UK Technology Startup Tackling Inefficiencies in the Global Art Market

LettsArt is a British startup and the first secure, NFT enabled artist website platform. 

A technology startup with a seasoned team led by Philip Letts, a well known British internet entrepreneur, has launched an online platform for visual artists, including traditional and digital artists, photographers, filmmakers and designers, to flourish by selling their art directly to their supporters.

LettsArt (www.lettsart.com) enables artists to set up their own simple, yet powerful online galleries in minutes and start selling their art directly to collectors, taking payment by bank card, credit card and cryptocurrency. They can sell both physical and digital art, the latter is NFT enabled, and artists enjoy some innovative authenticity, royalty management and series management tools. 

Registering at LettsArt and setting up their own gallery is free, making it an attractive proposition for artists, who often struggle to find the right avenues to show and sell their art. LettsArt takes a commission for the art sold through their system. Equally, art collectors will benefit from direct artist sales and a more transparent and open market for exciting new art from around the world.

LettsArt's Web3 artist gallery model is timely as creators look to better monetise their followers and supporters on social media, including on Instagram, TikTok and Twitter. Selling their art directly to their supporters and the growing number of online collectors could prove highly effective.

LettsArt provides a secure environment for NFT art transactions. Both the creators and the collectors register with the site and provide profile information. Tackling issues NFT's have had with fraud. We all remember how the platform which sold an NFT of Jack Dorsey's first tweet for $2.9 million had to halt most transactions for a period of time because people were selling tokens of content that did not belong to them, its founder said, calling this a "fundamental problem" in the fast-growing digital assets market.

LettsArt believes their platform has the potential to attract a significant number of creators and provide a transparent and efficient art marketplace for collectors worldwide. They argue that the current, fragmented art market is plagued with inefficiencies and a lack of transparency. There is no stock exchange style clearing house for art and little direct support for the artists and artist sales.

"We believe that the art market is going through some fundamental changes. By enabling artists to easily launch their own online gallery and offer their art directly to their supporters, LettsArt could turn the art market on its head - providing opportunities for creators and collectors alike."

Philip Letts, founder LettsArt

According to Magnus Resch, there are roughly 19,000 galleries in 124 countries in 3,533 cities worldwide. The US and Europe are home to 83% of all galleries worldwide, with 34% in the US. New York, London, Berlin and Paris are the cities with the most galleries.

Magnus Resch goes on to state that 55% of art galleries generate revenues of less than $200,000 and 30% run at a loss. Only 18% make a profit margin over 20% and around 40% of them have no full time employees. Almost 90% of all galleries do not have a subsidiary making this one of the most fragmented industries.

The broader art market has only recently started to shift to online sales, but with the development of Web3 and NFT's, the online growth is accelerating rapidly, doubling in a year to around 20% of art sales in 2021, according to Statista. Could LettsArt's timing and approach prove to be a further boon for online art sales?

LettsArt is available to UK artists and galleries in limited beta. Artists can sign up at www.lettsart.com.


LettsArt is a LettsGroup company. For press inquiries and requests: contact us.

LettsArt is the home for great art.
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