Thanks a lot for actively participating in the 4ART AMA held on 18th August 2020 at the Game of Bitcoins Channel. We really appreciate all your support. This post is a recap of the entire session held with 4ART
We have with us
Pavel
4ARTECHNOLOGIES is revolutionizing the way the art market handles art. We are setting the new standard for the whole value chain: artists, collectors, investors, galleries, transport companies, insurers, and others. We do this all on blockchain - which is awesome! A real-life application for the traditional industry - the art market. I will tell you more in a few minutes during the actual AMA
As for me, I have been in crypto/blockchain for three years now. Worked for a venture capital company, built an early stage blockchain incubator and now work with flagship companies in this space to help them get to another level
Q1. Why does ART need blockchain and how will you convince people to switch from traditional art sources to Blockchain?
4ARTECHNOLOGIES have developed a revolutionary app, which scans an artwork’s surface. Once the first scan is done, the artwork receives a 4ARTpass - the artwork’s data is now recorded on the blockchain and is therefore immutable.
Once the artwork has been moved to another location, the second (and subsequent) scan is being done to detect if the initial one matches the new one. If there are irregularities, such as damage, which can happen during transport, the app flags it. If there are more irregularities, you might as well be dealing with a copy and not an original.
Why is this revolutionary? Because this process has been and is currently being done manually. Our technology is able to create efficiencies, reduce costs, and create transparency where there was none.
And done!
For us - it's all about solving a problem and creating value for the whole ecosystem. Technology is just a tool on how we get there
Q2. How do I get to hold a piece of art am interested in and What type of artworks will be listed on the platform, as an African we have ancient beautiful art works like terracotta
We are rolling out tokenization for art pieces, so effectively our users will be able to hold a fraction of an art piece. But, artists or art holders would are able to upload their art pieces as well
As for the terracotta art pieces - for now it's just paintings, but stay tuned as we continuously improve our tech stack to do more sophisticated scans
Gary - Nice! so we can expect transition to 3D scans in the future
Maybe... ;)
When it comes to blockchain/crypto companies there are tendencies to overpromise and underdeliver
we'd rather deliver and then make noise about products/services
Q3. Who has full ownership of the Digitalized art assets? Will there be additional costs?
Alright! Love this, we can deep dive
Who has the ownership - the actual owner of the art piece does the first scan and creates the 4ARTpass, a digital fingerprint for the art piece
Once art will get tokenized, then it's a different story, but for the time being - it's the actual art owner
As for the costs - yes, every time you transact inside the app, transfer the ownership, sell, delegate, scan - all of these services are paid
but, the good part is: they cost a fraction of what the traditional industry offers currently and that's how we create efficiencies in the market place
Q4. How 4ARTechnologies eliminates the problem of Art fraud? Are there filters to select genuine work? How do you detect when there is fraud in a work and and what would be the consequent actions in these cases?
Brilliant question!
It's less about fraud detection as such and more about making sure that the initial digital fingerprint matches the new one
You need to verify whether what you are scanning matches with the original data, being recorded during the first scan. This application has many use cases in addition to fraud detection.
Imagine your artwork being damaged during transport or an exposition - this affects its value and its insurance policy. It’s also easy to identify when the damage has occurred during the supply chain. Each of the stakeholders, from the owner to insurer, transportation company, and the gallery, has to perform a scan to verify the artwork’s authenticity and contribute to the condition report.
Gary - That indeed sounds like a lot of work done in the background. Never thought there would be so many use cases for it ??
This happens when you work in the industry for many decades! You can check out the profile of our CEO, Niko. He has been in the space for 20+ years and have observed the inefficiencies first hand
Q5. There are several other crypto projects based on Artwork such as Verisart, Artory etc. What is unique about 4ARTechnologies when we compare it to similar projects?
Great question and I believe the competition is important
We are solving the proof of provenance problem with blockchain
We are taking it one step forward: you can also transact within our app, you can create virtual galleries and we will be rolling out the AR experiences in the nearest future. but where I am, I think we should have more projects trying to solve this problem and unite under one standard
Competition is great and we welcome Verisart and Artory to work with us in the nearest future!
Q6. Could the 4ART report detect changes in any type of artwork, be it painting, sculpture, printmaking, etc?
Great question! For the time being it's just paintings, but watch this space. More info coming soon
Q7. HIGHLIGHT REASONs why I should INVEST HUGE capital in 4ART PROJECT, What are my BENEFITS with 4ARTS
Samuel, I am here to excite you about our project. The investment decision, no matter big or small is your decision alone. We want the crypto community to participate in our success. There is a lot of locked potential in holding 4ARTcoins. The way our system is set up is, 4ARTapp users will use different services and will end up buying 4ARTokens to do so. They can either buy then for fiat money at 1-1 ratio or by using the 4ARTcoin, which will give them a 20% discount.
At some point the art market will come knocking, because when you transact at scale, 20% matters!
And we hope that the crypto community will hold the key to the art community's success
Q8. Which exchanges have the 4Art token listed? How can we redeem it? What are the use cases?
Let's unpack this: we are listed on the Bittrex Global exchange for now and are planning to list on a couple more exchanges in the next month. You can redeem it on Bittrex Global for now or wait till it's listed on other exchanges. Use cases - plenty. Here's an example
an artist scans his artwork, which is then recorded on the blockchain. Once done, the artist sells his artwork to the art collector.
The change of ownership is then also recorded on the blockchain. The investor wants to showcase his newly acquired possession and sends it over to the gallery. In order to do this, he requests a condition report from the appraiser and insures the art piece.
All of these actions are also recorded. Then, the transport company comes to pick up the artwork, scans it and gets on their way. Once the artwork gets to the gallery, the gallery owner scans it to ensure that no damage was done when in transport.
The art is then showcased and shipped back. The investor scans the artwork upon receipt and confirms that everything is a-ok. If the art piece was damaged or swapped out for a fake one - our app would detect it and show the discrepancies.
Q9. This week you have done several AMAs! What do you expect from the community? How can the community give back to the work of the 4ART project?
Indeed, Martin. We've been on a roll for the past few weeks. We want you guys to join our community and stay up to date about our recent developments
Q10. What functions and roles does 4ART token serve in the ecosystem? What are its use cases?
We need to differentiate between the 4ARToken and the 4ARTcoin
4ARToken is used inside the app to purchase services. It's our internal settling mechanism
the 4ARTcoin is a publicly-traded coin, which can be redeemed within the app and will provide a 20% discount for the 4ARToken
As mentioned, when doing things at scale, the 20% discount will matter, so our hopes are that the art industry will come looking for the 4ARTcoins on the taker
Q11. The art always was an attractive way to gain popularity, but unfortunally sometimes unhappy persons, Steal the work from other to gain money or just popularity, so How 4ART face this situation? How you guarantee the protection of the art assets of your users?
What are the strategies to increase the 4artcoin demand and price?
Great question, Sen. I would think this is a question about our fraud prevention mechanisms. Once the artwork is uploaded onto our platform, a digital fingerprint is created. All subsequent scans are being verified against the original scan and can therefore identify whether there is a match or not.
Q12. What role does the community play in the #4ARTECHNOLOGIES? What have you done and will do to attract people to join #4ARTECHNOLOGIES and build a thriving community?
Lovely question! Community is everything these days. Unfortunately, we were so focused on our product that just now got to community building. We are more confident in our product. We have achieved a product-market-fit. We want our community to be part of our success. What are we doing to keep them excited? We have a TG group where we publish news and achievements, growing it slowly, nurturing it.
Q13. 4ART is a community governed platform thanks to the DAO system? Or really what system do you use for effective community administration?
Let me see if I can answer this one. Love the question!
We do not have a DAO, but there is a crowdfunding component: on the coin holding side - coin holders are set to be part of our success.
The other bit is the fractional ownership of art. We are planning to roll out the art tokenization model for everyone to participate in!
Q14. Why are cryptocurrencies necessary in the art world? How does 4Art solve the problem of intermediaries?
Love this! Blockchain/crypto creates efficiencies by streamlining some of the non-digital processes. We eliminate intermediaries by allowing art owners to conduct their own conditions reports, plus, art transactions can be settled within our app.
Q15. Is 4ART simply a blockchain company that sells and markets artistic works? Can you do this kind of sales and be totally DeFi?
We are an art technology company first. For us blockchain, a distributed LEDGER technology is a means to an end. We do not sell, nor market the artworks. We simply provide a platform for the whole ecosystem: artists, investors, galleries, insurers and so on.
