This platform will provide an online auction based on blockchain technology, while the Whitestone gallery and museum (Tokyo, Hong Kong, Taipei etc.) will provide exhibition for visitors onsite and simultaneously provide a gallery preview via VR (Virtual Reality) technology with 360 view to online visitors, even the inner side of artwork could be explored by communicating with galleries staffs before auction bidding.
Whitestone gallery handles from modern master paintings to contemporary arts since its establishment in 1967. As a pioneer in galleries in Japan, it takes leader role in exhibitions nationwide, including solo exhibitions of famous artists, group exhibitions, comprehensive exhibitions, etc., sponsored by department stores, art museums, newspaper companies and others.
In the 21st century, we further expand our business and participate in the world’s art fairs, open stores in Hong Kong, Taiwan and others. This year is 50th anniversary of Whitestone foundation, which is regarded as "the first year of reform". Considering FinTech technology is highly compatible with artworks with art gallery business, Whitestone plan to implement ICO to achieve further development and raise funds.
The fund collected is used to develop distributed authenticated artifact trading platform. The decentralized artwork trading platform is a network that allows artists, museums, collectors etc. to preview, buy/sell and for its payment, and enjoy authenticated artwork mutually.
In current traditional artwork trading platform, a high transaction fee is required between the seller and the collector as a third party intermediates, but by blockchain it will be easier to review, trade online and trading cost could be reduced accordingly. For example, a major auction company requires a purchase fee of 12% to 25% and a selling commission of 10% to 15%, that is, 20% to 40% is a fee for buying and selling totally. From an investment point of view, it is one of the reasons why investment efficiency of artworks is bad, the distribution margin is more than ten times that of stocks and real estate. In addition, because art works have counterfeit goods, it is also included in distribution margin that cost for appraisal is required. Furthermore, in order to make it match with the aesthetic preferences of the purchaser, it is necessary to go to the exhibition hall by the additional cost. In addition, distribution expenses, insurance fees, etc. for holding the exhibition will be added.
This blockchain network is planning to provide a solution to counterfeit by linking arts with biometrics such as fingerprints and secret keys for block chains. As we will see later on, we will look over the works from various angles by 360 degrees on VR (Virtual Reality) technology applied and check the details of the work by expanding to the exhibition hall. You can choose works that match your taste with virtual reality device. Only very limited fee for sellers and buyers are charged and logistics expenses from sellers to buyers will be counted as a distribution margin, which will dramatically increase the investment efficiency of art objects. Through blockchain, all the auction and trade could be processed anonymously. The platform will be collaborated by digital signature with biometrics, all the trade will be recorded on decentralized platform, provide a P2P artwork multilateral trade platform. Furthermore, with the blockchain technology, all the trade could be proceeded anonymously.