This week, the Ethereum-based digital art platform, ArtID announced the start of its Security Token Offering (STO). Importantly, ArtID hopes to provide artists new opportunities in the digital market. Now, the company seeks to secure 5 million euros in total to expand the platform. The news demonstrates how blockchain integration continues to play a pivotal role in structuring a robust digital economy for the future.
According to company executives, ArtID hopes to raise one million euros in a public offering. These funds will combine with an additional four million euros gained via private sales of company equity. This funding will go towards the expansion and further development of its unique digital marketplace. Notably, the company already reached its soft cap goal of 580,000 euros this week.
ArtID STO Investors
Investors in the ArtID platform receive a percentage of the company’s revenue generated from art sales. Importantly, the platform has over 1,000 artworks currently available for purchase. Each of these works is blockchain verified as original and unique. To date, ArtID has supported the purchase of 6,000 artistic and limited edition photographs.
In order to bring their vision to the world, ArtID has made some strategic partnerships. Wisely, the company hired the corporate finance firm Kreston RS. Kreston will assist in regulatory and marketing tasks associated with the STO. The actual offering will take place on the Luxembourg-based STO platform – STOKR. STOKR is one of the most recognized tokenization platforms in the region. The decision to host its STO on the platform was a smart one when you consider that STOKR has the blessing of regulators.
Speaking on the new developments, Stefano De Nart, the head of Kreston RS’s financial department explained the atmosphere surrounding the venture. He described why ArtID is ahead of the curve with its digital art marketplace that allows investors to “buy and sell artwork that was checked and certified on-chain.” Also, Nart touched on the current economic climate. He acknowledged that the pandemic has created difficult economic times globally. However, Nart explained that the market continues to reward “solid” projects such as ArtID.
The ArtID concept entered the market with the goal to provide artists with a way to authenticate their digital works. The platform combines the use of a digital certificate with an identification verification system. According to the company, a “Digital Certificate(DC) of an artwork is a “zip” folder containing all the documentation related to it.” For example, you would find items such as any high definition images, author authentication, or other documents relating to the possible archiving. These documents can include evidence of the exhibitions in which the artwork was exhibited, indications of relevant publications, and extracts of publications containing information on the artwork.
Since each DC is non-fungible, they are a unique and non-duplicable digital item. The concept of blockchain verified digital art is not new to the market. In fact, there have been numerous platforms to enter the space with similar goals. However, none has managed to garner as much of a following as ArtID. Artisans believe that this technology can help to combat fraud and unauthorized use of artist’s works.
A Piece of ArtID
Concepts such as ArtID help to remind you that blockchain technology is set to revolutionize every aspect of our lives. You can expect to hear more from this innovative team as their concept continues to take flight. For now, ArtID can help you to acquire those one-of-kind digital art pieces that touch your heart.