Last Updated on January 29, 2024 by newseditor
The Web3 space is evolving rapidly; established corporations are beginning to enter the space, and Dubai is quickly emerging as a top jurisdiction for crypto-based initiatives. Nowadays, it seems like every day brings an innovation made possible by the thundering speed of modern technology. Through the use of NFTs and Blockchain technology, Artfi is developing a platform to increase the number of people interested in investing in fine art. Artfi’s goal is to democratize the fine art market by fractionating expensive art pieces into limited-edition NFTs.
Artfi, a non-fungible token (NFT) business launched by Asif Kamal, secured $3.26 million from investors, including Sheikha Hend Al Qassemi of Sharjah and Raza Beig of Landmark Group, UAE. The current investment round was closed at a value of $100 million. With this new funding, the firm may hire more people and start developing its network for trading non-fungible tokens (NFTs) in the fine arts.
Putting Art Within Everyone’s Reach
Artfi was founded on the principle of democratizing access to the fine arts. Now, people can buy amazing artwork with a relatively minimal initial investment and sell it whenever they need it on the secondary market. Each NFT holder will get a fair portion of the proceeds from the resale of the artwork held by the Artfi Museum on behalf of NFT owners. Investors can now diversify their investments beyond the traditional options of stocks, bonds, and bank savings. Instead of putting their money in these underperforming conventional investments, they may put it in one of the biggest asset classes that have consistently outperformed them for over thirty years. The modern British artist Sacha Jafri and the Indian abstract artist VS Gaitonde are just two illustrious names whose works have been added to Artfi’s collection.
Changing The Way We Think About Fine Art Ownership
At this moment, the finance world is poised on the edge of a massive transformation that will result in tokenizing all assets. Artfi is at the forefront of this generation-defining effort to disperse ownership of exquisite art by tokenizing and fractionalizing real, expensive fine art pieces. Since its inception, Artfi has been built on the robust Polygon platform. The Polygon network has committed to becoming carbon-zero, making it an environmental pioneer.
A $1.8 Trillion Asset Class Can Be Democratized By Sculpting With Technology
The conventional method of purchasing artwork has also evolved from visiting a physical gallery to now utilizing a smartphone app to place bids on artwork. Authentication and the idea of ownership are the only two fundamental aspects that have remained constant throughout this process. Artfi will be redefining the ownership paradigm by putting it on the blockchain. The technology behind the blockchain will ensure that evidence of ownership, legitimacy, and origin is valid. The initiative has received high praise from industry professionals, and it has drawn a significant number of investors to its Pre-Seed and Seed Rounds of fundraising.