HOW AYERA IS TOKENISING THE ART INDUSTRY WITH BLOCKCHAIN AUSTRALIA SOLUTIONS

The traditional art industry is receiving a technological upgrade to make it more fair, transparent and inclusive.

Business Profile

With an existing art industry that’s accessible to just a handful of investors with large capital pools and industry connections, Ayera strives to bring a much-needed change built on the blockchain. An online marketplace for investors large and small that want to become a part of the exciting art ecosystem, Ayera is bringing inclusivity to the space through tokenisation.

Tokenisation is the creation of an IPO for a piece of art, which is then divided into shares. In the same way that investors can buy stocks in the share market, Ayera allows people to buy shares in a piece of art.

Business Scenario

Despite its roots in traditional cultures, the global arts industry isn’t slowing down; it was valued at $63.7 billion USD in 2019. Experts predict that this market will experience exponential growth in the coming years, but its inaccessibility and bullish market trends remain a roadblock for some curious investors.

It makes sense, then, to move away from traditional ways of selling art and build new processes on the blockchain. The route of tokenisation removes barriers for middle class earners, so that owning a piece of Picasso is as easy as owning shares in Apple or Microsoft.

Ayera was initiated to break the monopoly of the art industry, to enable investors to buy an asset token, which gives them a share in artwork. In addition to having the chance to own the digital tokens of fine art that was previously reserved for the ultra-wealthy only, investors can enjoy additional benefits such as maintaining their anonymity and having their property certified.

Offering lower fees, digitising galleries and giving collectors the opportunity to operate using cryptocurrencies, Ayera works on a secure 24/7 platform that is revolutionising the art world and our connection with it.

The Solution

Our ability to convert visions into fully functional platforms meant that Blockchain Australia Solutions was the right partner for Ayera.

The brand had recognised a lack of efficient channels for connecting accordant art buyers and sellers, and wanted to make access to fine art more widespread than it ever was before – without artwork losing its value or prestige.

The current fine art market is dominated by institutions, auction houses and very wealthy investors and generally, the choice of art as an investment vehicle is based on a combination of expected return and subjective preference. Ayera wanted to overcome gatekeepers such as exclusivity, high prices, institutional based indexes and the overall lack of information.

Blockchain Australia Solutions worked with Ayera to pinpoint a solution that dissolved these barriers. We built an exchange platform on the blockchain that would enable users to trade asset tokens that would represent their share of the artwork, for a cheaper, faster, more transparent and more accessible process.

The Process

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CREATE AN ACCOUNT

Buyers and sellers sign up to the Ayera platform.

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PAINTING DETAILS ARE UPLOADED

Investors can view details such as the painting’s history, condition report and hi-res images.

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KYC CHECK FOR SELLERS

A KYC check is carried out to verify the art and its seller.

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PAY IN ACCEPTED CURRENCY

Buy asset tokens in accepted cryptocurrencies.

Key Features

  • Transparent transactions
  • Decentralised system
  • Streamlined processes to transfer art
  • Secure & reliable
  • Public chain to eliminate manipulation
  • Low transaction fees
  • Track provenance, copyright & ownership information
  • Easy to set up

Business Benefits

  • Decentralised system records transactions under one network, speeding up the creation of digital art
  • Platform uses a secure system and data protection; the art stored on the system has a digital identity which can’t be tampered with
  • Everyone on the chain can audit the history of a piece of art, to verify its authenticity
  • Risks associated with third parties are reduced
  • The process of buying shares in art is streamlined, straightforward and transparent
  • Sellers can store provenance, exhibition history and data points to identify the unique art product

Who can use Ayera?

The versatility of Ayera means it has a number of use cases, for both businesses and individuals.

  • Decentralised system records transactions under one network, speeding up the creation of digital art
  • Platform uses a secure system and data protection; the art stored on the system has a digital identity which can’t be tampered with
  • Everyone on the chain can audit the history of a piece of art, to verify its authenticity
  • Risks associated with third parties are reduced
  • The process of buying shares in art is streamlined, straightforward and transparent
  • Sellers can store provenance, exhibition history and data points to identify the unique art product

About Blockchain Australia Solutions

Blockchain Australia Solutions is a technology company that provides consulting and enterprise solutions built on blockchain platforms for corporate, enterprise and ASX businesses. Founded in 2017 as an early advocate and pioneer for the technology, we currently have offices across 4 Australian states, with over 5 years of blockchain experience.

We help clients develop an idea into a fully functional product. By requesting a proof of concept (PoC), you can validate whether the chosen architecture serves your business needs, identify weaker aspects and find ways to improve them. With a proof of value (PoV), you can gain an understanding about whether blockchain is the right fit for your business, estimate risks and predict ROI. To get early feedback from end users and prove feasibility and relevance in the market, we’ll start by developing a minimum viable product (MVP) for you.

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