Swiss digital wealth management bank, Sygnum, announced that it has partnered with industry-leading art investment company Artemundi to sell its stake in Pablo Picasso’s NFT paintings at $ 6,000 per share.
The painting, titled “Fillette au beret,” which was innovated in 1964, was sold, according to a Reuters report on Thursday. The last time the artwork was sold by an auction house called Uppsala Auktionskammare for SEK 21.4 million for about $ 2.48 million in 2016.
This time, this painting will be tokenized through blockchain technology so that all types of buyers can participate in owning the masterpiece. Subscription is expected to begin in late July with a total value of around 4 million Swiss francs ($ 3.68 million).
The Artemundi company said that:
“This is the first time that ownership rights to a Picasso or other work of art are on the public blockchain from a regulated bank. “
The transaction is processed in Swiss Francs (CHF) using Sygnum’s local stable Swiss Franc currency DCHF, which is protected under Swiss law.
It is not the first time that the master’s outstanding paintings are sold in NFT format. Crypto-art bought and sold as non-fungible tokens (NFT) by ERC-721 has made headlines due to record-breaking sales.
On September 21, 2020 had a crypto artwork marked the first time and was bought for at least $ 100,000 following the unprecedented sale of “Matt Kane’s Right Place & Right Time” on Async. Art. This was a signal to show the untapped potential in this emerging market.
In addition, the world’s first digital asset bank, Sygnum Bank, founded in Swiss and Singaporean origins, announced the first bank to do so ether 2.0 as reported by Blockchain.News on July 7th
Sygnum Bank customers could pledge Ethereum through Sygnum’s banking platform and keep the Ethereum safe in their personal accounts. It currently generates an annual return of up to 7%.
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