The Ethereum-based digital art platform, ArtID, has now launched a security token offering. The platform aims to collect almost 5 million Euros in its security token offering (STO) after it had reached the soft cap that was set at 580,000 Euros.
ArtID held the STOs to fund the additional development of its marketplace. The April 29 announcement revealed that the platform reached the soft cap that was set at 580K euros within a week.
The investors owning the platform’s security tokens will soon get access to a percentage of the company’s earnings. The offering aims to raise about one million euros in a public offering and four million Euros in private.
A Digital Artwork Platform
Reports suggest that ArtID hosts at least 1,000 artworks; and has also supported the buying of 6,000 artistic and limited edition photographs. The platform’s advisor for the security token offering is global corporate finance firm Kreston RS. Luxembourg-based tokenized investment platform STOKR will host the offering.
The head of Kreston RS’s financial department, Stefano De Nart; said that ArtID will enable investors to buy and sell artwork that was checked and certified on-chain. He also stated that the platform has got a significant amount of funding given the current financial landscape, saying:
“Although it’s a difficult economic time, the market is rewarding a solid project such as ArtID’s.”
Most people believe that blockchain’s ability to create unique and non-duplicable digital items will ensure that more art will be easily accessible as an investment. According to March 30 reports, the creator of crypto-inspired art platform Art For Crypto, Vesa Kivinen; recently said that cryptocurrency art may be as much of an investment as any other digital asset.
French artist Ben Elliot, in mid-April, also launched a token that is allegedly linked to his output and the value of his entire career.