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10101.art Launches Platform for Fragmented Ownership of Masterpieces by Renowned Artists

source-logo  coinedition.com 16 November 2023 08:34, UTC

10101.art, an art tokenization company, will launch a new blockchain platform that allows users to own legendary physical art masterpieces created by popular artists such as Picasso, Dali, Banksy, Warhol, and many others.

Users will be able to purchase ‘each piece’ as a fragment using tokenized digital asset technology. Each NFT will be assigned to these fragments, allowing ownership to be distributed among many individuals. Individuals holding a piece of this digital puzzle and a certificate attesting to their ownership rights to the actual physical object introduce a “novel dimension” to ownership, where co-ownership becomes predominant.

By utilizing blockchain technology, 10101.art guarantees that the ownership of a physical artwork is protected legally by the owner of the blockchain certificate. Additionally, blockchain technology will ensure all the information about the art pieces is transparent, creating a trustless and secure ecosystem for the art community.

Explaining the core idea of 10101.art to Coin Edition, a representative of 10101.art stated:

10101.art emerges as a revolutionary force, offering an easy gateway to iconic artworks by masters like Banksy and Warhol, to those who once believed such pieces were unattainable.

10101.art’s team also expressed, “10101.art’s core proposition lies in enabling the transfer of ownership with just two clicks. This ensures that owning a physical artwork is both seamless and secure, thanks to blockchain technology that guarantees the transparency and provenance of each piece.”

Furthermore, 10101.art also provides a platform for the NFT owners, where they have the “opportunity to sell with a low commission.” Moreover, these NFT owners can easily trade on international art and NFT markets with 10101.art.

In addition to launching its ecosystem, all the paintings will be presented in the gallery, Monada Art. In related news, Monada Art has announced the official opening of its first location in DIFC, Dubai.

When asked about why Dubai was selected as the first location, Alina Krot, the Head of the Project at 10101.art, expressed, “Dubai is already persistently pulling its weight as an international center of the art world.”

“We also consider it a center of attraction for a huge number of people with various business goals. Therefore, when the question arose of where it would be appropriate to open a gallery, we unanimously agreed that it should definitely be Dubai,” Alina Krot continued.

Although Dubai is their first location, Monada Art has begun preparations for the expansion of the collection and has decided to take the first steps to promote their international presence.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.