A new version of our Whitepaper has presented a number of illustrative examples of the use of COART by the art market participants. We are pleased to present these use cases through our Medium.
If you are an artist who wants to sell an art object or the right to use it or copy it, it does not matter whether it’s a physical object or digital art, you can create your own stand on the COART Marketplace, a global online art fair that runs 24/7.
Technologically, the Marketplace is based on the COART platform payment subsystem (COART-PAY) and the COART asset tokenization subsystem (COART-TOK), so you do not need to worry about transaction processing and legal clearance when selling your art object, it’s already included in COART Infrastructure on the level of protocol.
When the sale happens, you simply get your money in preferred currency (fiat or crypto) in your COART-Wallet and you can immediately use them.
In this case, all information about the transaction and the characteristics of the object will be automatically saved in the COART distributed storage (COART-STR) and COART provenance ledger (COART-DLT), which will exclude the occurrence of any discrepancies between the seller and the buyer afterwards.
If you are an art dealer, or the owner of art object received by inheritance, which is interesting for collectors but doesn’t have an authoritative review, we will offer you a new format of the art expertise by Expert Communities. They will allow you to obtain decentralized conclusions of independent experts, based on the data from COART-distributed storage (COART-STR) and received by the use of COART artificial intelligence (COART-AI) for processing large amounts of information.
After that, your art objects may be auctioned, and if sold, you will automatically receive your money in the preferred currency with a minimum commission (not more than 6%), and the actual transaction just will be recorded in COART provenance ledger subsystem (COART-DLT).
We create a new opportunity for millions of traders — to acquire and sell parts of the high-value assets of the top segment of the Art market — art-asset tokens, just as easily as they can now buy and sell existing stock assets.
Traders will not have to wait several years to make a profit, until, for example, the picture of Van Gogh will be sold next time. They will be able to trade their “shares” of this picture as “Van Gogh tokens” on the specialized COART Exchange immediately after the tokenization of the art asset using the COART asset tokenization subsystem (COART-TOK).
If you are the owners of art assets (Museums, big Galleries, Family Offices, Collectors etc), you can offer shares of art assets for the potential investors. Owners of art assets are capable of tokenizing their assets and then offer 49% or less of them for investment through COART asset tokenization subsystem (COART-TOK).
Essentially, Gallery owners and museums will get a new way to raise funds for their needs, it will be much more convenient compared to all the existing opportunities. Commission fees for the online auction will not exceed 6%, and the borrowed funds owners will be able to use as they need, preserving the assets in their collections.
COART Investment Art-fund that allow retail investors to co-invest in the art assets of the top segment. For example to acquire shares (ART-ASSET tokens) in the works of Van Gogh, Picasso, Rothko etc.
After choosing the art assets they are interested in in the schedule of upcoming auctions of leading auctions, retail investors are putting money in smart contracts using the usual Internet payment forms. The minimum contribution of the participant will not exceed the amount in the range from $ 100 to $ 500 — depending on the estimated price of the sale of the art asset (Estimate).
Funds are paid immediately into smart contracts for the acquisition of a specific art asset. The investment fund that creates smart contracts using COART open source protocol can not use the money of investors for its own purposes, until it gives them the shares of the acquired asset, which will be evident from the very design of CoArt smart-contracts.
Together we can make everything much better and faster for the benefit of all!
