#artcoin

If you buy or sell artwork, you may have heard of something called an ICO. Something that is being used to help verify the authenticity of pieces of art, and to make it much safer for people like you to invest in the artwork they love.

What is an ICO, and how is it being used in the art world?

The use of an ICO -- An ICO is an abbreviation for the term initial coin offering, and it is the event when a new cryptocurrency goes public for the first time.

When this happens, a company that is launching a new cryptocurrency will sell a certain number of tokens to the public. These tokens will then often be exchanged for Bitcoins. A completely secure cryptocurrency that can then be used within the art world to make sure your art purchases are safe.

How is an ICO being used in the art world? -- This will be used by companies like Artchain to create a new art trading platform. This platform will be a place where information about artworks are researched, then the information is stored in the platform's database.

When someone then comes along to purchase that artwork at a later date, it will be easier for them to verify its authenticity, and to check on its provenance.

How does the ICO protect buyers? -- As many of the purchases of artwork will also be paid for in the cryptocurrency of the original ico, this makes it easier for people to buy artwork and to hold off having their funds released to the seller until the artwork itself has been authenticated.

This makes it less likely art forgers will sell their work, as it will be too easy for the buyer not to pay them when they realize the piece is a fake.

If you buy art, sell art or run a gallery or a museum that showcases art, you may be starting to hear about something called an ICO. If you have not looked into it more closely, however, you may not know what an ICO is, or why it may be so relevant to the art world.

Here Is Why You Should Learn

What is an ICO? -- It is a crowdfunding project that is currently only available in the cryptocurrency industry. ICO is short for Initial Coin Offering, and is the cryptocurrency world's alternative to an IPO in the business world.

Why is an ICO so important for the art world? -- With so many forgers, cheaters, thieves and liars established in the art world, it often makes it tricky when you are trying to decide if a painting you want to buy is genuine. Or if the person you want to sell that piece of art to really has the money to pay for it.

This Is Where an Ico Comes in

One of the current ICO's being put up is one by a company called ArtCoin. Their goal is to allow investors in the art world to use a cryptocurrency to buy the art work they want, and to enable the sellers of that art work to receive all the money they are owed. All guaranteed with the use of a cryptocurrency.

ArtCoin -- ArtCoin also owns software that takes photos of art and then compares it to other photos of the genuine piece of art. With the tiniest details that can be discovered using this software, it basically renders forgery impossible to profit from, as any forged piece of work can be easily identified.

If you are involved in the art world, looking into ArtCoin's current ico, therefore, could be a huge benefit to you.

Fine work by Ilya Shapko, creator of the banknote in 100 Artcoin's. This work show us the value of the trembling soul, hovering in front of the unknown on the rights of existence.

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