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This April in Dubai saw the innovative 10101.art platform change the art industry and the broader real-world assets sector for good as it democratized access to the art market by implementing collective art ownership using blockchain technology.
On that day, Monada Art Gallery in the Ritz-Carlton in Dubai International Financial Center (DIFC) hosted an exclusive networking event that allowed attendees to explore a curated collection of authentic paintings, such as Picasso’s “Portrait de Dora Maar,” Dalí’s “Tree-Man with Flayed Heart” and “Nature Morte au Verre sous la Lampe,“ as well as captivating works by Banksy, and others.
It also provided them with an opportunity to be among the first ones to purchase original artworks by Banksy and Warhol during an exclusive pre-sale. The event marked a major step towards reshaping art ownership not only for 10101.art but also for the global art community in general.
10101.art aims to democratize access to the art market by implementing collective art ownership. Through 10101.art, individuals can now become legal owners of iconic artworks by world-renowned artists through art tokenization and a unique legal framework developed specifically for 10101.art.
Says Alina Krot, CEO of 10101.art, “We believe it’s time for a more welcoming approach to art ownership. 10101.art is using technology and collaboration to create a more enriching experience for everyone. This event marks a significant step in that journey, and we’d love for all industry leaders and art enthusiasts to join us in shaping the future of art collecting.”
Art, like any other real-world asset, can be brought into the digital realm with the power of blockchain. Essentially, this is the essence of art tokenization. Real-world assets (RWAs) are essentially valuable tangible items that exist in the real world, not just in the digital one. RWAs encompass things you can touch, like real estate, artworks, and commodities like gold.
The crucial aspect is the integration of these assets onto a blockchain through a process known as tokenization. This process results in the creation of a digital token representing the real-world asset. Tokenization makes it easier to buy and sell these assets while simultaneously unlocking new market opportunities.
In 2023 alone, the real-world asset (RWA) sector experienced a remarkable growth of 600%. The momentum driven by blockchain technology and RWA tokenization is anticipated to continue propelling the market into new dimensions in the future.
RWAs are making waves in numerous industries, including art. Leading the trend of RWA tokenization in the art industry is 10101.art, a revolutionary platform making valuable art accessible to every art enthusiast.
The process works as follows: A team of specialists from 10101.art scours valuable collections, auction houses, and galleries to find exclusive paintings. Each piece is meticulously examined to ensure authenticity. Every artwork is scanned and uploaded for safekeeping on a secure, decentralized system. This guarantees the integrity and accessibility of the digital record. Using smart contracts, the team splits the ownership of each artwork into tokens. These contracts clearly define the number of tokens representing the piece and their initial value. When someone purchases a token, they become a legal co-owner of the original artwork. Each token represents a portion of ownership, providing a verifiable claim to the piece itself.
10101.art’s painting collection includes works by Picasso, Dali, Banksy, Warhol, and Gus Van Sant with many more yet to come.
Serena James has worked as a writer for different media houses in the past. Currently, she is working as a fundamental writer for thecoinrepublic, covering decentralized finance. When she isn’t writing, she can be found skimming and scanning Twitter and other websites to produce mind blowing breaking stories.
