The Swiss startup ArtID closes its first IPO with a collection of €1.26 million

The Swiss company with an Italian heart, ArtID has closed its first STO (Security Token Offering), with a collection of $1.54 million (€1.26 million). This was announced by the company in recent days. The STO had been launched in April 2020 with a maximum collection of $6.1 million (€5 million). The funds raised with the STO will be used to enhance ArtID’s marketplace through the purchase of 6,000 limited edition art photos and to finance its business plan.

For the transaction, ArtID had chosen Kreston as advisor and Stokr, based in Luxembourg, as the platform to host the STO. The STO Stokr allows the placement of digital securities, i.e. securities issued through tokens that identify shares of the issuing company and entitle to either a share of the turnover (revenue sharing) or a share of the profits (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 institute Lemonway (which also relies on many lending crowdfunding platforms, including in Italy).

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ArtID was founded in 2016 in Lugano by Stefano Vablais (CEO) and Luca Muttoni

Since June 2018, the company allows to digitally certify artworks on the Ethereum blockchain. In ArtID, as stated on the site, the digital certificate of a work of art is a “zipper” folder containing all the documentation related to it, such as high-resolution photos, authentication of the author, documents related to any archiving, evidence of exhibitions where the work has been exhibited, indications of relevant publications, extracts from publications that contain 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 kept, prices, deeds of sale declarations, and expertise. The “zipper” folder is signed on blockchain. The content of the certificate is not modifiable neither in its contents nor for the information related to the date of creation and update.

The ArtID marketplace hosts more than 1,000 works, all of which are compulsorily equipped with a digital certificate, and also has integrated logistics and payment system. For each registration to the site, the company provides 50 free ArtID tokens, worth $0.67 (€0.55) each, which can be immediately used to test the platform and equip one’s works with the digital certificate.

Blockchain for artworks has already been tested by artists, art galleries and auction houses. These include Christie’s, which in October 2018 had decided to experiment with the token in partnership with startup Artory. Each collector is given an electronic card that allows personalized access to the database that essentially contains the information in the catalog. In addition, through the use of blockchain technology, Christie’s can make available to the customer a digital certificate, cryptographically signed, as a tool to validate the veracity of the information about the works provided.

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(Featured image by mollyroselee via Pixabay)

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