Codex is a decentralized registry for unique assets like art, fine wines, watches and more. Use cryptocurrency to buy $6 billion of art and collectibles today, and plug in to a growing ecosystem of 3rd party services.
Attention. There is a risk that unverified members are not actually members of the team
$40 500 000
$88 277 157
Codex isn’t the first to see the benefits of blockchain in the art world. Verisart is a Los Angeles-based startup founded by the former CEO of Saatchi Online and Sedition Art, that launched in 2015. Verisart’s mobile app uses the bitcoin blockchain to let artists, collectors and dealers verify provenance in real time. Artchain.info is another startup using blockchain to generate certificates of authenticity. In this field, it is also worth noticing Everledger, Ascribe, Blockai, and Monegraph. The further steps of product development(i.e. after launching Biddable and Sellable) are not clear from WP.
It is not clear how the registration of A&C items with history of ownership will be conducted. Even though the team explains how they will address the risk of linking physical items to digital records, this question still has to be considered.
It is worth noticing that the company will issue two tokens: one is ERC-20 compliant and the second is ERC720-compliant i.e. the second token is non-fungible. Now, there is no information regarding hard/soft cap, expenses distribution, etc.
The team has strong experience in all relevant fields for the project development. Previously, CEO of Codex founded and sold a marketplace for fine art & antiques that still operates and has 240K visits, according to SimilarWeb. Other team members worked previously at Sotheby's bidding venue and Microsoft. The team also has advisors from relevant fields: cryptocurrencies, arts & collectibles, and consumer internet.
Advantages.1. Projects is related to auctions for luxury assets. The project has won a number of international awards.2. A strong project to join with a prominent auction company. The roadmap is fast. The rate at which ecosystems are constructed is also fast.3. It is backed by strong institutional investors including Pantera Capital.A complementary point1. No concrete token matrix was found.2. There is not much hype compared to the other excellent projects of Pantera Capital.
The project has the following strengths:
A well-explained product featuring a verification mechanism
An experienced team, strong advisors and notable investors
Partnership with A&C industry participants representing more than 5000 auction houses
Launched betas of dApps
Platform release is expected July 2018
No direct competitors
The smart contract has been audited by Hosho
However, the project also has the following significant risks:
Demand for the protocol token is not guaranteed
Dependence of the platform’s success on the involvement and acceptance of the community and market players
Relatively high indirect competition
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