Over 350,000 users are using the 4ART App for different actions related to the art world. Some of them employ 4ART Coin to use the services within the 4ART ecosystem: from collecting NFT+ to creating condition reports, or buying physical artworks. This token allows users to save money and be part of 4ARTechnologies while holding a digital asset.
Digital assets like coins and tokens are considered cryptocurrencies. There are some differences when it comes to defining their functionality. Coins, or currencies, transfer monetary value. For example, Bitcoin (BTC) and Litecoin (LTC) are currencies.
Tokens belong to a different class of cryptos. The most common types are payment, security and utility tokens. In this article, we will cover payment tokens, as 4ART Coin belongs to that category.
What is a Payment Token?
The Swiss Financial Market Authority (FINMA) defines payment tokens as a means of payment for acquiring goods or services or by virtue of money or value transfer. The issue of payment tokens is subject to Anti-Money Laundering Act provisions as a rule.
According to Brian Nibley, cryptocurrency writer at SOFI, a utility token is a crypto token within a specific network. They have a defined use and they allow users to perform an action on the ecosystem. Utility tokens are not exploitable cryptocurrencies. They are usually created all at once and distributed by the team behind the project.
Think of 4ART Coin. It is a payment token that is unique to the 4ART ecosystem. Experts and innovators also see the hybrid benefits of holding 4ART Coin; for instance FINMA indicates that asset and utility tokens can also be classified as payment tokens. These tokens are deemed to be both securities and means of payment.
Is a Token different from Stock?
Some tokens give rights of ownership of a company. In some cases they are like digital, decentralized shares of stock and allow investors to see them as security.
The Securities and Exchange Commission (SEC) uses the Howey Test to determine if an investment is a security.
The criteria are:
- The existence of an investment contract
- The formation of a common enterprise
- A promise of profits by the issuer
- The use of a third party to promote the offering
Investors in the 4ART Coin are a group of art lovers and crypto enthusiasts, supporting the project knowing that their investment goes beyond holding a token. They are making the art world more transparent and easier for all parties.
What are 4ART Coins used for?
In the case of the 4ART App, users can use 4ART Coin to perform actions like buying art, running condition reports or minting NFT+, to name a few. However, it is not the only way to do so; other payment methods are accepted.
Cryptocurrencies are a form of digital money, and we can imagine utility tokens like 4ART Coin as pieces of the ecosystem. They can be used to transfer value, but that’s not their only purpose.
Non-fungible tokens (NFTs) are a type of unique utility token, as well. An NFT token is often a one-of-a-kind digital piece of art. If you are still learning about them, check this article out.
How to invest in 4ART Coin and change the art world
You can invest in 4ART Coin while thousands of users are exploring galleries, handling art or collecting NFT+ in the 4ART App. In April 2022, our token was released to Bitrue and Crypshark for staking and listing. Bitrue is one of the top 15 cryptocurrency exchanges, providing secure and comprehensive digital asset management through a simplified, user-friendly interface.
How to buy 4ART Coin in Bittrex
Open the Bittrex app and go to the ‘Create Account’ page. Then you can enter your email address and password.
Now click the ‘Create Account’ button. Bittrex will send you an email with a verification link. Open your email and click the ‘Email Verification’ button.
After verification, use the ‘Continue’ button for next steps, check the legal notice boxes and click ‘Continue’. You must fill out your general information on this page and then verify your identity. After completing the steps the system will verify your account within 5 minutes.
It’s also a good idea to enable two-factor authentication. Then you can go to the market menu and search for 4ART Coin. Select it and click ‘Buy’.
Enter the amount you want to buy and click the green arrow button. Confirm your order and it will be placed immediately. Your current balance will be displayed in the Holdings menu.