Maecenas: The Decentralised Art Gallery
There's a saying: do one thing, and do it well. So recently I've participated in the Maecenas contribution phase for this main reason alone. Groomed by the team at Cofound.it, I think they've done a great job researching and presenting their business case of coming up with a fine art marketplace through good use of blockchain technology.
The basic concept is to virtually divide art assets into shares, each with their own tamper-proof digital certificate. So in that sense, the Maecenas platform is in a unique market position of opening up art trading, investing, and collateralising opportunities in ways the industry has never seen before. Personally, I've never explored investing in art and collectibles, so this might prove to be a good alternative hedge against market uncertainty.
Alright, so I have another reason for getting some of these coins. The token is named ART - how awesome is that? It's pretty definitive of what they're trying to do. Maybe I'm just a sucker for good memes. Anyway, the token is required for access into the functions of the platform, while serving as both clearing and settlement layers.
The good thing about this project is that it doesn't have any discounts during their presale, just a guaranteed allocation for CFI token holders. I think that's a good decision for the right kind of project. The crowdsale has a hard cap of 60,000 ethers at ~$20 million, most of which is for providing a liquidity pool for their first batch of masterpieces. The works of Picasso, Monet, and Warhol are on the potenial list. From my understanding, they've done their homework and have formed the right connections to have a shot at this project.
Here's their sales pitch on why anyone should be a contributor:-
- If you contribute you will receive ART tokens that will be used to invest into multi million dollars worth pieces of art. You will enrich your investment by selling tokens on the market or by getting percentage when the works of art are sold.
- You will help small galleries to buy until now too expansive works of art bringing the likes of Salvador Dali to all places on earth.
- Taking the greatest work of art from the hands of the rich and giving them back to the public.
- You will help to start a revolution by democratising the USD 65 billion off-line world of art trading.
The crowdsale is still up at the time of writing and still has about 40% to go until it closes. The only thing that I don't feel comfortable about the project is that only 1/3 of the tokens are available as public offering. Also, what's the "decentralised art gallery" part about when custody of those assets are ultimately centralised? As usual, this is not a financial advice. Thanks for reading! Check out their website and whitepaper at https://www.maecenas.co.
I think this is an amazing idea, a really mind-blowing concept. One of the examples of how far the blockchain technology can go. I'm a contributor, but I still think that the big public is not yet ready for this idea. Wish I'm wrong and this gets us a ROI of 200% in the first weeks haha, cheers! ^^
Might have a good chance to do so since there could be at least 100M worth of art. But i'm just a hodler..
Good strategy, you always win with good projects like these ;)
Insanity is doing the same thing, over and over again, but expecting different results.
But team is a good enough reason for any similar projects to be different.
Objects of art have always been great stores of investment right throughout history. So of course it makes sense to invest in them. Plus, if you choose the right thing, it can really enrich your life. =)
Have you gotten into it?
I'm looking more for things to take my own art further. =)
But it is an interesting looking project.
Know what I think will be cool?
A Deviantart-like community with its own crypto-economy.
Creatives can get together, share, vote and learn from each other.
Good idea! I think it will happen soon :) on steem
Yeah man definitely give designers and artists a platform. My designer friend has trouble finding a job.
OHH how cool! As an artist, I appreciate this kind of token! :) Just wondering... do you know why they decided to only allow 1/3 of the tokens to the public? What is the incentive for that? Wouldn't it be better to get more people excited and into the token?
Oh a huge chunk (30%) is for the liquidity pool mainly for the dutch auctions which is quite a necessity, while the rest are for the team and partners like museums, galleries, etc.
hmm interesting. Thanks for the share! Always bringing news to me! :) I appreciate the knowledge and learnings.
Not a fan of art, I mean I like it but I am not well educated on this topic :) However, your post made me think. Very compelling idea of how small galleries can buy expensive art, but what I liked the most is that you can invest your money and make a profit on every sale :)
This can really be the next big thing my friend especially when works of Picasso, Monet and Warhol are on the potential list! That's huge actually!
The galleries and dealers involved in the Maecenas project are mostly just looking for buyers for their inventory. Fractionalized art ownership? Iffy at best, and who values the art? Oh ya..the art dealers do!
Lol yeah, although i'd sit back and wait on this first coz never know what can happen in crypto..
My art dealer friend was pretty dubious on this ICO..but ya never know! Thanks@kevinwong :)
Cool concept. I've upvoted and resteemed your post.
I'll buy tokens even if its not profitable. I always wanted to own shares of expensive fine art at the least. Now I can be a fine art owner.
This is great! Art has always been controlled by a few wealthy individuals who dictate what artist get featured. A good old buys club if you will. I think this is a great use of the block chain!!!!!
Not sure if crypto crowd as a whole will start throwing money into art assets though haha. If it does, then it's already a game changer.
I agree that it is not going to be an immediate hit... but if the block chain does what we all think it can do I see potential down the road once the old money (the people who own fine art) finally embrace it.