BitcoinChaser: What kind of problem, market deficiency or opportunity inspired you to launch your project?
Artex: Art market problems:
- Huge number of illegal copies and fakes
- Lack of unified art ledger
- Lack of communication between different art communities
- Tough situation with digital photography copyright and illegal copying
- Verification by experts in one country may not be recognized by experts in another.
- Half of the art market is a «gray» and uncontrolled zone.
BC: How will your project address this problem, market deficiency or opportunity in a unique way?
Artex: Artex project aims to solve all these problems starting with the market of digital photography and then transferring this successful experience to other segments. We will make an artistic catalog with one click access to all the pertinent information – the copyright owner, property rights, the history of transactions, current location, and the controlling gallery. Information will be entered into a Ethereum blockchain, specially designed to maintain the integrity of the information, thus protecting photographers` copyrights and preventing illegal copying. All transactions will be secured by the Smart Contracts. Authentication would be achieved with the formation of a narrowly defined group of experts.
BC: How do you think that competition will develop following your ICO?
Artex: Artex will help experts (art historians, critics, gallery owners, professional photographers) to monetize their knowledge and abilities. They will earn through moderation, assessment, and attribution of images and pictures. By solving these problems, Artex will make the market immensely more attractive to art investors, and provide on demand services to the current investors who represent from 35–60% of total market transactions.
BC: For all those who have read your white paper and are still on the fence about contributing to your ICO, what can you tell them that could lead them to buy into your project?
Artex: Objects of art – are still the safest way to invest money and hedge risks. Photography has become increasingly popular in the modern art market and now represents 8% of market transactions with 48% growth during the years 2010–2015 which proves it to be one of best investments in the Art Market.
Artex project will make art market transparent and attractive for new investors who are not art professionals and will lower the threshold of occurrence.