Art is a very attractive world, in terms of what it can do for your house, but also for your wallet. Many have been investing their money in art, over the last years, as the market increases continuously.
Could Art be the Next Big Thing in the Startup World?
Now, new art ideas are floating in the Startup world, as an Indian company just received important funding for their digital art space.
Kalamint: A Digital Art Marketplace
The Kalamint startup is important to the industry because it brings the art marketplace into the digital world. But it also links it to the blockchain world, choosing to work with the Bengaluru-based cryptocurrency “Unocoin”.
This Indian company is the first of its kind in the country. The fact that the company managed to get funding would probably go unnoticed if it didn’t come from Draper Goren Holm’s fund. Draper is a billionaire who has invested his money, previously, in companies like Tesla, Skype, and Twitter.
He is joined in this venture by Amesten Capital. The total amount invested was not indicated by any of the parties involved.
Digital doesn’t mean that there is no physical work of art. It just explains how it is shown, in order to be sold. Therefore, you will still need a wall to put it on and a safe shipping company to carry it to your home. Click here for fine art shipping quotes.
The choice of Cryptocurrencies
Kalamint works on a Tezos-based Non-Fungible Token (NFT) platform. That means it accepts cryptocurrencies that cannot be divided or fractionated, unlike Bitcoin and Ethereum.
There is an explanation for this particular choice. If you use ETH (Ethereum) for such a transaction, the fees will be between $80 to $100, which is prohibitive in the case of lesser-known artists. The Tezos use will be 3,000 less costly.
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However, there might be a problem on the horizon. In fact, the Indian government has been talking about banning all cryptocurrency trades inside the country. At this moment, the parliament is finalizing a bill to ban it from the financial system, entirely.
Although it would change the model, the project would still go on, using regular currencies instead of cryptocurrencies.
Kalamint’s First Exhibit
For its launch, the Indian group has chosen a French artist: Maikeul. Living in Paris, he is a contemporary artist that has been exhibiting his work in galleries around the world, for a while now.
On the first day, only his work could be seen on the platform. But on the very next day, Kalamint opened its full website to everyone, as it showed the artwork of over 50 artists, a number which will keep on growing with time.
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