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

According to an announcement on April 29, ArtID is seeking five million euros (nearly $5.5 million) in the offering and reached the soft cap set at 580,000 euros within one week.

Investors holding the platform’s security tokens will have access to a percentage of the company’s earnings. The offering aims to raise one million euros in a public offering and four million euros in private.

An active digital artwork platform

ArtID reportedly already hosts over 1,000 artworks, and has supported the purchase of 6,000 artistic and limited edition photographs. The platform’s advisor for the STO is global corporate finance firm Kreston RS. Luxembourg-based tokenized investment platform STOKR is hosting the offering. 

Stefano De Nart, the head of Kreston RS’ financial department, explained that ArtID will allow investors to buy and sell artwork that was checked and certified on-chain. 

He also said that, given the current financial landscape, the platform has obtained a notable amount of funding, stating, “Although it’s a difficult economic time, the market is rewarding a solid project such as ArtID’s.”

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

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