The Apollo Septem wants to create a decentralized network of visual art lovers which has the ability to govern itself – representing true a democratic circle. More so, they claim their platform will offer proof of authenticity algorithm as a service to check the provenance of artistic products. They are hoping the platform will be a fast lane for financing art projects and promoting the culture.
The problems they intend to solve are more likely in the direction of removing centralization from the market and creating more artist-centered economy, whereby they themselves have control over their creative works. Along the line, they are hoping to reduce the cost of authenticating these works – which is currently overpriced according to them thereby lowering an overall entry barrier into the value market.
The token that will be created on their platform will function as a utility tool which will incentivize the ecosystem into building a truly democratic creative ecosystem and generate economic value for exhibit lovers.
While this platform doesn’t aim at selling or buying the products themselves, they simply want to create the environment that connects the artist to art lovers whose peer to peer transactions can be done transparently and securely.
This economy is basically built upon luxury and exquisite taste in creativity and uniqueness. Around the world, there is a fine class of people who appreciate the works of art and pay wholesomely, often times going the extra mile to obtain an artwork of their choice for high-value currencies.
For those who appreciate the beauty of this industry, there is something about it that attracts them to the exhibitions; drawn in by the outstanding and through-put of fine craftsmen and women, this work oftentimes goes to waste when the ROI or input an amount of resources to create a masterpiece isn’t commensurate with the amount of money that comes in.
There are also a set of people who consider the acquisition of artworks and collectibles as asset classes. Come to think of it, at the risk of sounding naïve by undervaluing the complexities and finesse in creative works development, I think this art stuff can sometimes be overrated, but that will in no way reduce the worth of the rare works of great artists like Michael Angelo, Leonardo da Vinci, Vincent van Gogh, or Pablo Picasso whose works are priced in the value range of 7-10 figures per piece.
Revolutionizing the art market will take a lot more than a fine and articulate print on paper. This market is one of the most sensitive and highly guarded and sophisticated niche. The strict measures in place governing sales and regulatory policies are top notch and bottlenecked. This is because, billions of dollars go into this market yearly, and as a matter of fact, it’s all about luxury and exquisite taste.
They currently do not have a mockup on how the platform will function, as such it would be hard for investors to acquaint themselves with the vision of the project.
As for competition, there are so many other blockchain products out there under the clover of the art industry, trying to solve one problem or the other – the funny thing is, they all claim to be the first blockchain art- this or that… seems like they didn’t do a comprehensive research to know how similar all these products are; for example, Maecenas says “it’s the first open blockchain platform that democratizes access to Fine Art”; ArtCoin says “it’s a fine-art token backed by an art collection”.
Although coming soon, APA (all public art) says it’s “Making History in The Global Art Market”. Of them all, Codex seems to be one of the recent projects that has the support and backing of Pantera Capital which is an investment firm dealing with crypto assets, already supporting Codex with $5 million USD.
It’s a fact that they have quite the competition to go up against and would need to put in more effort in ensuring their product sees daylight.
ICOs have become the easy entry technique to build anything “decentralized”, the platform wants to conduct an initial coin offering to facilitate the development of the platform. What the final product will be was not clearly stated, however, it does sound like they would use part of the proceeds to develop an MVP which will include the wallet holding APO tokens and a descriptive design of the Online Art Marketplace.
Off the 300 million APO tokens that will be in total circulation, the team has decided to raise a startup capital ranging between 3,000 ETH and 30,000 ETH by selling 180 million of these tokens in their presale and their main TGE at a base price of 1 ETH = 4200 APO. This fund is required for the development and engineering aspect of the project, more so, they want to ensure their marketing and legal aspects are well covered and all that expense will come from the funds raised.
They have chosen to distribute their remaining tokens thus:
Team and advisors: 45 million APO (taking up 15% of the total tokens)
Ecosystem fuel: 60 million APO (20% of the total tokens in supply)
Donations: 13.5 million APO (4.5% of the total tokens in supply)
Bounty & giveaway: 1.5 million (0.5% of the total tokens in supply)
The main features of the platform will include a decentralized Art Market managed by the Apollo Septem ecosystem, a wallet to handle the tokens, and an account with the platform for transactional purposes.
It would look like they have a very concise roadmap detail, although if looked into circumspectly, the project could take several months from the first milestone achieved to the last objective – achieving community consensus for further evolution of the platform.
I would describe their team structure as a cross-field expertise consortium. Whereby people from marketing, IT, Visual Art specialty, Legal fields, business/project management field, and a handful of programmers and a blockchain engineer.
With 6 co-founders pulling together 75 years of cumulative experiences, the team is being guided by Daniel Olariu, who has a real passion for pursuing new frontiers in business and exploring technological advantages to business economics.
The team is vast to handle the project at hand considering that all that they intend to create is similar to an auction site where art products can have a decentralized value and can be traded on a peer-to-peer basis.
Although, in the absence of current startup project advisors who are versed with blockchain tech, the team’s strength can be greatly compromised. Not that it matters that much anyway but considering that they are doing a crowdsale which involves a general public and would be racing against countless ICO projects out there seeking for equal attention (some of which have concluded their token sale events and others are currently trading on exchanges). Advisors who have had experiences in other startup projects can provide the insights needed to stay ahead of the competition.
Website: The website is artistic, as there is no complexity in how they describe themselves and their goals. There’s a 2 minutes’ video on their website giving visitors a basic intro to what the platform I about.
Whitepaper: the whitepaper is a 40-page portable document which is well illustrated and contains probable token dynamics on how the platform will function and how it would benefit the ecosystem. But in all, as should be contained in any technical and sometimes ICO business material, the smart contract sample is omitted and the economic dynamics are also not well presented. However, the grammatical layout, structural and technical overview of the project looks rather seamless.
Social Media Accounts: as at the point of this review, the project is poorly represented on the social network. they have poor followership, which is probably due to poor publicity management. Their medium page which happens to be their blog hub, contains very few articles about the project and as other social accounts they manage, they have a poor community support.
I would say this investment is rather tricky and investors should be extra careful and should do well to observe due diligence before contributing their funds. But as for those who can afford to take chances, they are accepting Eth, but I don’t think there are escrows in place for funds security.