Arcual is a brand-new blockchain that places artists at the heart of the ecosystem and was created by the parent company of Art Basel, MCH Group, and the LUMA Foundation.
According to the press release that was released today, the objective is to provide artists with more openness and engagement while also attending to the special demands of the art world, including those of galleries, institutions, and, of course, collectors.
Problems of the traditional performing arts world
The traditional art world is notoriously not very inclusive and transparent. Galleries typically determine prices almost autonomously, maintaining a high percentage that can exceed 50%.
Arcual was born out of a long-standing frustration that artists in the art world often don’t take advantage of market growth.
Blockchain and NFTs eliminate these problems. Artists can sell directly to collectors and the platform keeps a low percentage (up to around 10%). Therefore, the world of traditional arts now wants to enter the world of cryptocurrencies and use it as part of the industry and not be marginalized.
That’s why companies like Art Basel, a leader in the art-focused events industry, have decided to recapture the market and support collectors in galleries and institutions trying to gain a foothold there.
Arcual was created at Art Basel
As a result, Arcual was founded to create a venue for the transparent sharing of knowledge and collaborations within the art industry.
To manage artist and gallery royalties, specific payment terms, sales agreements, confirmed provenance, and digital certificates of authenticity through NFTs, Arcual will offer smart contracts.
Arcual’s goal is for galleries that are keen to adopt a new mode of operating in the art industry.
To support galleries in doing what they do best, which is fostering and developing their artists, Arcual is utilising blockchain technology to promote better fairness and transparency. This will help to address these inequities in the art market.
Art Basel in the World of NFT
The event of the year for the art world has already decided to show NFT as early as September 2021. Notably, Galerie Nagel Draxler had set up a stand in Basel named “Crypto Kiosk,” which caught collectors’ attention and generated sales of more than $100,000.
Physical works by artists like Luke Willis Thompson, DotPigeon, Sarah Friend, Olive Allen, and Kevin Abosch were on display in its “Crypto Kiosk,” with walls and floors completely covered by the distinctive inscription “NFTism.” This was done in order to offer the works for sale on the OpenSea platform.