Artprice’s Standardized Marketplace® Now Accepts Bitcoin and Ethereum Cryptocurrencies for Transactions on Its Platform

PARIS, November 20, 2023 /PRNewswire/ — According to Thierry Ehrmann, founder of Artprice and CEO of Artmarket: “After a period of very cautious observation, cryptocurrencies are now showing positive signs. Artprice by Artmarket considers that the circumstances are favorable to integrate, starting today, the Bitcoin and Ethereum cryptocurrencies throughout its famous Standardized Marketplace®, created in 2005. These cryptocurrencies now compete with the main international currencies and it is natural that Artprice should add Art NFT to its market, in a new category/medium, giving them a legitimate place in the history of the art market.

Our decision to list cryptocurrency prices on our Standardized Marketplace® comes after long and careful observation of an increase in queries for Bitcoin and Ethereum auction results across all Artprice databases since its integration. effective in our system in September 2022.

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These two main cryptocurrencies (ETH and BTC) represent more than 82% of the total value of the approximately 21,000 cryptocurrencies currently in existence (excluding stablecoins).

Analyzing its hundreds of millions of connection records, Artprice has observed, for 14 months, a regular increase in queries for Bitcoin and Ethereum prices in its databases, which are now statistically close to the queries of the main international reference currencies such as the dollar, the euro, the pound sterling or the yen.

This evolution at Artprice reflects the growing place of cryptocurrencies in the mindsets and habits of art professionals, as well as among art collectors and enthusiasts.

In light of these positive and indisputable statistics over 14 months, Artprice by Artmarket has made the historic decision to today integrate Bitcoin and Ethereum into its Standardized Marketplace®, which features more than 75,000 works of art from around the world daily. These works are bought and sold by Artprice’s 7.2 million customers and members, generating an estimated annual turnover of several hundred million euros. The success of this platform reflects the trust, built over more than 18 years, between its buyers and sellers.

The inclusion of Art NFT in Artprice by Artmarket’s Standardized Marketplace®, along with its listing in Bitcoin and Ethereum (along with major international currencies), will undoubtedly contribute significantly to the overall legitimization of this new medium in the art market.

Artprice by Artmarket’s Standardized Marketplace® will immediately have an undeniable competitive advantage because the main existing NFT platforms have not yet resolved a series of fundamental issues due to lack of time, financial means, but also, and above all, due to their inability to manage and manage all aspects related to copyright.

In fact, OpenSea, the leading NFT platform, states that 80% of major Art NFT issuances likely affect third-party intellectual property rights. Given this observation, Opensea has announced that it is studying solutions to counteract this problem and thus protect sellers and buyers. This can only lead to certification of the primary issue market by Artprice.

It is precisely in the main edition of Art NFT where Artprice by Artmarket can generate excellent turnover (and profits) that has already increased by 75% in the third quarter of 2023.

Taking into account all underlying parameters and necessary data, Artprice is the only organization in the global art market that can truly respond to the certification of primary Art NFT issuances in a cryptocurrency and major international currency environment.

This ability to certify primary Art NFT issuances is based on the fact that Artprice by Artmarket has been the global leader in art market information for over 25 years and is the creator and owner of its world-renowned databases. world. It also has the world’s largest documentary collection of art market notes, manuscripts, codices and annotated sales catalogs from 1700 to the present, which act as a guarantee of the authenticity and historical veracity of its databases.

Artprice by Artmarket’s position as the world leader in art market information, with its Standardized Marketplace® created in 2005, provides a perfectly logical and absolutely essential guarantee, recognized throughout the art market. This is because, for the last 25 years, we have been practicing exactly what is needed for the online sale of art NFTs, that is, the initial certification of the artist followed by meticulous analysis of his biography and all documents. original supporting documents related to the artist, which subsequently remain in the Artprice archives. It is this practice that inspires trust and market recognition.

More precisely, we cannot allow the offer of a work of art or an artistic NFT to be published online without the validation of the identity of the artist (especially in crypto art) and the professional seller, through a very strict and draconian control procedure. . In the context of NFT sales, this is all the more important as there is a certain laxity at this level, which has caused numerous problems on other sites.

The added value of Artprice by Artmarket is simply its knowledge of artists, whether through their previous auction results or their emerging notoriety. In addition, an Artprice Intranet messaging system is made available to buyers and sellers, so that they can agree on their transaction in a confidential and consensual manner.

The September 2022 listing of cryptocurrency auction results was the first stone of the building and was introduced after considerable thought and research. Artprice by Artmarket had already taken a first step by listing 8,828,384 art auction results in Bitcoin, dating back to February 1, 2011 (with 1 Bitcoin at 0.7 dollars, 0.434031 pounds and 0.50707 euros) and 5,814,866 art auction results on Ethereum, dating back to August 7, 2015 (with 1 Ethereum at $3, 1.93626 pounds and 2.735523 euros).

The incorporation of the two reference cryptocurrencies to the historical currencies of the 20th century (dollar, euro, pound sterling, yen) in the Artprice databases gave our clients the perspective necessary to understand the development of cryptocurrencies for more than a decade against the world’s major non-crypto currencies.

Cryptocurrencies have attracted new collectors and art enthusiasts, often younger than their non-crypto counterparts. They are not averse to speculation and risk, and have no intention of abandoning the Web 3.0 crypto universe. These new customers, who frequently requested data from Artprice by Artmarket, constantly requested the addition of ETH and BTC to all Artprice databases and its Standardized Marketplace®.

For this reason, Artprice is finalizing the Metaverse of its headquarters located in the heart of its illustrious L’Organe, Museum of Contemporary Art managed by Demeure du Chaos / Abode of Chaos (dixit The New York Times). To create the Metaverse of this very unique architectural building (which falls into the category of “total work of art”) created by thierry Ehrmann (who is also a visual artist), the European group TT Géoomètres Experts with its 3D Lab and Groupe Serveur (parent company of Artprice) carried out the complete digitization of the 6,300 works of art integrated into the buildings, offices, outbuildings and surrounding walls, covering an area of ​​​​more than 7,555 m², resulting in the creation of a digital asset of 12 terrabytes. This work was carried out from 2018 to 2023. For more information visit:…

All necessary investments have already been fully covered by Groupe Serveur.

The future of Artprice by Artmarket is the meeting point between Web 3.0. and Artprice’s patented artificial intelligence, Intuitive Artmarket ® AI.

The Artprice Metaverse, accessible in AR (augmented reality) and/or VR (virtual reality), currently in the finalization phase, has been designed to make you forget about rigid IT with Web 2.0, a real obstacle to creation. It will allow crypto universe enthusiasts to fully live their experiences, in particular through the launch announced at WWDC 2023 of Apple’s Vision Pro, the perfect symbiosis between AR and VR, which is joined, among others, Meta Quest 3, Microsoft’s HoloLens 2 , the DELL VRP100 VR, the Lenovo VRX, the Samsung Gear VR R322, the HP Reverb G2, all this to join Web 3.0.

During the period of careful observation of cryptocurrencies by Artprice by Artmarket, many more or less unpredictable events have destabilized the global economy and, in particular, cryptocurrencies.

After reaching all-time highs on November 10, 2021 ($68,989 for Bitcoin and $4,866 for Ethereum), the cryptocurrencies began a steady decline until reaching lows of $15,480 on November 21, 2022 for Bitcoin and $880 for Ethereum on the 18th. June 2022.

The year 2022 and much of 2023 were, therefore, the final test for cryptocurrencies, with a dizzying decline, a drastic purge of outsiders, a series of memorable trials (fraudulent bankruptcy of Sam Bankman-Fried’s FTX), the introduction of drastic regulations, all against the backdrop of a very difficult economic, financial and geopolitical context, with rampant inflation, stagnation in global trade and a meteoric rise in interest rates.

However, this “trial by fire” has finally made it possible to establish cryptocurrencies in the international monetary system and its history, and the world of finance is well aware of the resistance of major cryptocurrencies to crises. Morgan Stanley and JP Morgan Chase now offer Bitcoin funds to their clients.

Furthermore, despite the economic context described above, nothing has stopped a series of planned advances, such as the transition to “The Merge” on September 15, 2022 for the complete “decarbonization” of the Ethereum 2.0 Blockchain in the context of the crisis global energy. In fact, according to its founder, Vitalik Buterin, thanks to “The Merge”, after 7 years of development and successful beta testing, the electricity consumption of Blockchain ETH has been reduced by more than 99.95% by moving from “Test of Work” (PoW) to “Proof of Stake” (PoS) (Source Ethereum Foundation).

In a global context where concerns about global warming have reached a fever pitch, this is indeed a vital development, and explains, among other things, the decision of the Central Bank of Norway to build Norwegian MNBC (Central Bank Digital Currency). in Ethereum and that of Bank of America to qualify Ethereum as a virtuous investment, calling it a “green giant.”

However, it is the announcement from BlackRock, the world’s largest asset manager, that seems to definitively signal the resurgence of cryptocurrencies and the end of the bear market. After filing a first Bitcoin spot ETF (Exchange Traded Fund) filing with the SEC (Securities and Exchange Commission), BlackRock filed a second on Thursday, November 9, 2023 for an Ethereum spot ETF called iShares Ethereum Trust . This will allow retail investors to gain exposure to the second-largest cryptocurrency by market capitalization without having to directly own the asset.

Price projections are also currently very positive. The consensus of analysts at major US banks is very favorable to cryptocurrencies, particularly Bitcoin and Ethereum, with price targets significantly higher than current ones.

thierry Ehrmann: “We were patiently waiting for the right moment to launch this key deployment in the history of Artprice by Artmarket in the best conditions for both the art market and cryptocurrencies. Now it is time for us to take the step of implementing our authorized Standardized Marketplace® and open it to the world of cryptocurrencies and NFTs, entering Web 3.0, which is simply the immediate future of the Internet. This step would not have been possible without the knowledge and experience of Artprice, which has been the world leader in information on the art market for more than 25 years”.

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About Artmarket: cotiza en Eurolist por Euronext París, SRD long only y Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

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Artmarket and its Artprice department were founded in 1997 by its CEO, Thierry Ehrmann. Artmarket and its Artprice department are controlled by Groupe Serveur, created in 1987.

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Artmarket is a global player in the Art Market with, among other structures, its Artprice department, a world leader in the accumulation, management and exploitation of historical and current information on the art market (original documentary archives, manuscript codices, books annotated works and auction catalogs acquired over the years) in databases containing more than 30 million indexes and auction results, covering more than 825,000 artists.

Artprice by Artmarket, a global leader in art market information, has set the ambition, through its Global Standardized Marketplace, to be the world’s leading Fine Art NFT platform.

Artprice Images® allows unlimited access to the largest image bank in the world’s art market: no less than 180 million digital images of photographs or recorded reproductions of works of art from the year 1700 to the present day, annotated by our art historians .

Artmarket, with its Artprice department, permanently accumulates data from 7,200 Auction Houses and produces key information on the Art Market for the main press agencies and media outlets (7,200 publications). Its 7.2 million users (“connected members” social networks) have access to ads posted by other members, a network that today represents the main Global Standardized Marketplace® for buying and selling works of art at a fixed price or bidding (auctions regulated by sections 2 and 3 of article L 321.3 of the French Commercial Code).

Artmarket, with its Artprice department, has been awarded twice with the state label of “Innovative Company” by the Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.

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