BlockTalks x 4ART AMA Transcript!
Hello! BlockTalkers & Blockchain Enthusiastic!
We recently hosted an AMA with 4ART Technologies, on 18th August 1 PM UTC. Many of you might have participated or many of not. But we make sure no one missed out from the knowledge shared by Pavel Jakovlev, Strategic Advisor at 4ART Technologies. So here we are up with AMA transcript, for those who missed the live session, this blog post will be saver & feeder of knowledge for them.
Introduction Questions Asked By BlockTalks
Q1. Could you please introduce 4ART Technologies to our community in layman’s term?
Ans — An artist scans his artwork, which is then recorded on the blockchain. Once done, the artist sells his artwork to the art collector.
The change of ownership is then also recorded on the blockchain. The investor wants to showcase his newly acquired possession and sends it over to the gallery. In order to do this, he requests a condition report from the appraiser and insures the art piece.
The art is then showcased and shipped back. The investor scans the artwork upon receipt and confirms that everything is a-ok. If the art piece was damaged or swapped out for a fake one — our app would detect it and show the discrepancies.
Q2. What are the advantages of 4ART Technologies to other alternatives in the Blockchain field?
Ans — We keep an eye on our competition, but this is nowhere near the attention we give to our ecosystem: artists, investors, collectors, galleries, insurers, transport companies and so on.
There are other companies that are trying to solve the proof of provenance problem too. We welcome them, since we believe in co-creation and collaboration
What sets us apart is our transaction settlement capabilities within our app, our VR and AR functions (coming soon) and the fact that we have been onboarding huge partners and clients in the past 12 months, such as MunichRe and ARTCELS.
Q3. What are the major milestones 4ART Technologies achieved so far & what are in future pipeline?
Ans — What are we looking forward to? Setting an industry standard for the way the art is being handled Since our ICO in 2018 we focused on shipping our product. We now have a working iOS version, the Android is shipping next month. We have signed a tonne of partnerships and MOUs with different stakeholders within the art industry and are onboarding users from all over the world.
What are we looking forward to? Setting an industry standard for the way the art is being handled.
Questions Asked on Twitter For 4ART!
Q1. One of the challenges the art world is facing today is the power of money. Wealth is concentrated at the top, with little trickling down to the source, to the artists who produce the works, to the writers, curators & others who play vital roles in the art ecosystem.
What’s 4ARTechnologies approach to addressing this issue? How do you aim to bring about greater transparency, security, significant reduction in costs and process-efficiency back to the art industry with your technology?
Ans — It is indeed, inefficiency in the art industry we are hoping to solve with 4ART.
Artists can now upload their artworks to our app and trade it there too. We are doing this with the power of blockchain.
In addition, we will be rolling out the art tokenization model, i.e. fractional ownership. Our users will be able to purchase a part of large and expensive pieces which have shown to appreciate over time.
Q2. What will the 4ARTechnologies team do to survive and develop when the market is gloomy and the bear market appears? Does modern technology platform help 4ART overcome all difficulties?
Ans — Wonderful question! It is not easy, I must say, but it seems to me that we are now in the bull market, wouldn’t you say so? It’s also an Alt season. BTC is pulling others with it.
What did the company do to survive? Focus on building great product features during the Crypto Winter. We are proud of our achievements to date.
One of the difficulties for us is community engagement, hence why we are here, today, talking to you, dear community.
Q3. Adoption is one of the key factors that any blockchain project will focus on to become attractive to investors and users. So, what is 4ARTechnologies plan to apply for more adoption?
Ans — We are solving the provenance problem by having an ecosystem approach, i.e. we add value to all players in the art industry.
You see, all of our stakeholders: artists, gallerists, investors, insurers, museums, and so on will use 4ARTapp to handle their art transactions.
Each scan, each condition report will require them to purchase in-app currency 4ARToken which can be bought with either FIAT or with 4ARTcoins, our exchange-traded currency.
4ARTcoins give a 20% discount when exchanged for 4ARTokens. So effectively, regular users can become holders of a discount enabling coin for art transactions.
And the art world will come knocking, especially when they will be doing things at scale, with thousands of transactions per day; 20% makes a huge difference! When that happens, the supply and demand will dictate the price point for 4ARTcoin.
Q4. 4ARTpassport, 4ARTdna, 4ARTreport, & 4ARTprotocol are the four features of the “4ARTapp” which is a digital Toolbox for art handling, can you go deeper into the functionalities of each of these features? and how exactly will the 4ARTapp help reduce the stress and high cost artist incur when routing their art work before and after shipment to fairs, museums, galleries, buyers, and back home?
Ans — 4ARTpass — once the artwork is scanned, the data is uploaded on the blockchain, a digital fingerprint is created. The unique scan, with all it’s nooks and crevasses is the 4ARTdna — a unique set of attributes which is recorded on the blockchain.
The 4ARTreport is the conditions report which can be issued through our app upon the subsequent scans. The 4ARTprotocol is the way we categorize the recorded data on the blockchain. It’s important for the subsequent scans and matches.
Q5. Art is increasingly being applied to the Blockchain network, so what is its advantages over the reality that is so attractive?
We use blockchain as it was intended by the one and only blockchain God — Satoshi.
The record is immutable, so there is no way to fake your way out of a transaction. All transactions are recorded on the ETH network and can therefore be traceable.
We can settle title transfer or ownership transfer with the power of blockchain too — efficiencies, yay! Plus, with our condition report, we eliminate the need for expensive appraisal reports, which are usually done by humans. Why have humans when you can have machines?
Questions Asked by our BlockTalks Community Members during live Session for 4ART team!
Q1. Would you agree with me that adoption and utility are key factors a to project’s survival and success? What’s being done to drive global adoption of amidst crypto regulations, legislation, and competition?
Ans — Without adoption, the project dies. That’s why we are focused on delivering a great service to the art ecosystem. In terms of regulation and compliance, we are setting the industry standard in the provenance segment. As for the competition, I mentioned previously — we are super excited to work with other companies in the art and tech space to help us build the industry standard together.
Q2. Currently attracting real users and mass adoption is a problem for Blockchain projects. how will 4ART solve this problem?
Ans — Indeed, it is always a problem. But we are solving this through the team’s expertise in the art world. Some of the best people from the art industry are now working for 4ARTECHNOLOGIES.
The company is onboarding it’s extensive network of investors, artists, galleries, transport companies and insurers.
Q3. I understood the Focus that you want to archived as project, but why do you need a token? With is the objective of use It? Just pay trasactions taxes?
Ans — All of our stakeholders: artists, gallerists, investors, insurers, museums, and so on will use 4ARTapp to handle their art transactions. Each scan, each condition report will require them to purchase in-app currency 4ARToken which can be bought with either FIAT or with 4ARTcoins, our exchange-traded currency.
4ARTcoins give a 20% discount when exchanged for 4ARTokens. So effectively, regular users can become holders of a discount enabling coin for art transactions.
And the art world will come knocking, especially when they will be doing things at scale, with thousands of transactions per day; 20% makes a huge difference! When that happens, the supply and demand will dictate the price point for 4ARTcoin.
Last year alone there were 49,000,000 art ownership and 266,000,000 possession changes! And with a market, the size of 67 billion, that discount will create huge savings in the traditional art industry.
Q4. I have heard a lot about some Music Blockchain Projects but this is the first time I heard about ART with digital technology . Why did you decide to create and develop 4ArtTechnologies , what problem do you want to solve?
Ans — We are solving the proof of provenance issue in the art industry. The team is a mix of art industry experts and technologists, anti-fraud and anti-money laundering experts. The industry people have observed the inefficiencies with the art world and have decided to put their minds together and solve the problem in the art space.
Q5. 4art is made for great artists or can all artists including newbies be part of the community? What benefits do you provide for those who are starting as an artist?
Ans — If you are an artist, you can become part of our community. Just scan your art piece and either showcase it, sell it, project it or give it to someone to exhibit.
Q6. What role does the community play in the 4ARTECHNOLOGIES? What have you done and will do to attract people to join 4ARTECHNOLOGIES and build a thriving community?
Ans — We hope that our community will hold 4ARTcoin at some point. The 4ARTcoin has an important role to play in enabling all stakeholders within our ecosystem to use our services. Our stakeholders, such as artists, art owners, insurers, gallerists, museums, art appraisers, transport companies — all would need to purchase 4ARTokens inside the app to create the 4ARTpass, condition reports, transfer of ownership, hierarchy setup and handling. They can purchase the 4ARToken with either fiat money or with 4ARTcoins, which are currently being traded on the Bittrex Global exchange. If they will purchase the tokens with 4ARTcoins they will benefit from a 20% discount. How will they get access to the coins? By buying them from the community! So effectively our community holds the key to the art world’s digital revolution.
Here are some important links of 4ART 👇
Website : http://www.4art-technologies.com
Telegram : http://t.me/fourARTcoinEN
Twitter : https://twitter.com/4ARTechnologies
