A rising trend in art circles in China last year, Internet art auctions have attracted an increasing number of buyers and sellers. As more and more companies involve themselves in this lucrative market, the online battlefield for art continues to expand. Looking to get into this potential market, a new app specializing in art created by young domestic artists, Wallart, was launched at the Today Art Museum in Beijing on Wednesday.

Commenting on the huge market potential for art in China, Wallart Executive Director Su Yan explained that 48 to 52 percent of the population in the US and Europe buy art works, while in China this figure is just 6 percent - a sharp contrast given that China is the second largest art trading market in the world. Last year, trading volume reached more than 170 billion yuan ($25.8 billion).

However, offline sales through channels such as auction houses account for most of this trading volume. While these traditional venues are a great way to maximize the value of rare masterpieces, they have little room for young artists, many of whom lack the means to attract buyers' attention or even appear at auctions.

Targeting a wider range of collectors, the Wallart app mainly features artworks that fall in a more affordable price range between 20,000 and 50,000 yuan ($3,060-$7,650), great for newcomers who are looking to buy art as an investment or purely out of personal interest.

 For young artists who have just entered the market and haven't yet developed any steady relations with galleries, online apps like Wallart are a great way to bring their work to the attention of the public.