ArtDapp - Powered by Cardano
Problem
An estimated 40% of investment grade art in circulation if fake or fraudulent.
Global Art Market is $70 billion annual industry.
Solution
Authentication via uninterrupted provenance chain combined with identity and digital image recognition should be the industry standard.
Total to date
This is the total amount allocated to ArtDapp - Powered by Cardano.
About this idea
Artists often wait months for dealers and galleries to pay them for works which have been sold.
A smart contract at the creation of each artwork could set the terms of future provenance transfesr.
By signing the transfer of provenance only once they have been paid artists can force the galleries to settle promptly.
Artists/Galleries could also control the scarcity on the secondary market by charging a percentage or fixed fee for signing each subsequent transfer.
Multi-sig could enable art dealers to be included in the process as well.
Likewise the artist or owners would be able to raise capital against asset by selling a fractional ownership of each artwork.
The broader community could invest in fractional of full ownership without taking physical stock of the asset simply by being in possession of the keys.
Institutions cold use the platform for securitising loans.
Having a secure trusted provenance record would increase the value of the assets as it eliminates a large portion of risk.
The record is bolstered with identity, reputation and digital image recognition all at your fingertips.
650 000Team
Currently there is no easy solution to transfer the provenance from one owner to the next.
