Ethereum-powered digital art platform ArtID held a security token offering to fund the further development of its marketplace.

According to an declaration on April 29, ArtID is seeking 5 meg euros (about $5.5 million) in the offering and reached the soft cap set up at 580,000 euros inside one week.

Investors property the platform's security tokens will have access to a percentage of the visitor'southward earnings. The offer aims to heighten one million euros in a public offer and four million euros in private.

An agile digital artwork platform

ArtID reportedly already hosts over 1,000 artworks, and has supported the purchase of vi,000 creative and limited edition photographs. The platform'southward advisor for the STO is global corporate finance business firm Kreston RS. Grand duchy of luxembourg-based tokenized investment platform STOKR is hosting the offering.

Stefano De Nart, the head of Kreston RS' fiscal department, explained that ArtID will permit investors to purchase and sell artwork that was checked and certified on-concatenation.

He as well said that, given the electric current financial landscape, the platform has obtained a notable amount of funding, stating, "Although it's a difficult economic fourth dimension, the market is rewarding a solid project such equally ArtID's."

Many believe that blockchain technology's ability to create unique and non-duplicable digital items will make fine art more easily accessible equally an investment. As Cointelegraph reported yesterday, Vesa Kivinen — the creator of crypto-inspired art platform Art For Crypto — recently said that crypto art could exist as much of an investment equally whatsoever other digital asset.

In mid-April, French artist Ben Elliot besides launched a token that is supposedly tied to his personal output and the value of his whole career.