Abstract

ALLOVR is a decentralized autonomous network establishing a novel model of interaction between artists, gallerists, collectors, and the society in general. ALLOVR provides a token economy tailored to the art market that enables emerging and established artists to effectively interact with their community based on aligned economic incentives. High transaction costs – primarily resulting from asymmetric information – are significantly reduced through lowered market entry barriers, economic signaling and alignment, price transparency and verifiable authenticity. Therefore, a holistic token economy based on (i) Artist Tokens, (ii) Artwork Tokens and ALLOVR Ecosystem Tokens (AOVR) is proposed. Furthermore, a governance model built around AOVR token holder voting rights is introduced that allows the transition into a fully decentralized autonomous organization (DAO). We propose the implementation of the ALLOVR DApp (ovr-program) on the Solana network. Therefore, a Solana based decentralized program based on Rust is introduced. However, the ALLOVR concept is technology agnostic and could also be implemented on other programmable decentralized infrastructures that fulfill the technical requirements in terms of verifiability and performance.