Ethereum-powered digital art platform ArtID announced that it has launched a security token offering to fund its marketplace’s continued development. ArtID seeks five million euros (nearly $5.5 million) in the offer and reached the soft cap set at 580,000 euros within a week.
Investors who hold the security tokens for the platform will have access to a percentage of the company’s earnings. The bid aims to raise €1 million in a public offering and €4 million in private.
An Active Digital Artwork Platform
According to reports, ArtID already hosts over 1,000 works of art and has supported the purchase of 6,000 photographs of art and limited edition. The STO’s advisor to the platform is the global corporate finance firm Kreston RS. The tokenized investment platform STOKR, based in Luxembourg, host the offer.
Stefano De Nart, head of the financial department of Kreston RS, explained that ArtID will allow investors to purchase and sell artwork that has been checked and on-chain certified.
He also said the platform has obtained a notable amount of funding given the current financial landscape, stating, “Although it’s a difficult economic time, the market is rewarding a solid project such as ArtID’s.”
Many believe that the ability of the blockchain technology to create unique and non-duplicable digital items will make art as an investment easier to access. Vesa Kivinen, the creator of Art For Crypto, a crypto-inspired art platform, recently said crypto art could be as much an investment as any other digital asset.
Also in mid-April, French artist Ben Elliot launched a token allegedly tied to his personal output and the value of his entire career.