ATO, buyers and collectors go from an unverifiable price to a Bloomberg-style authenticated investor report on their collection.
NEW YORK, NEW YORK, USA, August 19, 2022 /EINPresswire.com/ — ATO provides the financial resources and tools for artists to manage their careers and their body of work. A boon for everyone in the art market, with ATO, buyers and collectors go from an unverifiable price to a Bloomberg-style authenticated investor report on their collection.
On August 22, ATO will launch its revolutionary and affordable art asset management system. Using a secure blockchain and physical tagging, the platform offers artists and their estates a direct financial interest in future sales and tools to track market data and protect against counterfeiting for the benefit of gallery owners, collectors and non-profit organizations. Based on five years of market research, two variations of the software built on various blockchains including multiple surveys, platform infrastructure and pricing were developed with an artist-centric approach to address a critical need for transparency, artist royalties and environmental sustainability. in the artistic field.
One of the core missions of the ATO platform is to make artist resale royalties a global standard. Resale royalties have been widely adopted in NFT marketplaces, proving that they don’t deter the market. Considering principles of fairness, years of advocacy for legislation in the United States and beyond, and a desire to provide tools for artists to achieve more financial independence, ATO helps artists and their estates receive a share fair, 5-9%, on any resale of works listed on the platform.
According to Bloomberg Business, “there is no hermetic system for the authentication of works of art”. ATO proves them wrong. The counterfeit market is estimated to cost artists and their heirs around $7 billion a year. As NFT markets grapple with scams, ATO thwarts counterfeits with its unique community-based give-and-take economic system. Collectors agree to declare provenance and pay royalties; failure comes with severe financial penalties, legal implications, and a ban on buying art. More importantly, the title of work transfer failures and denial of access to authentication and validation will render counterfeit art worthless in the eyes of the market, for insurance and house purposes. auction.
Striving to create positive change in the art market, founder Carrie Eldridge is a former wealth manager at Morgan Stanley and one of the few black women founders of blockchain and the art space. Business Insider notes that in 2020, only 93 black women had raised $1 million or more in venture capital funds. Eldridge comments, “We are leveraging technology to provide equal opportunities for artists. Unfortunately, the statistics on the representation of female artists and BIPOC are disheartening. Artists want to be recognized for their vision, without being burdened with additional barriers based on their gender or skin color. The same goes for tech founders. The addressable market is significant: 2.5 million full-time artists in the United States contribute to its $29.9 billion annual art market.
The ATO platform is designed to run on the Polkadot blockchain via the Moonbeam parachain, which costs users less, has fewer resources, and has the smallest carbon footprint of any major blockchain. ATO’s primary sources of revenue are from tagging and tracking physical and digital art and a 20% share of royalties collected from registered artists and their works. The average business cost to register an artwork on the blockchain is 6 US cents, compared to the average NFT mint cost of $129. As a result, recording work on ATO is 2,150% cheaper than minting on the Ethereum blockchain.
Collectors have had their eyes on the company since 2018, when ATO Gallery facilitated the world record sale for the most expensive physical artwork ever purchased with Bitcoin. “As we launch the ATO platform, high-stakes, high-value collectors will continue to turn to us to securely track the transactions and appreciation of the value of their art assets,” Eldridge noted.
Art industry insiders and blockchain savvy investors fund the ATO platform. Her key teammates include Lisa Koonce – an advisor with 35 years of experience in the art industry; Monica Pajarin – sales manager with 12 years of experience in the art industry and gallery director; Bennet Grutman – Chairman of the Board with over 40 years of experience in the art industry; blockchain governance prepared by Prysm Group – a financial advisory firm, including the winner of the 2017 Nobel Prize in Economics. The company’s chief technology officer, Benjamin Stewart, aims to stay ahead of the curve of the technological development. Additionally, the company is powered by a solid roster of blockchain engineers, artist liaisons, and accountants. What makes ATO unique is the same thing that turned the few successful FINTECTs of 2016 into unicorns – the effort and focus to change the industry from within.
Eldridge predicts: “The market potential is huge. By acquiring 5% of the target market of contemporary artists, ATO’s revenue will exceed $270 million per year by the seventh year after launch.”