Do collectors and galleries need to have crypto wallets to be able to pay and receive payments?

When a user, either a collector or gallery, creates an account on Arcual, a custodial wallet is also created for them. This wallet is managed by Arcual and is used to handle transactions on the platform. Collectors pay with traditional flat currency (like USD, GBP, CHF, EUR, etc.), and the same is valid for galleries and artists receiving payments.

What's unique about this process is the transition of artwork ownership. When a collector purchases artwork on the platform, a digital token that signifies the authenticity and ownership of the artwork is transferred from the artist's wallet to the collector's custodial wallet. The collector can then log into the Arcual platform at any point to view the artworks they own.

While Arcual currently manages these private keys on behalf of its users, we plan to offer users the ability to link and manage their own preferred crypto wallet apps in the future. So, while users do not need their own crypto wallets at present, they'll have the option to integrate one down the line if they wish.