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Due to its mastery of the credit system of the art e-commerce, Linkart may have increased significantly after the epidemic

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Due to its mastery of the credit system of the art e-commerce, Linkart may have increased significantly after the epidemic

February 25
00:40 2020
Linkart masters the credit system of the art e-commerce industry

Linkart,LAR It came into being under the revolution of the wave of blockchain technology. By combining 5G, AI, and blockchain technology, it can not only present the charm of artwork in multiple ways, split the value of artwork from multiple dimensions, and break the art e-commerce can only be displayed through pictures and videos The method of artwork; it also uses the characteristics of distributed data storage, decentralization, traceability and traceability of blockchain technology to “encrypt” each piece of art, so that the whole process from creation to circulation can be evidence-based .

Even new art collectors can easily distinguish the authenticity of the artwork by tracing the source, and can query the artwork in the LinkArt blockchain browser to understand the true status of each artwork, and through decentralization Consensus mechanism to restore the true value of artworks, avoiding follow-up, blind shots, hype, and benefiting original artists, emerging artists, and art collectors.

LinkArt becomes a new choice for art e-commerce?

The epidemic has caused huge impacts on various industries. Although there is no official data at present, the pressure on various industries is indeed increasing.

As far as the art industry is concerned, the delays in public announcements by Sotheby’s, Christie’s, Yokohama, Hong Kong Basel Art Fair, Taipei Asia Art Fair and many other auction institutions and exhibition agencies have already been announced.

In fact, with the development of the Internet, offline art auctions and other transaction models have long been unable to meet the multiple collection needs of collector friends of different ages, hobbies, and status.

Especially in this extraordinary period of time, art e-commerce has gradually been recognized and familiarized by more people.

China’s art e-commerce development

When it comes to art e-commerce, many people think that this is a new thing that has only risen in recent years, and in fact, art e-commerce has come a long way in China. As we all know, Taobao was born in 2003, while Jiade Online and Zhao Yong Online, the first domestic art e-commerce companies, were born in 2000, 3 years older than Taobao.

In recent years, China’s art e-commerce has sprung up, such as: Hongrenyuan auction, China-Tibet micro-pattern, micro-pattern global, big coffee auction, etc., but the transaction amount is not ideal.

According to a report released by Art Basel in March 2019, the online market for pure art and antiques performed well, with total sales of $ 6 billion in 2018, an increase of 11% over 2017. In contrast, the “2018 China Cultural Relics and Artworks Auction Market Statistics Annual Report” released by the China Auction Industry Association shows that the total net auction sales nationwide in the same year was 828 million yuan. This number only accounts for 2% of the global total, which is far from the global share of about 30% of China’s traditional auction market.

The above picture is the 2019 Art Basel Market Report. The report shows that from 2013 to 2018, the online transaction volume of art and cultural relics increased year by year, and the growth rate was stable at about 10%.

These data show that Chinese art e-commerce still has a long way to go. In contrast, the development of international art e-commerce is relatively much better.

Take Christie’s as an example.In 2018, Christie’s held 88 online auctions with a turnover of US $ 250 million, a year-on-year increase of 16.8% and 3.5% respectively. Commissions reached $ 86.4 million, a 17-fold increase from 2012. More importantly, new customers attracted by online auctions accounted for 41% of all new customers at Christie’s.

The picture above shows the online trading data of Hiscox2019 online art report, online trading data of Christie’s, Sotheby’s and Heritage Auction.

Many customers make their first art purchase online. This also confirms what Hexox said in the “2019 Online Art Market Report”: 64% of buyers believe that trust in sellers is the biggest obstacle. Therefore, for art e-commerce, it is necessary to have a strong brand awareness and a suitable brand strategy to effectively solve the problem of authenticity of art, so that it can stand out from many art e-commerce.

After all, in the Chinese art market, the authenticity of art is a long-standing problem. Without being able to “get started”, this problem is further magnified.

How to effectively resolve possible disputes over the authenticity of artworks through technological innovation has become an important constraint for restricting the development of Chinese art e-commerce.

Under the epidemic situation, the art market has “danger” and “opportunity.”

The emerging LinkArt uses blockchain technology to effectively solve the problem of authenticity of the biggest pain point in the field of collection, and promote the development of Chinese art e-commerce in a healthy and healthy direction. After the epidemic is over, it will be the same as Taobao after 2003, and it is unknown whether it will emerge as a new choice for art e-commerce.

Media Contact
Company Name: LAR FOUNDATION Co., Ltd.
Contact Person: Steven PAN
Email: Send Email
City: SINGAPORE 608526
Country: Singapore
Website: http://linkart.io/

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