6 months ago
Let artists create a digital record of ownership history for their art and show it on their website
What is included in the sale ?
- Extensive research into technologies needed to run this project
- As a creator of artwork, I can be an occasional test user ( I have my own website with personal artwork )
What is the technological stack ?
Currently no single stack, as this project is a service which integrates various technologies, depending on the needs of an artist. Here is a method to run the service :
Showcase artists on how to register their work on www.verisart.com or several other digital provenance record platforms
Work with artists and art buyers to identify additional revenue streams, such as shared ownership of artwork, competitions to win a painting, bid to get an artwork, etc.
Hire a web developer to connect the code from digital provenance record platform to artist’s website. ( code such as Verisart API : https://verisart.com/developers )
Optionally, hire a web developer with payment systems integration experience to introduce a payment system to artist’s website, so that buyers could purchase art directly from artists.
Which parts of the project are incomplete ?
- Monetization model
- Customer acquisition strategy
- Marketing strategy ( the exact target market is not clearly defined - a decision has to be made how much to charge artists, auctioneers and buyers )
Do you have any traffic ?
No public web traffic. Was working with one user in target market privately.
Why are you selling ?
As I'm primarily a creator of artwork, I have decided to focus on that rather than keep on building a service for other artists.
According to a few advisors, creating artwork and running a service for artists will cause conflict of interest. Other artists, galleries and auctions may think that I'm building a platform to increase the valuation of my own art at the expense of other artists.
How can the future owner turn the project into a business ?
The right business owner should be ideally a member of art community, who has positive connections with artists, art appraisers, galleries and auctions. This could make promotion of service to artists and galleries much easier.
Skills needed : sales and marketing, working with programmers and web developers who may not be completely familiar with art world.
Creation of this service involves several steps. In those steps, there are opportunities for monetization.
Connecting digital provenance records of artwork with artist’s personal website : Software code which allows this functionality is not free, so there is an opportunity to generate revenue from this part of service
Creating a marketing funnel to raise awareness of artist’s work : This can be done by making use of existing art promotion platforms or by creating a bespoke solution.
Create additional revenue streams by enabling shared ownership of artwork and shared investment into artwork, such as competitions, lotteries to win art.
5. Integrate platform into galleries and auctions : charge galleries and auctions a small commission for using this service