Maecenas is designed to boost democratization of art and is the first such blockchain platform to provide general public an easy access to ownership of celebrated paintings or sculptures. Maecenas platform allows easy liquidity as well as access to a global platform to art investors who want to buy their share of famous works of art. Art investors can expect to manage and build a liquid portfolio of instruments that are based on art to avoid costs and risks of investing in physical articles. Maecenas assures easy liquidity, minimum transaction costs, and enhanced transparency.
The genesis date of Maecenas is September 5 2017 and it proposes to supply 100 million tokens out of which 30.2 million ART have been made available as an initial offering. The tokens are in the form of digital certificate and each digital certificate is linked to a particular piece of art. In order to achieve this, there are a multitude of certificates associated with a piece of art. This is identical to the process of forming shares of a public company. Maecenas platform acts as an exchange to sell or buy the art certificates. Maecenas issues certificates only to those artworks which have a flawless track record and backs these pieces of art with secure storage, insurance, and a verification registry.
Buyers of art pieces have to shell out significantly higher commissions. Sellers are worse sufferers as they have to pay even higher rates of commissions. Since there is a lack of single market place for reliable as well as efficient price discovery, investors have to depend on scarce and usually false information. Art pieces are not traded frequently and therefore the historical data pertaining to deals is also hard to find. Cryptocurrency market is backed by reliable and instant information about price values as the rates are not manipulated. Smart contracts and blockchain technology can be put to use to inject confidence and trust into the markets that are essentially trading art pieces. Maecenas eliminates the scope for intermediaries and art lovers and sellers need not pay huge commissions for transacting. Blockchain technology powers Maecenas and makes the platform flawless and fault tolerant in addition to its straightforward recovery mechanisms. ART has been developed as a token to participate in auctions. The bidding process is implemented by following Dutch auction mechanism.
Maecenas are traded on EtherDelta, HitBTC, and IDEX exchanges for Bitcoin (BTC) and Ethereum (ETH)
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