LiveArtX Raises $4.5M, Launches Native Token for Digital and Physical Art

With NFTs gaining more recognition over the past several months, digital artists have started implementing utilities into their digital assets so investors and fans get more value out of their work.

According to the official press release by LiveArtX, the platform launched its $ART tokens with which customers and art enthusiasts will be able to obtain NFTs and physical artwork and gain access to art galleries, alongside an early heads-up on upcoming drops.

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Likewise, in a joint venture between LiveArt and Everest Ventures Group, LiveArtX secured a $4.5M fund supported by some of the largest players in the crypto industry like Binance, Animoca Brands, Kucoin, Alameda Ventures, HashKey, SNZ, OKX BlockDream Capital, Gate Labs, APENFT Foundation, Shima Capital, AppWorks, Head&Shoulder Financials, Adrian Cheng, and ArkStream Capital.

With the native token, artists will be able to mint their digital or physical artwork on the LiveArtX Creator Hub. Art pieces will be hooked up with "powerful rights management and unbreakable resale royalties" so artists can have full ownership and control over their work.

Likewise, LiveArtX has its own NFT marketplace development and management platform called the White Label Suite which allows creators to either launch customizable marketplaces or use the LiveArtX Studio which takes care of all the creators' needs.

CEO and Co-founder of LiveArt Boris Pevzner spoke on the launch of the platform’s native token, and the future of art:

"The $ART token serves as the ultimate bridge between the physical and digital art worlds. It is the cornerstone of LiveArt’s strategy of blending technology, innovation, and deep knowledge of the art market."

The team behind LiveArt involves several experienced individuals in fine art and collectible item markets including Adam Chinn and John Auerbach, who were previously high-ranking figures at the Sotheby’s Auction, Contemporary Art Specialist George O’Dell, and Art Historian Marisa Kayyem.

Currently, the LiveArtX platform is hosting a free mint of 10,000 mystery NFTs with membership access, which ends on March 20th.

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