AXT PLATFORM
Art X transfer is born out of a need for an efficient system to collect and distribute Artist’s Resale Rights or the royalty due to artists on future resales of their works on the secondary market. Though more and more countries recognize and artist’s right to participate in the future increases in value of their work, the system for the collection and distribution of such fees is left to the good faith of the buyers and sellers. Artists and their heirs have no control over the perception of royalties other than costly legal proceedings.
Art X transfer is an innovative solution developed through a partnership with Yaliyomo! Blockchain technology. The concept is simple … whenever an artpiece is sold on the primary market, we create a digital twin (non-fungible token) which contains the certificate of authenticy. For ownership and clear title of the physical piece to change hands, the digital twin (certificate of authenticity) must be transferred. In order to do so, the royalty due to the artist as ARR’s must be paid. This fee is collected by ArtXtransfer and remitted to the artist or their heirs.
The ArtXtransfer platform is easy to use:
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Galleries upload their inventory and a digital twin is created for certificate of authenticity;
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When the artwork is sold, the certificate of authenticity is transferred to the buyer’s wallet with a clause estabilishing the ARR percentage;
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On any future resales, in order to transfer the certificate of authenticity and ownership, the seller pays the ARR royalty. ArtXtransfer collects this fee and makes it available for collection by artist or their estate.
Over and above the collection of royalties, ArtXtransfer offers a number of key advantages:
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Guarantees clear title and ownership through the digital twin;
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Provides the full provenance of the artpiece through the Yaliyomo! Blockchain technology;
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Guarantees authenticity of the artwork;
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Provides an on-going link between the galleries and the eventual owner / collector;
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ArtXtransfer and Yaliyomo! are pioneering blockchain technology to create a traceable, transparent record for the provenance and authenticity of art pieces. Furthermore, we are incredibly proud to be playing a role in the advancement of technology for the protection of Artist’s Rights and future interests.