ArtBloc has become South Korea’s first art sales project to offer blockchain-powered fractionalized artwork ownership, signaling a new approach aimed at aiding both artists and investors.
South Korean art sales project ArtBloc is introducing fractional selling and ownership of artwork utilizing blockchain.
According to CoinDesk, Seoul-based Artbloc has become the first company in South Korea to offer fractional ownership of art in a blockchain-based approach designed to benefit both buyers and artists.
Tech Empowered Art Buying to Harness Blockchain
In a white paper issued by ArtBloc, it was explained that its process for buying and selling artwork comprises several projects including data registry tool ArtBloc Hub. The paper also indicated that ownership of art pieces would be tokenized, issued, listed and traded using blockchain technology via the ArtBloc MarketPlace with Art Backed Tokens (ABT).
The white paper elaborated that fractionalized artwork ownership would see the rights to each work divided into fragments. It also said sale of the fractions would minimize the problems faced by artists and dealers as well as concerns held by investors. The new process enables multiple buyers to jointly own a single piece and does not require any of them to physically store or maintain the work.
Tokens and Process to be Introduced with Initial Sale
ArtBloc has already announced an initial sale to herald its novel process for art dealing and will be offering up two works by famed artist David Hockney this September 19 at Lounge K in Seoul’s popular Gangnam area.
Tokens worth approximately US$8.18 each have been generated to represent fractional ownership of the two pieces, with 8,500 tokens created for Focus Moving, 2018 and 5,000 for Pictured Gathering with Mirror, 2018.
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