Artchain helps make the fraudulent art market a thing of the past. One of the most serious setbacks to investors, fraudulent art can undermine the value of any piece of work.
And it can scare off investors.
Because here’s the deal, as all investors know, fraudulent art poses a real risk. Despite the increasing value of the art market, fraudulent art is all but worthless.
This means that if one were to spend money on a large piece of art only to find out it was fake, they would be out serious money. Unfortunately, this happens all too often, as new investors and experts fail to notice duplicated work.
For this reason, those wishing to take part in the art market need added security. From artists to galleries to investors, all players in the market should have greater peace of mind in knowing the art that they’re buying or making is real.
With Artchain, now they can.
Artchain’s powerful system works to create greater transparency in the art market. Through the use of advanced AI and blockchain systems, Artchain helps create a digital ledger of information that makes tracking artwork easier and more reliable than ever before.
Join us below as we take a look at three of the game-changing ways that Artchain adds greater transparency to the art market.
- It Allows for Advanced Tracking
Art that passes through Artchain comes equipped with its own fingerprint. Known as its ArtDNA, this tamper-proof fingerprint cannot be changed.
By scanning this fingerprint with the Artchain app, investors can immediately tell if a work is authentic. Because the fingerprint is unique and cannot be changed, investors will immediately know if the work they are looking to buy is the real deal.
Additionally, this technology also allows investors to record the state of the artwork at the time of the purchase, making it a great option for galleries.
In this way, investors can preserve the value of the investments by having access to comprehensive transaction history for any art that they buy.
- It Saves Investors Money
Perhaps the most important benefit of this is that it allows investors to save money.
The value lost from purchasing a fraud cannot be understated. But it’s not just the money spent on the art that investors lose. They’ll also need to spend money on any legal services as a result of their purchase, as well as on appraisals beforehand.
The costs of this can quickly add up — significantly raising the risk of purchasing a piece of art through traditional methods.
Artchain eliminates these costs by giving investors instant access to detailed transaction history. This means that they can cut down on appraisals, as well as on legal services.
Ultimately, the total cost of the transaction goes down, encouraging more investors to take part in the market.
- It Undermines the Art Black Market
Finally, the use of Artchain will substantially reduce the viability of the black market for art over time.
Because it will be much more difficult for con artists to forge art, the value and the utility of the black market will quickly decline. This will lead to a decline in the total volume of forged art.
Ultimately, this incentivizes more investors to take part in the market. By reducing the risks associated with buying high-ticket artwork, Artchain adds even more value to the market.
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