Royal Museum of Fine Arts Antwerp had a million-euro masterpiece tokenized
It is claimed by Tokeny that the tokens are compliant with the Ethereum and Polygon blockchains.
From “Carnaval de Binche,” a painting by Belgian artist James Ensor (1860–1949), the Royal Institution of Fine Arts Antwerp (KMSKA) became the first European museum to tokenize investments in fine art on Monday, according to Tokeny, a blockchain digitization service. Investors may get a stake in the project for as little as 150 euros (approximately $158 USD). Rubey is a blockchain art company founded by KMSKA and Tokeny. The project’s tokens are ERC-3643 compatible and will be released on the Polygon (MATIC) blockchain.
This partnership, according to both sides, is aimed at lowering the obstacles to the entrance into the art market and making it more accessible to a wider range of people, particularly those who are not wealthy. KMSKA was able to get long-term financing for the piece through an Art Security Token Offering, an innovative technique of obtaining funds.
Tokens backed by debt instruments are used instead of non-fungible tokens in the transactions. This is why Rubey chose Tokeny’s tokenization API for issuing and managing securitized tokens in a regulatory-compliant way. Tokeny For his part, CEO of Tokeny Luc Falempin had this to say about the new development:
SEC tokens will have a big influence on the art business because they let smaller investors participate and interact in artworks that already have value,” said KMSKA and Rubey’s co-founders.
KMSKA President Luk Lemmens, on the other hand, has stated: “The Ensor collection at KMSKA was already the biggest in the world. With the inclusion of Carnaval de Binche, our museum’s reputation as a premier Ensor destination has become even more pronounced.”