The latest token sale to see an uptick in interest amongst investors is Fresco, a company hoping to bring distributed ledger technology to the world of fine art. Since announcing an airdrop of some 300 million tokens, the company’s Telegram group has attracted over 46,000 users.
Fresco’s ICO which was originally planned for March was postponed due to market conditions and regulatory uncertainty. It appears the start-up is now focussing on building a community before pursuing funding plans.
Bringing Transparency to Fine Art
The airdrop, which Fresco calls an ICD (initial coin distribution), is specifically aimed at those in the art community. To receive tokens, participants need to pass one of a series of weekly updated tests about art. Participants also need to spread the word on social media to qualify. The ICD aims to build a community of over 100,000 token holders in the art community around the world.
At some point, the team will need to raise capital, either via an ICO or from venture capital investors. No doubt having a community of 100,000 people from the art community on board will help in that regard.
It’s already widely accepted that blockchain technology and intellectual property are a good fit. In the case of Fresco, the platform is targeting artists, art investors, dealers, galleries and administrators. The platform will allow its users to evaluate each other’s art collections and prove their own skills. Eventually, the team hopes to democratize the way art is valued.
The art world has always been regarded as opaque at best, and a blockchain-based public ledger tracking fine art transactions could provide some much-needed transparency. Whether or not Fresco can become that platform remains to be seen.