The First Blockchain Ecosystem Built for the Art Community, by the Art Community
Founded by Art Basel’s parent company MCH Group and LUMA Foundation, Arcual puts artists at the center of the art ecosystem.
MCH Group and Art Basel are delighted to announce the launch of Arcual: a new blockchain ecosystem offering smart contract solutions for the art community, co-founded with LUMA Foundation and brought to life by the technology and Web3 expertise of BCG Digital Ventures. This new initiative was born out of a shared mission to put artists at the center of the art ecosystem, offering them greater ownership, transparency, and participation in their careers.
Arcual has been purpose-built to address the unique needs of the art world – including artists, galleries, institutions, and collectors. Arcual’s blockchain applications will create a trusted space for information, partnerships, and transactions within the art world.
Initially, Arcual provides smart contract solutions for artist and gallery royalties, custom payment terms, sales agreements, verified provenance, and digital certificates of authenticity. Technology has accelerated transformation across the arts in recent years, and Arcual will partner with and empower users to fully engage with the benefits of digital innovation.
Arcual is currently being offered in beta phase to galleries eager to embrace a new way of doing business in the art world.
‘Within Art Basel, the inspiration for Arcual came from a long-standing frustration around the fact that in today’s art world, artists often don’t benefit from the growth of their own market – and neither does the gallery that provided early support for their careers,’ says Marc Spiegler, Global Director of Art Basel and member of the MCH Group Executive Board. ‘Leveraging digital technology, Arcual aims to correct these imbalances in the art market, fostering greater fairness and transparency to support galleries in doing what they do best: nurturing and developing their artists.’
Bernadine Bröcker Wieder, Arcual CEO, said: ‘Arcual is well-positioned to solve long-standing challenges and create new opportunities across the entire art community – and we are the first blockchain ecosystem to be purpose-built with these use cases at its core. We want Arcual to be a trusted space for information, partnerships, and transactions, from which new forms of collaboration will be possible. We are excited to bring to life a long-awaited solution for the art world.’
Source NFT CULTURE