About FRESCO Ico
FRESCO is the world’s first blockchain art asset network. Through blockchain technology, the company enables liquidation, promotion, and provenance of artworks at a global scale. company token holders have the priority to allocate their tokens to artworks on FRESCO platform. The amount of FRES Cash equals the sum of trust value they can distribute the artwork. FRES Trust reflects the total value of trust allocated to an artwork by users on the company. It is publicly visible and anonymous in identity. The distribution of the FRES Trust is irrevocable and adds a unique index of trust value to the artwork. It reflects the comprehensive academic and market value of the artwork in the intricate art environment.
FRES Edition allows people to invest in the art without actually holding a physical artwork, hence serves to expand the global art investment population to a scale unseen in human history FRESCO can create their own digital asset offering through FRES Edition, a system that allows issuance of blockchain certificates of an artwork. Each FRES Edition holder can gain profits from the appreciation of that edition when the FRES Trust of the original artwork increases. The owners of FRES Edition have the freedom to trade his edition on FRESCO at a real-time price, liquidating it into FRES Cash. Because FRES Edition is a blockchain certificate appearing only on the platform, resale of the artworks offline will not interfere with the number of the FRES Edition nor the appreciation of the FRES Edition.
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What Is FRESCO?
Current Art World Structure
Art investment has ranked the third in all kinds of financial investment, after real estate and stocks. Art is a stable saving method and a unique tangible asset, which has low relevance to traditional markets, such as the stock market. Art also has aesthetic and social value, influencing personal image, creating a family legacy, signifying an
enterprise culture, and raising a nation’s cultural profile. While the current art market appears to be in a passive stage when factoring in developments in the non-traditional market and the influence of social media, the
potential for growth is enormous.
FRESCO, as a blockchain-based art asset network, uses tokenization to democratize, standardize, and expand the existing global art market. Through the smart, open-to-all artwork database architecture, it makes the art market more transparent and conceivable and establishes a remarkably accessible art ecosystem.
In addition to the collector’s evaluation of the artwork, there is the gallery’s evaluation of the collector: a collector with a solid reputation can increase the value of an artist’s work. Collectors have a hard time proving to galleries that they have the purchasing power, as well as proving to each other that they are serious collectors.
Further, on the gallery side, they have a hard time objectively telling clients which artwork is valued accurately, and they face the redundant and arduous process of verifying whether a new potential collector is truly well-financed to take home a prestige piece such as a Warhol or Pollock.
Museums, now competing on a global stage for donors and collection quality, also lack a universally accepted methodology for valuing their collections—both in terms of dollars and prestige.
Finally, as perhaps an important part of the art industry, artists are restricted by the fact that they have to shake hands with some galleries and get represented by them, so as to exhibit and sell their works, This means some emerging or freelance artists, who choose to finance themselves or establish their studios under nonprofits’ sponsorship, usually have less exposure in the market.
FRES Edition: Art Digital
FRES Edition is a digital-asset-offering system for the owner of an artwork to issue multiple editions of blockchain certificates. Each FRES Edition holder can gain profits from the appreciation of that edition when the FRES Trust of the original artwork increases.
FRES Edition Size:
The artwork’s owner decides the number of FRES Edition to issue based on their anticipation of the market potential. Once the FRES Editions are successfully issued, the number of the FRES Edition cannot be changed. Because FRES Edition is a blockchain certificate appearing only on FRESCO platform, resale of the artworks offline will not interfere with the number of the FRES Edition nor the appreciation of the FRES Edition. Each FRESCO user can buy more than one FRES Edition.
Issue FRES Editions:
The success of a FRES Edition issuance defines as a successful sale of all the FRES Editions in 24 hours. FRESCO platform will hold the authorized transaction from buyer to the owner before the attempted issuance ends. If all the FRES Editions of artwork have been sold in 24 hours, the held FRES Cash will transfer to issuer’s wallet. If all the FRES Editions of artwork have not been sold in 24 hours, the held FRES Cash will transfer back to buyers’ wallets. Each artwork can only issue FRES Editions successfully once. If the issuance fails, the owner of the artwork can re-issue FRES Editions any time in the future until it succeeds.
The owners of FRES Edition have the freedom to trade his edition on FRESCO platform at a real-time price. For example, Tom wants to exchange his edition of “The Eagle” for FRES Cash. At the time, each of the edition worths 5,000 FRES Cash. Tom can list his edition on the FRESCO exchange platform for 5,000 FRES Cash. Once a buyer shows up, the transaction of the FRES Cash and edition’s ownership transfer will happen at once.
To invigorate the art ecosystem from its source, FRESCO respects the essential value of artists and enables artists to gain substantial profits through issuing FRES Edition. FRES Edition reinforces the efficiency of FRESCO platform by circulating the physical artwork on blockchain without influencing the offline sale of the physical artwork. When the FRES Trust of an artwork accumulates to a particular amount, artists can decide to issue FRES Editions and sell blockchain certificates of this artwork. Once all the FRES Editions are sold within 24 hours, artists can gain all the FRES Cash and put them into future art creation.
With FRESCO, artwork can be easily traced back to the artist who produced it or the collector who first uploaded it on the blockchain. For an artwork, a digitally documented, verified chain of records offers an indisputable documentation of ownership, with no room for fraudulence. When a collector distributes FRES Cash to the artworks they own and transfers FRES Trust accompanying each art transaction, FRESCO Protocol generates the digital provenance of all the artworks on the blockchain. The record is kept safe, anonymous, and flawless.
Value of Art
The value of art is essentially undeterminable. It is affected by numerous factors, such as the exhibitions, publications, and awards related to the artist, price records from the primary market and auction houses, and the condition, dimensions, mediums, year, subject, style and rarity of the artwork. Added to these intrinsic qualities of the artwork, the overall state of the economy and the tastes of the marketplace add to possible fluctuations in the value of a work.
FRESCO creates a dynamic network for rising power of an artwork. Spotting the talent is never easier when multiple roles are motivated to speak on the same decentralized and all-inclusive global platform. Any available artwork can be uploaded to the pool on FRESCO. FRESCO functions as a large-scale decentralized network for immediate trades. Fees traditionally paid to any unnecessary intermediary—composed mainly of the commissions paid for searching, evaluating, and acquiring an artwork—are deducted from an investor’s cost.
Art Investment has never been so accessible. With FRESCO, the strikingly high price of an artwork and the profound connoisseurship required now turn into the purely alluring side of art. Majors barriers that used to halt massive art lovers from investing in art all become the past. FRES Trust quantifies the value of art without its troubling & opaque market price, and FRES Editions gives you access to this inclusive, affordable, and decentralized investment. You can possess 1 or 2 FRES edition of a masterpiece that you only heard about from auction reports, trading the FRES edition and making a profit out of its market potential with a whole community of art veterans and enthusiasts. Every new FRES Cash added to the artwork is part of your promised profits.
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After purchasing FRES Cash, galleries can distribute different amounts of FRES Cash to artworks, and its value is marked as FRES Trust. Galleries find it hard to explain the reasons behind pricing to customers and the price differences on same artists’ different works. The allocations of FRES Trust represent galleries’ public declaration on their value of assessment on different artworks and add a layer of trust to the works. Adding to FRES Trust also helps to prioritize their featured artists and artworks and make sure their exposure to targeted customers.
When a new buyer comes into a gallery, the gallery always carries with some concerns along with the hospitality. To guarantee full and timely payments, galleries need to evaluate the buyer’s capacity and previous reputation before a transaction. If the buyer’s capacity is not enough or she or he does not have a solid record on payment, galleries may want to hold the piece for another buyer, probably resulting in losing the best timing for sale. FRESCO clearly shows a list of individual’s collection and transaction records online. Galleries can check the data by searching a buyer’s blockchain address on FRESCO if she or he chooses to disclose the information.
Sell and Exchange
Art museums, public foundations, and institutions of art each have their missions in supporting art. For example, surveying 20th-century American contemporary art, or exploring cross-cultural, new media experimentations. Sometimes the donations that come to the institutions do not align with the museum’s mission. Sometimes, the artwork is redundant or of lesser quality to other artwork in their collection or about to be acquired, or the demands of caring and storing a particular artwork is unduly difficult. Museums sometimes seek to de-acquire artworks of their collection through sale, exchange, or other means. Proceeds from the sale of such artworks are used to purchase other works of art.
A FRES Cash transaction is one of the two types of transactions being conducted on the FRESCO platform. A user can transfer FRES Cash between wallet addresses or allocate a certain amount of FRES Cash to an artwork. When a user sends FRES Cash or allocates FRES Cash to an artwork, the wallet system will temporarily lock that amount of FRES cash, and it will show as “pending” until that FRES Cash transaction is confirmed in the network. Each FRES Cash Transaction will generate a unique hash ID, serving as the blockchain record of this transaction. The two types of FRES Cash Transaction are shown below.
FRESCO’s artwork database is entirely user-generated. Users will be able to upload anything they deem as artwork to the platform. With FRESCO’s artwork database, users will be able to see both intrinsic value and trust value of artworks. The trust value of the artworks in the FRESCO network will be recorded after each transaction, resulting in the appreciation of artworks. FRESCO’s decentralized artwork database offers anonymity, transparency, and liquidity while solving issues such as appraisal, authentication, and information asymmetry.
FRESCO token (FRES) is based on Ethereum technology (ERC20). The creation of FRESCO tokens will be a onetime event. The Token Creation event is the only time that these tokens can be created, and therefore the total supply of FRESCO tokens is fixed at 500,000,000.
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