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ArtPro Conduct IEO Amid Strong Growth of Online Art Market

Last Updated May 15, 2023 12:22 PM
Press Release
Last Updated May 15, 2023 12:22 PM
a picture of butterflies

ArtPro , the peer-to-peer marketplace, smartphone app and provenance monitor built on blockchain technology, is to conduct its highly anticipated Initial Exchange Offering (IEO) on LATOKEN and ExMarkets from July 25th to September 3rd.

The innovative art firm recently secured two licenses from the Estonian Financial Intelligence Unit (FIU), the first for providing cryptocurrency wallet services, the second allowing them to facilitate exchanges between cryptocurrency and FIAT. With regulatory approval secured, ArtPro is now well placed to fulfil its promise of creating a peer-to-peer art marketplace where the authenticity of every work is assured.

The announcement comes amid strong market growth for the wider art market, particularly online. In 2018 art sales grew by a healthy 6% to hit $67.4B globally, while the online market grew 9.8% to hit a new high of $6B. The trend suggests good reason for confidence in the sector, with 30% of millennials now preferring to procure their art online, an increase of 14% on the previous year. A remarkable 23% of millenial art buyers have never bought a single piece of art from a bricks and mortar gallery, auction house or ‘in situ’. This change in consumer attitudes and habits will help to fuel rapid expansion of the online art market, which will experience 15% year-on-year growth over the next five years.

As ArtPro CEO Oliver Hams explained,

“There has never been a better time to become involved with art. We’re launching our IEO not only at a great time for the market, but at a great time for our company, having now secured the required licences from the FIU. ArtPro will bring a number of novel technological solutions to the market, putting us at the forefront of innovation in this space during a period of sustained growth.”

Among those innovations will be ArtPro’s peer-to-peer marketplace (dApp) where the sellers and buyers of art will connect, lowering the barriers of entry for emerging artistic talents and inviting a new generation of enthusiasts to purchase their art online. An augmented reality feature will also allow prospective buyers to transform their mobile device or tablet into a viewing screen, inserting and viewing any piece of artwork from the ArtPro catalogue into any living area or office space.

ArtPro’s art provenance solution will add further value to the proposition. Built on blockchain technology, art’s entrenched “chain of title” problem will be resolved with a tamper-proof immutable record of ownership, in an industry where 1 in 3 works is estimated to be faked. Quite simply, ArtPro will make purchasing art online safer, easier and more enjoyable than ever before.

For those who wish to take part in the ArtPro IEO, users must register with either exchange and purchase tokens via the IEO launchpad. Both LATOKEN and ExMarkets will offer BTC/APT and ETH/APT trading pairs.

Thanks to ArtPro the artworld is about to get a 21st century reboot.

To find out more about the ArtPro IEO visit www.art-pro.io 

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