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ARTIC is a blockchain-based Art Gallery Platform, which empowers its own NFT ecosystem to assetize diverse art masterpieces. The application of the blockchain serves as a core element to foster the reconsideration of the perception of artworks by providing tangible and intangible services that can lead to the exhibition of domestic and foreign artworks and further impact the activation of the exchanges with artists around the globe. The blockchain technology further promotes an active trading and convenience in quality artworks through the design and development of related software and contributes to the expansion of the base of advanced art culture.
According to the "2018 Art Market Survey" conducted by the Arts Management Support Center, Total Turnover in the Global Online Art Market reached a record high of $5.4B (app. 6.1 trillion KRW) in 2017. The online turnover figure is currently up more than 10% YoY and is equivalent to 8% of the global Art Market's Total Sales. The online art market showed steady growth from 2012 to 2017, and increased by nearly 72% over the past five years.
The online art market is recognized as an important channel that allows most of the artists or specialized workers to connect and meet new art piece collectors over time. In 2017, 53% of art buyers through the online art market were totally new collectors that had never directly participated in the artwork purchase procedures online, and 41% of them were buyers who had never been to an offline auction house. On the other hand, 33% of buyers have previously purchased works in the offline art market or have directly or indirectly encountered the art market.
Although, the very first look at the Art Market may provide an impression that it’s only showing an upward continued growth trend, it actually contains various problems that are emerging concurrently with its development. First of all, the involvement of the brokerage services in the transaction processes, there are considerable fees that need to be paid to the intermediaries, which are not sufficient to compensate artists who actually engage in creation processes. In addition, sometimes even the art pieces that have received professional appraisal are often found to be counterfeit, which causes a significant economic harm to the market participants. For this reason, art buyers do not have sufficient credibility with just the certificates presented by galleries and auction companies, and thus the Provenance function is not operating effectively. Meanwhile, digital art, which is increasingly attracting attention, has not been applied in the art market to its fullest potential, with copyrights not properly recognized and easily shared and disseminated due to lack of awareness and ease of replication.
ARTIC presents three primary missions to address the above mentioned challenges:
- Consumers should be able to produce or request the relevant art pieces and purchase them without the involvement of the brokers in the process.
- Any Artist should be able to display his or her work in a virtual space regardless of time and place constraints, and also sell the ownership of their artwork, which is protected by the NFT.
- Art consultants should be able to connect consumers and writers with professional views regarding their artwork and receive rewards for their activities.
In order to accomplish the above vision, the ARTIC team proposes an ARTIC Platform, which is an NFT asset-based art gallery that is built on blockchain. The ARTIC team aims to build an ARTIC platform and meet the needs of all participating entities such as 1) Artists, 2) Consumers, and 3) Art Consultants by driving the virtuous cycle in its ecosystem. Blockchain technology utilized on the platform allows anyone to share accurate information about artworks based on reliable price data and information mechanisms, forming an information symmetry structure in the Art Market. ARTIC presents a new paradigm in the world of art where accurate and reliable information allows each participant to focus on and interconnect with their own objectives.
ARTIC has four main functions: 1) NFT Marketplace, 2) Meta Exhibition, 3) AI Center, and 4) D-BOOK. They are all part of a UI that emphasizes user convenience and encourages the participation of key members of the art ecosystem such as consumers, artists, and art consultants. This will lead to a virtuous circle in ARTIC’s art industry ecosystem.
The core functions of ARTIC are as follows:
01. NFT Marketplace : Expands the Art Trading Ecosystem A space where works produced or commissioned by consumers are sold, and users can trade various works of art that require ownership protection.
02. Meta Exhibition: Art Exhibition Hall A virtual space where any artist can exhibit, appreciate, and sell works of art regardless of time or place.
03. AI Center: Provides a Variety of Art Content The AI Center is a space where art consultants connect consumers and artists. Art consultants rely on differentiated AI matching services to make recommendations to consumers based on their individual tastes and use another service that allows users to hang works of art they are interested in wherever they want.
04. D-BOOK: Smart Solutions for Digital Publishing D-BOOK provides smart solutions for digital publishing to content creators, branding experts, and companies that need effective advertising strategies or resources to easily design web pages.
The ARTIC team consists of highly experienced IT developers/ Art Consultants/ Designers and other professionals with an average of more than 20 years of experience in their own fields. The key partner, that will be contributing to further success of the ARTIC platform, is Gallery 360, which is an intelligent art platform, that allows users to discover diverse pieces of artwork online. Currently, six related South-Korean Patents, two technical data, and four overseas PCTs are being applied to the platform, and they have set the stage for entry into the global market through partnerships with New York Chelsea K&P Gallery, global companies Archidraw, Inc., China VR CORE, and Amazon. ARTIC proposes a system to build an ecosystem so that platform participants can faithfully perform their roles, and for participating entities to receive additional activity rewards. ARTIC will carry out an innovative Value Chain project that will significantly transform the ecosystem of the art industry based on blockchain technology.