Swiss Digital Asset Bank Issues NFT Ownership in Picasso Painting

Swiss Digital Asset Bank Issues NFT Ownership in Picasso Painting
  • Sygnum has partnered with art investment firm Artemundi.
  • The shares represent ownership of more than $3.68 million Picasso painting.

Sygnum is a digital asset-based Swiss Bank which has partnered with art investment firm Artemundi to provide fractionalized ownership shares in a Pablo Picasso painting for $6,000 each. 

Moreover, the shares represent ownership more than $3.68 million Picasso painting, ‘Fillette au béret,” will be tokenized and offered through blockchain technology. This enables a huge variety of investors to gain exposure to the artwork. More so, the Non-fungible tokens (NFTs) could be bought by sophisticated and institutional investors through Sygnum Bank. Along with the secondary trade set to occur on SygnEx, a bank’s crypto asset trading platform. 

More so, the trades will be settled in Swiss Francs (CHF) utilizing Sygnum’s native CHF stablecoin, DCHF. Added to this, the fractionalized ownership on the painting will be identified by Swiss law. Notably, the 1964 painting indicates a beret-capped child in brightly coloured clothes. In 2016, it was sold for $2.48 million. 

Artemundi Co-owner Javier Lumbreras said,

“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.”

Picasso on the Blockchain

Sygnum is not the first firm that looks to tokenize the work of Picasso. In June, Soethby’s auction house revealed that it has partnered with Mira imaging with ideas to auction Picasso’s work “Le peintre et son modèle”, along with an ETH-related NFT token developed by scanning ‘every micron’ of the painting’s surface to develop a unique encrypted signature indicating the work. 

All-in-all, the NFT could be scanned in order to confirm the authenticity of the work utilizing a looking Glass scanner. However, the NFT offering was scrapped by Sotehby’s, with the painting sold for $3.12 million without an non fungible counterpart.

Furthermore, the launch of “The Burned Picasso” project from artist collective, Unique.One Community, last month. Notably, an NFT indicating the artwork is minted by June end, after displaying a Picasso sketch at a gallery in Denver.

More so, the NFT auction will be live for the next two weeks, with an initiating price set at 0.25 ETH (roughly $500). Even  more, the auction winner will also get the framed burnt remnants of original artwork.

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