Artfi is pleased to announce a transformative partnership with the Sui Network, poised to revolutionize the art market by democratizing art investments through innovative blockchain technology. This collaboration aims to make art investments accessible to a wider audience, and to break down the traditional barriers that have kept the art world exclusive.
Together with @artfiglobal, we are excited to transform the world of visual arts with blockchain technology, helping to pioneer the tokenization of real-world assets.
We are also pleased to introduce the digital objects Artinals-RWArt – a way to prove partial ownership of real art.
Stay… https://t.co/gUAl90OsM6
— Sui (@SuiNetwork) May 28, 2024
Sui’s groundbreaking object-centric blockchain model deviates significantly from traditional approaches, focusing instead on objects as the primary unit of data. This shift allows each digital asset on Sui to have its unique identity, complete with ownership information, type and a detailed transaction history. Sui enables both single and shared ownership of assets, with shared ownership requiring multiple verifications for changes, ensuring security and consensus. This flexibility makes it possible to create complex asset structures in which objects can own other objects, and some objects can even be made immutable to ensure data integrity and security.
Artfi’s impact on the art market
Combining the vast art market with the transparency and efficiency of blockchain technology, Artfi’s initiatives target the $1.7 trillion art industry. Traditionally, the art market is an exclusive domain for the wealthy. Artfi disrupts this status quo by democratizing access to art investments, making it possible for more people to participate in and benefit from the art market.
One of the key innovations of this partnership is the introduction of ‘Artinals’, a new concept where artworks are divided into numerous fractions, each represented as a digital object on the Sui blockchain. These fractions, called Artinals, allow investors to own and trade parts of a work of art as if they were individual works of art. This concept not only increases the liquidity of art investments, but also makes it easier for investors to enter the art market at different investment levels.
