Describe the company – the elevator pitch …
ArtChain Global is a revolution in registration, tracking, protection and accountability for artwork. Based on open, extendable blockchain technology, the ArtChain Global platform synchronizes digital and offline assets for anyone involved in trading, collecting or producing works of art. This is the first time this unregulated and significant asset class can operate without trust, therefore boosting the credibility of all transactions via galleries, auction houses or private sale. Services products and organisations connected to the art ecosystem call all benefit from this platform, incorporating Internet of Things (IoT) tracking devices, insurance applications, asset backed lending and emerging artist support programs.
How are you different?
ArtChain Global is building a platform and applications for the entire art ecosystem. Others are focussing on specific areas like the auction trade or delivering a managed investment scheme utilising blockchain and art. With ArtChain Global all pieces from museums and private family holdings through to the latest contemporary art can be registered. All businesses interacting with and in the art environment can use the system deriving a benefit. More trust, more eyeballs and more interest in art as an investment tool will lift the profile of an industry that has until now been on the ‘elitist’ side, a little out of reach to the majority of people.
Why will you do well?
The industry as a whole, globally is crying out for help. Fraud, deception, fakes, stolen artwork are such and issue that last week in the Netherlands a new court was established solely to deal with art fraud. Provenance, the history of ownership is where the value of art is hidden… remove the possibility of a fake history and all of these problems fade away. Art is a multi trillion dollar industry, sophisticated investors hold on average 6% of their wealth in art and collectibles. Blockchain has the opportunity to add value to every piece of art, to track and pay royalties where this has never been possible and to allow people to see where and in what condition their artwork is at any time. The industry interest has been significant to say the least.
Where are you based?
ArtChain Global has launched from Melbourne, Australia, is signing up clients across China and plans to move quickly to Europe. Strategically Australia is a fantastic industry test bed and China is 38-40% of the global art auction trade at present. Access to such a large portion of the industry in the same time zone is a great help for first steps.
When was the company launched?
The company was officially launched to the market in April 2018. The concept was put together in the second half of 2017.
What have been your biggest wins to date?
Our biggest wins to date are:
1) A co-funded development opportunity with a major Australian University to build the Blockchain system (Swinburne University).
2) Getting over 200 people from the Art Industry to attend our launch event on 5th April 2018 at the National Gallery Victoria. https://www.artchain.world/all/artchain-global-national-gallery-victoria-launch/
3) 2 of the 5 biggest auction houses in China agreeing terms and looking to get started – this represents Billions in RMB transactions annually.
Who are you trying to attract to your product?
We have two paths of business development –
1) The art community; established artists, emerging artists, art suppliers, auction houses, galleries, suppliers, financiers etc.
2) The crypto loving community, the investors in technology.
Two distinctly different client bases, but both very important.
What tips would you give to others looking to build their business?
I would suggest that in the current climate, anything to do with blockchain needs to be based around a very sound business model.
Tell us about your team?
Our team have been hand picked to represent different areas of expertise and to present a well rounded and experienced front. We have announced this week the addition of a former Australian Ambassador, Mr. Murray McLean AO. Which brings a new level of professionalism. The best place for all of the info is our team page: https://www.artchain.world/our-team/
What are your plans for the future?
We plan to build a platform which alters the way people view, trade and think about art. We aim to support up and coming artists with various support programs, to help them make more of a decent living out of it before they reach higher levels of fame. We aim to co-operate with galleries and events around the world and to clean up the industry for the good.
Part of this will be a trading platform, where when anyone with art registered on the system wishes to, their piece will become visible. This will be searchable, contain all the details one would expect to find when ‘going through the records’ at a gallery and will be a transact able evironment in both crypto currency and fiat.
Our teams of business development and sales people will continue to open new doors via relationships as we push forwards.
The goal is to cement ArtChain Global as ‘the standard’ when it comes to a title registry system, one that people visit to look for art, to research art for enjoyment, to trade and of course for insurance/investment etc.
What are your favourite tech gadgets?
Being built is our own chain, using Hyperledger. An environment where we can set things up without POW – this will all be POI, proof of interaction. The more people ‘do things’ on the site, the more they will be rewarded. There is no need to burn gas in the ArtChain Global environment.
On top of this the application to load pieces of art on the blockchain system will provide an augmented reality experience for users rolling their phone camera over a piece of art, showing the history and any details that the owner wishes to display.
How do people get in touch with you?