GTB Blockchain Network Reconstructs Global Auction Ecology, Clearing Up To 10 Million US Dollars On First Day
The auction industry sprouted in ancient Rome and was formally formed in modern Europe in the 17th and 18th centuries. In March 1744, Sotheby’s first auction held the beginning of an institutional auction. For more than 200 years, international auctions have developed into a specialised market dominated by authoritative institutions. The pain point of the auction industry: excessive dependence on authority credit, the market participation threshold is extremely high.
As a result, industry concentration is getting higher and higher, and it is increasingly dependent on the credit of international authoritative auction institutions such as Sotheby’s, Christie’s, and Davy. Auction institutions are generally responsible for the identification, valuation and marketing of three business jobs. Many small auction institutions pay more attention to marketing, and insufficient investment in appraisal and valuation is likely to trigger auction risks. Therefore, the auctioneer’s moral hazard is high, and if there is a credit problem or a mistake, it may cause significant losses to the customer. The over-centralisation of power and the low transparency of information have led to a very high market participation threshold. Auctions have become a game for a small number of rich people, which greatly limits the scale development of the industry and is not conducive to the promotion of the cultural value of art.
GTB Blockchain network rebuilds global auction ecology, Singapore’s first day liquidation reached 10 million US dollars
Singapore’s GTB Blockchain network directly hits the auction industry’s pain points, plugging the traditional and old market into the wings of Blockchain chain technology, reconstructing the global auction ecology in a subversive way, and clearing up to 10 million US dollars on the first day of Singapore’s international auction. Aroused strong concern in the industry.
The GTB Blockchain Network is a basic public chain developed by the Singapore GT Group, an open source peer-to-peer global trading and payment system. Through its cryptocurrency GTB, smart contract and parallel mapping functions, GTB utilizes GT Group’s advanced Blockchain anti-counterfeiting traceability system to provide distributed cross-border payment clearing and cryptocurrency applications to global users, breaking international trade information and trust barriers and cross- obstacles to payment, reduce international trade costs and avoid foreign exchange risks, promote the integration of international trade information flow, logistics and capital flows, and realize global trade digitization, financial certification, and economic parallelisation. The GTB Blockchain network is considered to be the model of “Blockchain + real economy” and is the only global public chain with international trade application scenarios and support.
GTB relies on a strong basic public chain and cross-border clearing ability to develop sidechain auction applications, reconstructing the international auction ecology with distributed accounting, smart contracts, and anti-counterfeiting traceability technologies, giving the real digital identity of the artwork an anti-counterfeiting traceability. Scientific valuation promotes the realization of the value of art, safe, confidential, irreversible, and non-tamper able auctions reduce transaction costs and barriers to entry, and promote the development, diversification, and scale development of the global auction market.
GTB anti-counterfeiting traceability technology gives the real identity of the artwork and promotes the digitisation and certification of the art asset chain
GT Group’s Blockchain anti-counterfeiting technology has made a major breakthrough and has formed extensive and in-depth cooperation with dozens of fields such as wine industry, luxury jewellery, culture and art, and is even used on the large-scale anti-counterfeiting traceability market for international commodity trade. The GTB Blockchain network gives each on-chain art and auction item a unique encrypted digital identity and ensures the authenticity of the auction item at each link through anti-counterfeiting traceability technology, thus solving the past auction house’s belief that duplicate identification and solves the problem of chaos in goods reduces the risk and cost of identification and guarantees the healthy development of the art market. More importantly, the real encrypted digital identity on the chain greatly promotes the digitisation and certification of cultural art on the chain, which is conducive to the protection and value realisation of cultural art..
GTB Blockchain cannot be modified to solve the auction trust problem, greatly reducing transaction costs and entering the threshold.
Blockchain technology has the characteristics of openness and transparency, and it cannot be falsified. In the GTB Blockchain auction chain, information such as auction information, valuation, bidding, and transaction are recorded in distributed accounting, and it is transparent and secure in the book of accounts. The whole process is decentralised and de-intermediated, breaking both information and trust barrier, solving trust problems such as valuation and transaction default in the auction process. In the chain, the entire auction process is carried out according to the smart contract. The nodes participate in the transaction and verification in a trust-conscious manner, which greatly reduces the risk of untrustworthiness and breach of contract and reduces transaction costs and barriers to entry. With the reduction of transaction costs and industry thresholds, the auction market will show scale development, the auction categories will become more and more diverse, the number of participants will increase, and the transaction efficiency and market size will increase simultaneously.
GTB cross-border liquidation is to achieve global asset price reassessment, to create an international commodity value auction market.
GTB Blockchain network uses GTB as a global cryptocurrency for payment and clearing. It uses its global monetary value scale function to re-evaluate the global assets, promote the return of international asset values, and solve the current assets caused by different currency estimates. The price deviates from the value, which in turn leads to international problems in trade disputes. GTB brings the “consensus economy” solution to promote the value consensus, transaction consensus and cultural consensus of the auction products through distributed international settlement, create a real international commodity value auction market, and reconstruct the global commodity auction ecosystem.
Remarks: On the 9th of this month, GTB was listed on the BITLIM listing transaction of the Singapore Blockchain digital asset exchange.