How Is an ICO Being Used for Artwork?
What is an I C O and how is it being used for artwork?
If you have not been keeping up with news in the art world about ico artwork, you could be very surprised with just how much it may end up changing the way artwork is both bought and sold.
What is an I C O? -- The first thing you will need to know to be able to understand how this process works is to know what an I C O is.
I C O stands for InitialCoinOffering, and it is when a company releases a new digital currency to the general public for the very first time. When the currency is released, anyone can buy it. A lot of people will then turn around and convert it into Bitcoins.
How is an I C O connected to the art world? -- There are several I C Os that recently happened that were as a direct result of needing to fund a new art trading platform, and having a currency for buying art that is completely secure.
These I C Os raised enormous amounts of money for a new art verification and trading platform that will now be used to help ensure fake artwork has a much more difficult time being sold on the open market.
This verification and trading platform will make art provenance easier to learn about and get a hold of. It will also make the authenticating of artwork much easier.
Cutting out the middle man -- Finally, this new I C O artwork will be able to be bought and sold with the new digital currency.
This will help cut out the usual middlemen -- the agents that do nothing more than collect and pay out money from the buyer to the seller of a piece of art. It will also mean both buyer and seller will pay much lower fees in future.
What Is ICO Artwork and How Can It Help the Art World?
If you are involved in the art industry in any capacity, you may have recently heard the term I C O artwork. What is I C O artwork, and how can it benefit you? Read on to find out.
What is an I C O? -- I C O is the abbreviation for the term InitialCoinOffering, and it refers to something in the cryptocurrency world that is similar to the business world's I P O.
The current I C O you might want to check on when it comes to artwork is the ico artwork that is being kicked off by a company called ArtCoin.
Who is ArtCoin? -- ArtCoin is an organization that has a business plan that is going to change the art world as we know it.
It is a company that will use a cryptocurrency and a software program to authenticate both artwork and the payments that are spent to buy it.
How will ArtCoin authenticate artwork? -- It is quite easy for a forged painting to be sold to a private buyer, or even at auction.
ArtCoin plans to use a software program that is easily able to spot a forgery, and to authenticate a piece of work that is an original for its potential buyer.
How will ArtCoin's I C O for artwork help buyers and sellers? -- Their cryptocurrency will be used to both buy and sell artwork around the world.
This will eliminate the scams currently going on when art is up for sale, and will give investors additional security when they seek to purchase expensive paintings, drawings or sculptures.
You can learn more about ArtCoin's I C O for artwork in their whitepaper, which explains how they plan to revolutionize the art world, and make it safer for buyers, sellers, galleries, museums and others to purchase the art work they love.
