Banking on Culture was an European project focussed on researching new financial mechanisms to support the cultural sector. The leading partner was the North West Arts Board, based in the UK. Since the financial crises started, budgets cuts are omnipresent, and the culture sector gets a large share of the burden. The proposed solution within this project was a “cultural entrepreneurship”: we all seem to agree that the cultural industry needs to become more viable and less grant dependent.
ArtMoney: new money for culture
Qoin developed ArtMoney, a scheme that increases the market for cultural products and stimulates the purchasing of art works and artefacts. ArtMoney act as real money because can be carried around, have a denominated value and can be used to purchase services and products directly. By collecting a specified series of ArtMoney, an individual can be rewarded with special products form the cultural sector. ArtMoney are artistic (paper based or electronic) vouchers that act as “Pokemon for grown-ups”.