The Royal Museum of proper Arts Antwerp (KMSKA) in Belgium is dealing with two blockchain companies to tokenize Carnaval de Binche, millions of-euro painting by Belgian artist James Ensor, to permit everybody to become “co-owner” from the masterpiece.
The 2-centuries-old museum has partnered with blockchain companies Rubey and Tokeny to tokenize the masterpiece around the Polygon (MATIC) blockchain using Tokeny’s compliant ERC-3643-based security token, a typical for permissioned tokens.
“[The KMSKA] may be the first European museum to tokenize a work of art to democratize art investment,” states the announcement.
As the art industry continues to be typically covered with wealthy individuals, the KMSKA states it aims to create masterpieces open to everyone by providing fractional possession.
Within the situation of Carnaval de Binche, everybody may become a “co-owner” by having an investment of EUR 150 (USD 158). The fractional possession could be offered with an Art Security Token Offering, using the money elevated getting used to buy the painting.
“KMSKA could be more than the usual place that displays art. We’re fully dedicated to engaging our visitors and token holders within our collection and operation,” Luk Lemmens, President of KMSKA, stated. “It’s very special that anybody may become a “co-owner” of Carnaval de Binche by James Ensor.”
KMSKA’s Art Security Tokens aren’t the same as non-fungible tokens (NFTs) in that they’re supported by debt instruments, causing them to be come under securities regulation. Therefore, they have to adhere to what the law states throughout the whole process of issuance.
To make sure compliance, the museum uses permissioned ERC-3643 tokens and also the digital identity system ONCHAINID. Therefore, interested buyers have to meet certain criteria before having the ability to purchase and transfer tokens.
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