Sygnum, the Swiss digital asset bank, is offering NFTs shares meaning, partially being an owner in a Picasso painting. The Sygnum’s native CHF stable coin will be used for the trades to be finalized in Swiss Francs (CHF).
Sygnum, the Swiss digital asset bank is now offering NFTs shares, meaning partially being an owner in a Picasso painting. As to allot shares in a Sygnum Picasso painting for $6K each, Sygnum, the Swiss Bank has joined and teamed with Artemundi, the art investment firm.
Shares denoting holding of $3.68 million Picasso painting, “Fillette au béret,” will be tokenized and issued with help of blockchain technology helping the investors to have a wide range outlook of the artwork.
Sygnum Bank, allows sophisticated and institutional investors to purchase the NFTs through SygnEx, the bank’s digital asset trading platform.
Using DCHF, the Sygnum’s native CHF stable coin helps the trades to be finalized in Swiss Francs (CHF), and also the Swiss law will accept partially being an owner over the painting.
The 1964 painting displays a child with a beret capped in bright colored clothes, which was sold for $2.48 million in 2016. The physical painting will not be traded, following the artwork planned to continue at a high-security facility as it is not presented in any museums.
Javier Lumbreras, Artemundi co-owner, highlighted the utility of NFT shares stated:
Artistic, cultural objects of universal appeal, once reserved for an elite group of collectors or the museums, can now be safely and directly owned without the burden of high entry barriers
Furthermore, he stated, “The art market is absurdly opaque and inefficient, but these traits will soon be relics of a bygone age,”.
Not only the Sygnum is the first to open the work of Picasso, but initially, many companies have tokenized the work of Picasso. The announcement by Sotheby’s auction house in June joined the hands with Mira Imaging for the auction the Picasso’s work with Ethereum based NFT.
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