As a niche area, the art collection is quietly moving towards the public after combining blockchain technology. The background information of artworks and news of art can be presented to the public clearly, thus, an art platform that supports artworks’ trade, display and education will make it no longer a closed circle.
Freyrchain is the first child chain of the Waltonchain, a platform based on the Internet of Things (IoT). We aim to create the world’s first blockchain art data authentication platform, art circulation platform, and art data storage platform.
At present, Freyrchain has records of more than 40,000 artworks and collections. Besides, through the blockchain technology, Freyrchain will provide users with data about artworks’ creation background, circulation records, value changes and so on. Hence, an online decentralized database about artworks can be expected.
Mr. Wong Huiyang, (Calvin Wong) director of operation of Freyrchain, said in an interview with South Korea’s <News Tomato> that “The combination of art big data and blockchain can create new ways of communication in the art industry. And the Freyrchain will build an art ecosystem for everyone to participate.”
To construct an artistic financial industry by using the decentralized smart contracts of blockchain
Graduated from the University of Toronto, Canada, Calvin Wong, a former financial analyst, joined the Freyrchain this year and has devoted himself in the business of combining art and blockchain technology.
When introducing the Freyrchain, Calvin Wong mentioned that “Freyrchain, as a cultural and artistic data platform based on blockchain technology, will build a healthy ecosystem for art. Thus, users in this ecosystem are able to confirm information of artworks, like information about provenance, circulation, and price changes of an artwork. What is more, every user can upload and share information about the artworks on the platform.”
Calvin Wong said,“ We can solve the problem of information asymmetry in the art market through the decentralization of blockchain technology, anti-counterfeiting traceability, smart contracts, and other technical advantages.” He also said,” the database and RFID and more technology will enable more people to understand and even involve in the art industry so as to promote the development of the art market.” The management of art data, art guarantees, evaluations, circulation and transactions will be realized by Freyrchain.
The Freyrchain token (FREC) used in circulation and transaction is the only pass in the Freyrchain ecosystem for evaluation and searching for art value. The owner of the artwork obtains the corresponding FREC by bidding or comments and pays for FREC to experts and commentators to realize the construction of the financial ecosystem through art.
Currently, Freyrchain is listed on the CoinTong and CoinNest in Korea, HitBTC and Coinegg in the UK and Lykke in Switzerland.
In recent years, the scale of the art financial market has grown significantly. According to the data provided by the Freyrchain, the trading volume of cultural property rights in 2015 was 15 thousand billion yuan while in 2016 it reached 35 thousand billion yuan. The growth rate was more than twice that of the previous year. The art financial market will become more diverse, safer and freer after integrating into the blockchain technology. Freyrchain’s goal is to build such a platform for art lovers.
What Freyrchain is most proud of is the comprehensive art database.
Freyrchain has the biggest physical Chinese art library and the biggest collection database in the world, covering almost all known published Chinese art books and records worldwide, of which the One Thousand Character Primer of Huai Su’s Calligraphy Reproduced by Yu Zijun in 1470 (Ming Xianzong’s 6th year of reign) is the earliest digital data while The Complete Works of William Shakespeare of 1593 and the Pictures of Ancient Jades of 1752 are the earliest physical records.
In the year 2010, Freyrchain digitized 200 thousands of data and uploaded onto blockchain, meanwhile recruit art industry specialists and collectors worldwide in order to establish Freyrchain art cooperation system.
On the day of the interview, Freyrchain and South Korea’s O Ju Nam and O En Seung (transliteration) reached a consensus on management and circulation of their works of art. Calvin Wong emphasized that “just like setting up the branch in Korea, we attach great importance to Korean art market and hope to strengthen exchanges and cooperation with Korean artists, especially South Korea’s research and development in blockchain technology are at forefront of the industry. In the future, Freyrchain will also increase its investment in the Korean market.”
For the future development of the token economy, Calvin Wong gave a positive evaluation of “the bright future prospects”. “The rapid development of blockchain technology, as a trend of future financial development, its development prospects are certainly bright.”
“There are a variety of projects related to blockchain in the market, and ultimately only trusted projects can stand the test of investors and the market because, for the token economy, the most important thing is trustworthy ‘value’.”
For that, Freyrchain will build private chain and alliances chain based on blockchain, to establish a verifiable and trustworthy art data platform.
Four phases of Freyrchain’s roadmap:
Phase one: Freyrchain APP 1.0 and digitalize data to upload on chain
Phase two: APP 2.0 and development of data integrated application
Phase three: underlying technology and blockchain development based on Waltonchain
Phase four: Establishing of various commercialize project and cultural ecosystem based on Freyrchain platform
At present, Freyrchain has completed the test of the collection digitization and is fully constructing the online auction service platform and community. The APP of Freyrchain will be launched in the near future.
“We have recently prepared an APP with the function of ‘Online Museum’, and we plan to officially release the DAPP ecosystem with full-featured functions at the beginning of next year.” Wong also said this when it comes to the future plan of the Freyrchain, say, “Soon on the platform of the Freyrchain, art lovers will be able to trade and auction their favorite artworks at a lower fee than before.”
In the end, Calvin Wong revealed that “the service charge for art auctions is usually 10% to 50% of the auction price, but what Freyrchain wants to do is not to gain service fee through the trading of artworks, but to create a platform for the safe and efficient circulation of artworks can be built. In the future, various art education and art exhibitions will be carried out for the public, and support programs will be launched for individual art studios, artists and other groups, to motivate integration of blockchain and art market and the construction of a decentralized cultural ecosystem.”
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