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Freyrchain Will Revolutionize the Arts and Collectibles Industry

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Freyrchain Will Revolutionize the Arts and Collectibles Industry

In the introduction of book Blink by author of Outliers, Malcolm Gladwell narrates a story of Paul Getty Museum which has faced immense difficulties in authenticating whether the Kuros marble statue was real or fake: In fact, it’s authenticity is still not confirmed with historians and scientists having a different opinions. Today, the Date on the Museum’s website reads: “about 530 B.C. or modern forgery.”

Practical Use Cases for Art and Blockchain

In May, 2018, Pascal Boyart, a street artist was able to raise 0.11 BTC ( around $1,000 at that time) by planting his QR code on his street art in Paris, France. There exist countless problems in the world of art which revolve around appraisal of art, authentication, and heritage. This enables Blockchain to be seen as a tool to crowdfund street art, earning monies for artists which were never compensated for willful street art.

Another fine example of the intersection of blockchain technologies and collectibles is CryptoKitties, a game built on the Ethereum platform which gathered enough momentum to clog the network. The game allows users to own, breed, and collect kitties with 100 percent ownership on a verifiable blockchain.

A new blockchain project aims to comprehensively digitize and authenticate the online trading arena of collectibles. Freyrchain will be the first blockchain global collection database where watertight protocols will serve to address the need for legitimacy and authenticity all users seek when buying and selling art pieces and other collectibles.

Many members of the core team are working within the collectibles industry in Southeast Asia and elsewhere, and the company has the most extensive collections database in the world.

Collection Industry Issues

Issues of trust and authenticity often hinder the business of auction houses, art dealers, private buyers, and traders. Around $6 billion annually is squandered on disputes around the authentication of collections, representing about ten percent of the total spent on collection purchases each year around the world. While the new online trading space offers more information than ever before, it is not the same as authentication.

This perpetuates the presence of intermediaries and external opinions that often pervert a buyer’s desires or otherwise miss their objectives at best and misrepresenting values at worst. While the by the vast majority of dealers are reputable businesses, buyers and sellers are also paying for the service of intermediaries, adding to transaction costs.

A distasteful trend that Freyrchain aims to address is the often mercenary zeal with which collections are bought without regard for their cultural value. Collections are often also hyped and the market ecosystem experiences a volatility it could avoid. The “collection economy” needs a strong focus on a collection owner’s rights, yet as it stands copyright transactions and copyright confirmation are cumbersome and lack transparency.

The Freyrchain Solution

Freyrchain plans to focus on four major aspects of art trading in a democratized manner. These aspects are:

Authentication: It will utilize the same principle used to make sure that a digital currency or any other type of digital asset is registered to a specific person in a decentralized ledger. The idea here is that a specific piece of art will be registered to a specific person on the blockchain system.

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Circulation: When it comes to digital content, it is easy to share it via the internet. But things are rather different when it comes to digital assets, especially digital art. Unlike physical art, no middlemen are involved and that is where smart contracts come in. This approach makes sure that art it traded securely and that it also protected.

Artist community: Just like in the regular world of art, Freyrchain wants to encourage artists to come together to form an artist community which will also act as an art museum. Members will be requested to list their art for appraisal and this will also provide easier access to collectors.

Personal museum: imagine having a collection of digital art that belongs to you but can also be viewed and traded on the platform. That is one of the ideas that Freyrchain is pursuing. Such a platform will allow art collectors to build up a personal art museum and trade art pieces with ease when they want to.

FREC Token – Freyrchain’s Native Token

With a detailed and extensive whitepaper online, the team is applying blockchain technology to pain points of the industry to streamline and popularize collecting and trading. The developers point to the most significant issue that hinders trading in the collections market being “asymmetric information.” By digitizing and building on a blockchain platform, Freyrchain produces a symmetry of information essential to watertight authentication and validation of collections.

As a Waltonchain project spin-off, Freyrchain’s coin is the FREC and the token will be the resident currency in transactions on the platform. With access to a vast library and all current information, users can avail themselves of professional level input that is also hoped will deliver fair and keen prices to sellers. Going forward, users can employ the FREC token to buy and publish reviews and other relevant information.

Distribution Snapshot

Distribution of Shares:

  • Foundation: 30 percent
  • Team rewards: 25 percent
  • Air-drop: Five percent
  • Cornerstone investment: Fifteen percent
  • Angel investment: 25 percent

Changing the Face of The Collections Industry

Addressing a host of issues such as slow processes, pirated collectibles and ultimately consumer confidence, Freyrchain has detailed and bold plans to build a global collections ecosystem that is both cosmopolitan and completely secure. Noting that broad “collection education” of the citizenry is seldom encountered, the foundation is also aiming at training the public in matters collectible. The extended period of training needed to attain competence has resulted in a shortage of knowledgeable enthusiasts; something Freyrchain aims to rectify.

Addressing the desperate market need for a accurate valuation system, Freyrchain will make every collection and its transfer an orderly, legitimate affair. As the foundation’s project gains speed, collection fans will be able to register a personal ID on the platform to list creations and collections, which are then stored in a watertight blockchain database.

 

Disclaimer: BTCManager does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as investment advice.

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