The Royal Museum of Fine Arts Antwerp (KMSKA) becomes the first European museum to tokenize investment in fine art, beginning with the painting ‘Carnaval de Binche.’
According to the blog post, KMSKA will debut its compliant ERC-3643 based security token offering on the Polygon blockchain, in collaboration with Rubey and Tokeny, leveraging both teams’ legal, marketing, and technological skills.
It will also offer fractional ownership of the painting Carnaval de Binche by James Ensor (1860–1949), with investments beginning at €150.
The art world has traditionally been dominated by rich people who have access to or can afford museum-quality artwork. KMSKA aspires to “revolutionize the status quo by making masterpieces available to the masses.”
The partnership’s overall goal is to lower the investment barrier to entry, allowing regular folks to become co-owners of pricey fine art items.
The funds raised via the Art Security Token Offering will allow Carnaval de Binche to be bought by individuals, and ensure that KMSKA receives it on a long-term loan.
Unlike NFTs, KMSKA’s Art Security Tokens are supported by debt instruments, which are regulated as securities and must adhere to the law during their entire lifecycle.
Tokeny’s tokenization APIs were chosen by Rubey to issue and manage securitized tokens in a regulatory-compliant way.
Token transfers are only possible if certain criteria are met, and ownership of tokens is guaranteed by holders’ ONCHAINIDs, for example, token holders can retrieve their tokens if their wallets are lost.
To boost asset liquidity, the team hopes to launch a secondary market solution on the Rubey platform, in 2023.
Tokeny CEO Luc Falempin stated “There is confusion in the market about NFT and security tokens, and we are pleased to see that KMSKA, an innovative traditional museum, fully understands the differences between these two types of digital assets.”
With the rise in adoption of blockchain technology, ordinary people are getting a chance to access art in a way that we couldn’t have imagined a few years back. Recently the Vatican City announced plans to open an NFT gallery to ‘Democratize Art’ so that people around the world can see its rich culture which boasts century-old manuscripts, art and other antiques.
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