of the art pieces. Investors can trade their shares on the ArtWook platform.