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The firm aims to create a model of collective ownership using blockchain technology.
Real-world asset (RWA) tokenization platform 10101.art made its official launch at Dubai’s Ritz-Carlton offering pre-sale access to the attendants to Banksy and Warhol originals.
The idea behind the project is to digitally divide famous art pieces and sell them as tokens, creating collective ownership using blockchain.
“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,” stated Alina Krot, CEO of 10101.art. “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.”
According to their website, 10101.art experts pick valuable art pieces they consider worth tokenizing and, after an authenticity check, store them in Dubai.
The launch announcement also mentions works from artists such as Pablo Picasso and Salvador Dalí, although they are not available in their website.
The RWA market popularity registered significant growth over the past months, with the combined market cap for tokens within this sector surpassing $7.7 billion, data aggregator CoinGecko shows.
Moreover, traditional financial institutions are exploring the benefits of RWA tokenization, such as BlackRock. Since the inception of their tokenized fund BUIDL, on March 20, the total size jumped from $40 million to $304 million, a 660% leap.