4art-technologies upward trend notwithstanding, it remains rife with problems. Its greatest issue, no doubt, is the fact that an estimated 30 – 50% of artworks are likely to be counterfeited or cannot be declared as verified originals due to incomplete provenance information. In light of this, owners and buyers frequently call on experts to assess an art object´s veracity.
But not only does this command thousands of dollars in fees, it also renders the result prone to human error or even ill-intent. If, as a result of an expert appraisal, an artwork is detected and/or declared fake, the impact goes far beyond rendering that one particular piece worthless. Indeed, it casts doubt on that artist’s entire oeuvre. Affected by subsequent losses in value are all those who hold works by that artist: private collectors, galleries, the artist themselves or their estate. The combined damages due to art fraud are hard to quantify; experts place them in the hundreds of millions per year.
On the basis of the 39 million sales transactions in the art market in 2017 and an approach of only 6.1 million transports per year, 4ARTechnologies, starting with Europe, is planning to tap into the market of art transactions. The following table shows when the development of the individual markets is planned and what growth is expected in the individual segments and regions of 4art-technologies.
Authentication of an artwork using state-of-the-art augmented authentication technology that scans, recognizes and validates a “fingerprint” and stores this in the image’s proof-of-life, its “biometric passport”
Data storage service
Data is stored on the cloud to give users quick and user-friendly access to datasets as well as associated services. The artwork’s fingerprint and transaction history are securely stored on the blockchain.
4ART Platform as a service
Helps users maintain their ownership, lending, restoration, transportation and insurance coverage related to an artwork. Users registered as creators will be able to gain royalties from resales of their artworks.
System And Technology
Augmented authentication software
Image data is scanned through camera hardware with a minimum of 12 megapixels
This is then converted into an artwork’s ID, using the “augmented authentication” technology licensed to 4art-technologies by industry leader Atlantic Zeiser GmbH
Micro-level image data is encoded and stored on the blockchain network
Beyond the initial check, the software draws on this data for subsequent image authentication checks and condition reports
Access and security
The 4ART Digital Artwork Catalog is accessible through the desktop web application
User roles make sure that features and functionalities are only available to appropriate parties
All users who are able to generate an artwork’s fingerprint and “biometrical passport”, or make changes to this passport, are verified according to KYC-technology in line with Swiss regulatory requirements for banks
User profiles are encrypted and stored on the cloud
Market Relevance of the 4ART Token
The number of 4art-technologies tokens in the free float serves to pay for the digital service when redeemed by the company. The company’s planned revenues shown in the Business Plan section thus provide the basis for determining the number of tokens to be purchased by customers for payment of those sales. The following table, therefore, shows the number of months as a measure of demand for the 4ART token, which – assuming a token price of EUR 0.30 – would take until all the free-float on the market – by redeeming the digital services company. Of course, never get all tokens for redemption should be clear to everyone. It is to be shown with the period falling from 18 months to 5 months, that the demand for the tokens could increase by the 3.6-fold by the rising sales of the enterprise.
[su_quote]This article is writing on 26 June 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: email@example.com Or Whatsapp Us- +13098896258[su_quote]
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