The ATO platform: The environmentally friendly blockchain solution that is revolutionizing the art market

Founder of the ATO platform Carrie Eldridge

Almond Blossom (2022) by artists Jasna Barisic

Cobra (2021), by artist Stefan Johansson

Diamond Head’s PSA (2022) by artist Daniel Maltzman

ATO, buyers and collectors jump from an uncontrollable price to an authenticated Bloomberg-style investor’s report on their collection.

NEW YORK, NEW YORK, USA, Aug. 19, 2022 /EINPresswire.com/ — ATO provides the financial resources and tools for artists to manage their careers and work mix. A resource for all art market players, with ATOs, buyers and collectors jumping from an unverifiable price to an authenticated Bloomberg-style investor’s report on their collection.

On 22 August, the ATO launches its revolutionary and affordable management system for art assets. Using a secure blockchain and physical tagging, the platform offers artists and their estates a direct financial stake in future sales and tools to track market data and protect against counterfeiting for the benefit of gallerists, collectors and nonprofits. Based on five years of market research, two variants of the software built on different blockchains, including multiple surveys, the platform’s infrastructure and pricing have been developed with an artist-centered approach to meet a critical need for transparency, artist royalties and environmental sustainability. in the art field.

A fundamental mission of the ATO platform is to make artist resale royalties a global standard. Resale royalties have been adopted en masse in NFT marketplaces proving that they do not deter the market. With principles of fairness in mind, years of legal advocacy in the US and beyond, and a desire to provide tools for artists to achieve more financial independence, the ATO helps artists and their estates get a fair share, 5-9%, of all resale of works listed on the platform.

According to Bloomberg Business, “there is no airtight system of artwork authentication.” The ATO is proving them wrong. The counterfeiting market is estimated to cost artists and their heirs approximately $7 billion annually. While NFT marketplaces fight fraud, the ATO discourages counterfeiting with its unique community-driven financial system of give-and-take. Collectors choose to report provenance and pay royalties; non-compliance is met with harsh financial penalties, legal implications and bans on buying art. Most importantly, the title of errors in work transfer and denial of access to authentication and validation will render counterfeit art worthless in the eyes of the market, insurance purposes and auction houses.

Founder Carrie Eldridge strives to create positive change in the art market, and is a former wealth manager at Morgan Stanley and one of the few black female founders in the blockchain and art space. Business Insider notes that as of 2020, only 93 black women had raised $1 million or more in venture funds. Eldridge comments, “We’re leveraging technology to provide equal opportunity for artists. Unfortunately, statistics about the representation of female and BIPOC artists are disheartening. Artists want to be recognized for their vision, not burdened with additional barriers based on gender or skin color. The same applies to technology entrepreneurs.” The addressable market is significant: 2.5 million full-time artists in the United States contribute to the $29.9 billion annual art market.

The ATO platform is built to run on the Polkadot blockchain via the Moonbeam parachain, which has less cost to users, fewer resources, and the smallest carbon footprint of all major blockchains. The ATO’s primary revenue streams are from the tagging and tracking of physical and digital art and a 20% share of royalty collections made by registered artists and their artwork. The company’s average cost to record one artwork on the blockchain is 6 US cents, compared to the average NFT coin cost of $129. As a result, recording work on ATO is 2150% cheaper than minting on the Ethereum blockchain.

Collectors have had their eyes on the company since 2018, when ATO Gallery facilitated the world record sale of the most expensive physical artwork ever purchased with Bitcoin. “As we launch the ATO platform, high-stakes and high-value collectors will continue to turn to us to securely track transactions and their valuation,” noted Eldridge.

Art industry insiders and blockchain-savvy investors fund the ATO platform. Key teammates include Lisa Koonce – a consultant with 35 years of experience in the art industry; Monica Pajarin – a sales manager with 12 years in the art industry and gallery director experience; Bennet Grutman – Chairman with over 40 years of experience in the art industry; blockchain management prepared by Prysm Group – a financial advisory firm, including the 2017 Nobel Prize winner in economics. The company’s chief technology officer, Benjamin Stewart, aims to stay ahead of the curve for technological development. In addition, the company is powered by a robust roster of blockchain engineers, artist liaisons and accountants. What makes the ATO unique is the same thing that made the few successful 2016 FINTECTs unicorns – the effort and attention needed to change the industry from within.

Eldridge predicts, “The market potential is enormous. By acquiring 5% of the target contemporary artist market, ATO’s revenue will exceed $270 million per year by year 7 of launch.”

Follow the launch on ATO’s Instagram or visit the online platform.

Pritika Chowdhry
Counter-Memory Art
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