The artworld is changing constantly, however art lovers will always seek the experience of having their soul moved and emotions affected by art.
“Art is capital. Only of an illiquid kind. Art means passion, idealism, and devotion. It functions as a mirror of society and yet is far more than an aesthetic moment.”
Dr. Franziska Ida Neumann
Collectors recognize their art assets as a proper investment. According to one price index mentioned in Dollar Sprout, art consistently returns 7.6% to investors. There are several ways to do so, including getting limited edition prints, NFTs or the analog work of your favorite new artists.
4ART App offers safe art transactions
Leveraging the potential of blockchain offers all stakeholders, from artists and buyers to gallery owners and restorers, to logisticians and insurers, more transparency, security and process efficiency in their transactions such as lending, selling or passing on a work of art.
As simple as using a smartphone camera, the patented “Augmented Authentication” technology stores and reads the fine micro details of a painting. The recorded data is converted into a digital fingerprint and stored on the blockchain together with all the information on origin and ownership history.
This information becomes a tamper-proof biometric passport.
The global challenges in the art world include the time-consuming and costly creation of certificates and condition reports, which are required for authentication, restoration, change of ownership, rental, or transport.
4ART’s technology makes it possible for the first time to verify the authenticity of a physical work of art itself, as well as protect NFT creation and collection with data and a forensic watermark. All parties “seal the deal” with smart contracts, so let’s see what they are.
What Is a Smart Contract?
A smart contract is a self-activating contract including the terms of the agreement between buyer and seller written into lines of code. The code and the agreements are saved across a decentralized blockchain network. The code controls the execution, and transactions are irreversible and trackable.
Nick Szabo, an American computer scientist defined smart contracts as computerized transaction protocols that execute the terms of a contract. It was he who invented a virtual currency called “Bit Gold” in 1998; some believe he is the person behind Bitcoin as well.
Smart contracts permit trusted transactions to be executed among anonymous parties without the need for a central authority or external enforcement mechanism.
Smart contracts make traceable, transparent, and irreversible transactions possible.
Advantages of 4ART App smart contracts:
- Trust: The contract is saved in the blockchain and cannot be altered or removed by one party
- Safety: All documents are kept in a safe and encrypted environment. They cannot be altered by parties with secret motives
- Efficiency: our code executes the smart contracts and removes the need for external digital backups
- Autonomy: There are no intermediaries in each process as the contracts are executed automatically
Smart collection with 4ART App
Why is 4ART’s approach unique? Once a painting is digitized and a 4ART Passport is created, the artwork’s history is always valid and up-to-date, providing security and reliability like never before. Handle and collect art professionally with the new standard.
Another way to collect is by visiting 4ART Marketplace. We take the protection of our users very seriously and want to ensure that both collectors and artists alike feel safe. Knowing your client makes a lot of sense, so, even while our app is focused on the artworks, in order to keep privacy as a priority, KYC verification to use and trade in the 4ART App is required.
KYC is a set of:
- procedures for verifying a customer’s identity
- before or while doing business in the 4ART App
- Just as with banks and other financial institutions, these protocols prevent fraud and financial crime.
All this means that when you search the incredible artworks in 4ART Marketplace, you can feel comfortable and confident to place a bid if an NFT+ catches your eye.