Wallet & Currencies
How Art Owners and Investors Can Control their Money on the ArtSquare Platform
Transparency and reliability inspire ArtSquare’s vision of an open and democratic art market. This means not only that a larger audience is finally allowed access to the fine art; ArtSquare is also giving them freedom and flexibility, empowering them with total control over the way their money moves within the platform.
How the Tokenization Process Works for all the Players.
At the core of ArtSquare’s revolutionary project is the tokenization process, which involves the virtual division of an Artwork into multiple portions (what we call ArtWork Tokens or AWT). This partition of the value of the Artwork uses Blockchain Technology not just to ensure fairness, security and transparency, but also as a way to prevent liquidity issues that come with art investments. After a few stages that see Art Pros and Art Owners collaborating in reviewing the documentation of the Artwork and setting up the rules for its trade within the platform, ArtWork Tokens are finally generated and made available for purchase and trading to the community through the ArtSquare Exchange. The process is not only easy, but also highly reliable thanks to the competent work of the ArtSquare’s network of experts, the Art Pros.
The ArtSquare Exchange is the place where Art Investors can go to buy portions of Artworks in the form of tokens. ArtSquare gives Owners extra-freedom by allowing them to choose the currency they want to use at the moment of listing the Artwork and creating tradable AWTs. This will be the currency that will characterize the exchange of their AWTs.
Unlike other art investment platforms, ArtSquare allows Investors to purchase AWTs by using directly fiat currencies — everyday international currencies such as Euro, US Dollar or Pound Sterling. In this way, ArtSquare is able to avoid exposing Art Owners and Investors to fluctuating exchange rates and conversion fees. Some Investors might want to buy some AWTs available in a currency different from their own: ArtSquare will make it happen by allowing them to convert any necessary amount into the Owner’s selected currency.
A Wallet for each Player
ArtSquare proudly introduces the Multi-Currency Wallet, an innovative feature that enables both Owners and Investors to keep track of their assets. The Wallet gathers together both fiat currencies and AWTs, allowing all players to be in control of each component of their portfolio at all times.
With its user-friendly features, it requires none of the knowledge to handle complex financial data that one needs to have to deal with real-life art investments. When an Investor buys AWTs using fiat currencies, money is transferred from their Wallet to the Owner’s, while the newly purchased tokens are passed on from the Owner’s portfolio to the Investor’s. The Wallet gathers all of these transactions in the same place. ArtSquare’s built-in wallet also enables Art Owners and Investors to monitor their assets by having their value expressed in the currency of their choice. By simply going into their Wallets, both Owners and Investors can have an overview of their available budget at all times: they can check the price of purchase and sale for the AWTs in their possession and get a better idea of the growth of their assets. All of these data are plotted into easily legible charts that will make managing a financial portfolio feel like a game.
ArtSquare’s idea of bringing the art market closer to the people does not end with turning the Artwork into a liquid asset. By relying on a Multi-Currency Wallet, we are also giving Owners and Investors the tools to control their money at each stage of the process and understand concretely the value of their assets. To find out more about the way the Wallet works for each player, take a look at the White Paper.
