In an Australian first, ArtChain Global has developed its own virtual currency enabling consumers around the world to invest in art, online.
With significant growth in both the transaction speed and volumes of art investment by auction houses, charities, corporate and private art traders and collectors, ArtChain Global has created a native art token or ACG coin.
ACG coins will be used as the medium of value circulation within the ArtChain Global ecosystem.
The coins will mainly be used to complete transactions on ArtChain Global, and can be used in exchange for handling fees, the use of applications, transaction registration and recording of works, pledging works of art and access to offline venues and other similar transactions.
According to Art Economics, the global art market is worth over USD $1 trillion. In 2016, total sales in the global art market reached approximately USD $60 billion.
To help meet this increased global demand in online art trading, ArtChain Global will issue a total of 3.5 billion ACG tokens to meet the requirements for the proper network operation and business application.
About 2.1 billion pieces, or 60% of the total number of tokens, will be issued in a one-off allocation at the time when the genesis block is created.
The remaining 1.4 billion pieces, or 40% of the total number of ACG tokens, shall be created as ecosystem incentives and allocated to participants such as developers, ledger nodes, organisations, at the primary and secondary art markets, artists and collectors, who have contributed to the ecosystem of ArtChain Global.
ArtChain Global Chief Operating Officer Cameron Macqueen said he envisages holders of ACG coins would enjoy the benefits of increased value of ACG after they start trading at major exchanges and markets.
“The ArtChain Global team – which consists of professionals, art industry experts and software gurus - will work closely with artists and organisations in establishing a program to support and include established and emerging artists from across the globe in the ecosystem of ArtChain Global,” he says.
“In the near future, such training and support programs will not be limited to the art industry alone and are expected to be extended to and have implications on the art and culture industry as a whole.”
The ACG coin is a step towards ArtChain’s aim to create a decentralised, distributed and integrated online and offline art trading platform along with physical venues in the art market for all people to enjoy.
The coin is an addition to ArtChain Global’s other revolutionary digital offerings including the anti-counterfeiting Internet of Things (IoT) technology and other extendable blockchain-based technology for the tracking, protection and accountability of artwork. The ArtChain Global platform synchronises digital and online assets for anyone involved in trading, collecting or producing works of art. It provides a total solution to inherent and emerging issues in the art industry by creating a new ecosystem for art, and brings the art industry into a new era.
ArtChain Global launched in Australia earlier this year, revolutionising the arts industry by utilising blockchain technology to support the registration and trade of art assets. The platform is being developed in partnership with Swinburne University of Technology, who are the official research and development partner of ArtChain Global. Having already transformed the likes of finance, agriculture and government, the application of blockchain technology, in this instance, offers stakeholders in the art world more certainty in determining thefts, forgeries and cloned works by digitally story information such as provenance and verifying authenticity.
For more information visit www.artchain.world or to request an interview with Cameron Macqueen please contact:
Sophie Truter – 0422 488 349, [email protected]
Felicity Perelberg – 0415 137 869, [email protected]
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