Whitestone Gallery Announces ICO for Blockchain-Based Art Trading

  • 29 January 2018
  • Cas Proffitt

Art galleries hold some of the most original and valuable works of art. Blockchain ensures that data is kept fraud-free. The union of these two facets will enable galleries to authenticate their pieces via an appraisal. The results of the appraisal can be published to the blockchain.

After the pieces have been appraised,  they can be traded digitally, allowing collectors, aspiring artists, and other participants to prove their ownership of a given asset. Whitestone Galleries are launching an ICO to help build out their decentralized trading platform.

The primary goal of Whitestone in this venture is to reduce the fees associated with art trading. Trading works and collections is an infamously time intensive and expensive process to undergo. If assets are listed on the blockchain, then the cost—in terms of both time and money—can be reduced significantly.

What will participants receive for their funds?

According to the Whitestone press release, ICO participants will receive tokens which can be used to visit the Whitestone galleries, provide a discount when purchasing art, and for participants that contribute more than 10 tokens worth of funding:

We will give all the token holders the original works by the world famous digital artist, Naoko Tosa., etc. for over 10 Token purchase.

Listed below are the reward tiers in terms of token holdings:

Karuizawa New Art Museum entry ticket. 1 ticket per 10 tokens (digital distribution.)
Reward purchase benefit at Whitestone Gallery (Tokyo, Karuizawa, Hong Kong, Taipei etc.)

Holders of 100 tokens or more · · · 10% discount
Holders of 200 tokens or more · · · 15% discount
Holders of 500 tokens or more · · · 20% discount

*Procured art by funds raised by ICO is included.
*Some artworks are not included in award list.

Blockchain-based Art Platform – Whitestone Gallery

How can WHS tokens be used?

After the ICO, the tokens will allow users to buy a ticket to visit the Whitestone gallery of their choosing (Hong Kong, Tokyo, Karuizawa, etc.) Artworks can be purchased at a significant discount with sufficient token holdings, and WHS tokens can be used to transfer or purchase art directly.

Tokens are also likely to be passed between investors, allowing users to trade away the tokens they will not use, or procure more if they are short of a discount or purchase goal.

How much do WHS tokens cost?

WHS will be running their ICO from Jan. 25th until Apr. 3rd, providing a bonus that decreases over time. The bonus tiers are:

Phase 1: 30% Bonus: January 25th 14:00 (JST) – February 8th 14:00 (JST)
Phase 2: 15% Bonus: February 8th 14:00 (JST) – February 28th 14:00 (JST)
Phase 3: 5% Bonus: February 28th 14:00 (JST) – March 14th 14:00 (JST)
Phase 4: No Bonus: March 14th 14:00 (JST) – April 3rd 14:00 (JST)

The Whitestone coin website provides the following table for token pricing:

Token Price 1 WHS = 0.0006 BTC
1 WHS = 0.01 ETH
Targeted Fund Targeted Fund: HK$350 million / 5 billion JPY
WHS token for sale: 5 million tokens
WHS token to be issued: 10 million tokens

What is your favorite modern work of art? Let us know in the comments below!

About Cas Proffitt

Cas is a B2B Content Marketer and Brand Consultant who specializes in disruptive technology. She covers topics like artificial intelligence, augmented and virtual reality, blockchain, and big data, to name a few. Cas is also co-owner of an esports organization and spends much of her time teaching gamers how to make a living doing what they love while bringing positivity to the gaming community.