According to blockchain digitization provider Tokeny, On Monday, the Royal Museum of Fine Arts Antwerp (KMSKA) has become the first European museum to tokenize investment in fine art, starting with the painting Binche Carnival Belgian painter James Ensor (1860 – 1949). Investors can obtain a fractional ownership of the work from 150 euros. The venture is a joint effort between KMSKA, Tokeny, and blockchain art entity Rubey, and the tokens themselves are ERC-3643 compliant and released on the blockchain. Polygon (MATIC).
As explained by the parties, the ultimate goal of the collaboration is to lower the barriers to entry to investment and allow everyday users to become co-owners of expensive pieces of art that are normally only accessible to wealthy individuals. Through an innovative fundraising method, an Art Security Token Offering, individuals were able to collectively purchase and secure KMSKA to receive it on a long-term loan.
Unlike non-fungible tokens, transaction Art Security Tokens are backed by debt instruments. Therefore, Rubey selected Tokeny’s Tokenization APIs to issue and manage security tokens in a compliant manner. Regarding the eventLuc Falempin, CEO of Tokeny, commented:
“We share the same vision as our partners KMSKA and Rubey that security tokens will have a real impact on the art industry by allowing smaller investors to invest and commit to works of art that already have existing value.”
For its part, Luke Lemmens, president of KMSKA, added
“KMSKA already had the largest Ensor collection in the world. The addition of the Binche Carnival further puts our museum on the international map as an Ensor center of excellence.”
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