RtistiQ leverages blockchain, NFT, augmented reality for artwork

RtistiQ, a mobile app and website art marketplace, is the first in Singapore to leverage technologies such as blockchain, non-fungible tokens (NFT) and near field communication (NFC) for art authentication. With artists from approximately 29 different countries across the globe on board, the online marketplace now houses approximately 2,500 art assets and US$8 million worth of merchandise value. The brand has been building a vibrant community of artists, collectors, art enthusiasts, soon galleries and art professionals. 

Traditionally, artists would have physical representations of their artwork at on-site galleries. However, the global pandemic has pivoted the scene towards online representations where artists are increasingly looking for a trustworthy platform to showcase their artwork. RtistiQ is an artist-friendly marketplace that not only provides artists with an online platform for sales, but also addresses their concerns such as untrackable provenance, the absence or delayed royalties received, copyright infringement, and the lack of transparency in the primary art marketplace. As such, the number of artists onboarding RtistiQ has been doubling each month since April and has more than 200 artists on board currently. 

Jothi Krishnan Menon, co-founder and CEO of RtistiQ said, “The goal of the platform is to create a complete end-to-end solution for our artists and their work. Using technologies that have been established and heavily utilised in other industries, like blockchain, augmented reality and NFC, we are looking to reshape the art market. We want to give peace-of-mind to art buyers from around the world when it comes to authenticity, as well as provide artists from across the world the opportunity to reach a wider audience for their art.” Additionally, Rtistiq is expected to build up a portfolio of over 1500 artists onboard from more than 50 countries and 20,000 artworks by March 2022 

A significant and recurring concern for artists across the globe is their inability to insure their financial future by benefiting from royalty rights schemes. Artists often could not benefit from the royalties as it is very difficult for the artists to track the changes in ownership of their artworks. Recently, the New York Times investigated a dispute between artists and the Artist Pension Trust, a company that promises to provide artists with financial security. However, more than 140 artists did not receive sales or payouts, and many of them were not even able to locate their artwork. This mishap is a common occurrence in the art industry, clearly highlighting the importance of ensuring tampering proof records. Additionally, provenance tracking provided by blockchain registration would prevent the sale of forged or stolen artworks.