Making History In The Global Art Market
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ALL PUBLIC ART uses the power of blockchain as a regulatory function. Our mission is part of a movement in technology called ‘regtech’ — the application of technology to the traditional regulatory functions of auditing, compliance, and market surveillance. The regulation of trade in the art market today can be replaced by blockchain's ability to guarantee the validity of a transaction while confirming that the ownership of artwork and the identity records of artists are accurate and remain unaltered.
With the AllPublicArt token and the creation of our API, we are deploying a new, convenient and effective way to trade art and track the history of artworks. All Public Art's implementation of blockchain technology will minimize counterfeit art, build trust within the art market, improve art trade services and increase economic and social benefits in the global art community.
Thanks to blockchain technology, transparency is increased ensuring a more convenient and legitimate marketplace for trading art.
Our primary objective and long term goal is peer to peer trading (P2P) in the art market. For that vision to be achieved in the art market, the All Public Art’s marketplace has been created. The art market and blockchain technology will seamlessly merge together due to the combination of the fundamental features of the program. There are four key components to the All Public Art trading process:
Artists, art collectors and anyone interested in engaging with the All Public Art community or APA’s services must register on the platform. After registering and creating a profile on AllPublicArt.com or in the mobile app, an artist may post artworks and art related items in exchange for APA tokens.
When artists and collectors register on All Public Art they will receive a unique ID which will be used to authenticate all their transactions on the blockchain. There will also be four options for Artwork Security:
• Unique ID with QR code
• Unique IDs embedded in tamper sensitive stickers and holographic stickers
• RFID chips (Radio Frequency Identification chips)
• Micro RFID chip in adhesive applied to the artwork
When an art collector finds an artwork that they want to trade tokens for, they may simply click on the “Acquire Artwork” button to initiate the trade with the artist. A smart contract associated with the trade will be coordinated with All Public Art’s API to document the details of the transaction on the Blockchain as well as transfer the APA tokens to a temporary address and lock them until the artwork is confirmed as received.
Shipping artwork can vary depending on the requirements of the transaction, therefore, All Public Art as provided artists and collectors with the following 2 shipping method options to choose from:
• Fine Art Shipping Affiliates for fine art
• Standard Shipping for small artwork and items
How We Are Changing the Global Art Market
We are creating a new way to track artworks as they are traded, minimizing counterfeit art and building trust within the art market. Blockchain’s technology infrastructure is the perfect solution for art trading as it is secure and can be trusted as every transaction on the blockchain is peer-to-peer reviewable.
All Public Art invests its aggregated capital to provide an efficient and convenient platform that is globally accessible and instantaneously functional on Mobile devices. Offering a platform for the art market via smartphones allows All Public Art to broaden its scope of collector and artist connections as they interact in our global network.
When merging the art sector and cryptographic infrastructure, room is opened up for business process optimization. It also provides more transparent and efficient functioning within the global art market. The introduction of blockchain technology into the art market is associated with reduced costs as there is no longer a need to pay an intermediary a commission.
A smart contract is a blockchain-based program that is inherently superior to traditional contract law due to its transparency, which will bring additional trust and security to the art trading process. Smart Contracts will reduce expensive transaction costs and commissions to intermediaries normally associated with selling art.
Before the launch of All Public Art, all deals between an artist and a collector had to be conducted through an intermediary. The value of art in the marketplace can be severely affected by illegal price manipulation, collusion and kickbacks. The artists and the buyer would not know any different if the intermediary had to alter the price, but with the transparency of the All Public Art platform, buyers can engage directly with artists about the price of the art work.