Allianceblock, Artbanx To Tokenize Physical Artwork In Web3
ARTBANX, a customizable and secure collection management solution for collectors, art experts, and financial institutions, announced a collaboration with AllianceBlock, a platform that creates decentralised and trustless gateways across Traditional Finance (TradFi) and Decentralized Finance (DeFi), on January 20.
ARTBANX’s collection management, market data, and finance infrastructure enable the art market’s expansion with a blockchain-based marketplace.
Meanwhile, AllianceBlock will use Nexera Protocol’s infrastructure and NexeraID’s identity management software to tokenize physical artworks and support an art market. The collaboration expands opportunities for art collectors by providing access to the liquidity of their physical art through a platform for real-world asset-backed financing using tangible artworks as security.
According to the most recent Art Market 2022 report published by Art Basel and UBS, the global art market expanded by 29% year on year, reaching up to $65.1 billion in total art sales. This expansion was fueled in part by a significant increase in interest in digital art enabled by non-fungible tokens (NFTs), which totaled $11.1 billion.
Tokenization of real-world tangible assets increases liquidity and broadens market access. This new platform will make it easier for art collectors to access the liquidity of their assets while still retaining digitally represented ownership of the underlying, and it will do so by leveraging ARTBANX’s technological stack and AllianceBlock’s infrastructure.
(With inputs from Shikha Singh)
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