Switzerland’s ArtID has launched its first STO (Securities Token Offering) with a maximum funding target of $5.43 million (€5 million). The advisor for the transaction is Kreston RS. The STO will be launched on Stokr, a digital marketplace to invest in startups based in Luxembourg, built with blockchain technology. It is one of the first regulated STOs on the Swiss market.
ArtID was founded in 2016 in Lugano by Stefano Vablais (CEO) and Luca Muttoni. Since June 2018, the company has been able to digitally certify works of art using an ArtID cryptographic token.
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The Digital Certificate of a work is signed on blockchain
In ArtID, as can be read on the website, the Digital Certificate of a work is a “zip” folder containing all the documentation related to it, such as high-resolution photos, author’s authentication, documents related to the possible archiving, evidence of the exhibitions where the work has been exhibited, indications of relevant publications, extracts from publications containing information about the work.
The Certificate may contain information on the author, historical periods, information on current and previous ownership, the place where the work is physically stored, prices, deeds of sale declarations and expertise. The “zip” folder is signed on blockchain. The contents of the Certificate cannot be modified neither in its contents nor for information related to the date of creation and updating.
The ArtID marketplace hosts over 1,000 works, all of which must have a digital certificate, and also has an integrated logistics and payment system. For each registration to the site, the company provides 50 ArtID tokens, worth $0.6 (€0.55) each, free of charge, which can be immediately used to test the platform and equip their works with the digital certificate. The proceeds of the STO will be used to strengthen the ArtID marketplace through the purchase of 6,000 limited edition art photos and to finance its business plan.
The blockchain for works of art has already been tested by artists, art galleries and auction houses
Stefano De Nart, Head of Financial Department of Kreston RS, commented: “Art is now considered to be one of the most important refuge assets. We are proud to be able to make our contribution to such an ambitious project, which will allow future investors to have access to the purchase and sale of a certain work of art, verified and with unchangeable documentation thanks to the use of Blockchain technology.”
Among the auction houses that tested the blockchain for works of art is Christie’s, which in October 2018 decided to experiment with the token in partnership with the startup Artory. Each collector is given an electronic card that allows personalized access to the database that basically contains the information in the catalogue. In addition, through the use of blockchain technology, Christie’s can make available to the client a digital certificate, signed cryptographically, as a tool to validate the truthfulness of the information on the works provided.
The Stockr platform makes it possible to place digital securities, i.e. securities issued through tokens that identify shares in the issuing company and entitle the client to either a revenue share (revenue sharing) or a profit share (profit sharing). The disbursement of any payments is regulated by a smart contract connected to the token and relies on an account managed by the French law institute Lemonway (which also relies on many crowdfunding lending platforms, including in Italy).
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First published in Be Beez, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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