One of the fine art world’s leading distributed ledger technology (DLT) platforms has managed to secure $7.3 million in a series A funding round that it will use to help improve data integrity. Artory uses DTL to track provenance for art and collectibles to help remove fakes from the fine art world. Artory will be using its new funds to help improve data integrity as well as other aspects of its platform to make it more user friendly and stable. The funding round was led by 2020 Ventures – the same VC fund that pumped millions into Spotify.
Powering the Art World
It’s estimated that around 60% of art collectors are paranoid about sinking their hard-earned money into fakes – something that will become a thing of the past with Artory’s DLT platform. Artory will allow an NFC or QR code to be placed onto a piece of art which can then be scanned and information about the piece can be recovered from the Artory platform. This will allow prospective buyers to verify that the art of collectible is in fact genuine before handing over the cash – a feature that will please 60% of art collectors!
VeChain Securing Wine and White Goods
DLT and blockchain technology is making the rounds across a range of industries, and VeChain is helping to make it happen. Earlier this year, VeChain teamed up with Ricci Curbastro, Ruffino Wines, and West Wind Wines to add blockchain technology into every bottle of wine. Shoppers will be able to scan the tag and discover a range of information about every bottle of wine that has come from one of the wineries. VeChain hasn’t stopped there. It recently signed a deal with Haier to add the same tags to its range of white goods and household appliances. Blockchain and DLT is helping to rid the world of fake products as well as give consumers greater insight into the items they are buying.
While this funding round might be nothing to shout about – especially when you consider the cost of a piece of art – it marks a huge step for the art world. As Artory helps to secure the industry from fraudsters, art collectors can carry on adding to their collection safe in the knowledge that their next big purchase will be genuine. Artory just needs to outline how it will prevent high-quality forgeries being passed off as the real thing and added to its DLT project!