Real World Assets: The Last Supper Of Art

10101.art is a fine art marketplace, offering legal collective ownership of world-famous art pieces. Our aim is simple: to make high-value art by legends like Picasso, Banksy, Warhol, and Dalí, accessible to everyone. Soon we are having the next phase of our ‘Turf War' Banksy stage, where anyone can become a legal co-owner of this masterpiece in only a few clicks.

A year ago, Ulrik Lykke, in his article "Real World Assets: The Holy Grail of Decentralized Finance", shed light on the untapped potential of Real World Assets (RWA) within the decentralized finance (DeFi) ecosystem. He forecasted the emergence of a novel asset class that seamlessly blends traditional finance with the innovative realm of DeFi. His predictions have become reality, and evidence of his theories can be found in our project, 10101.art, as well. Today, we’ll delve into his article, exploring it through key quotes and their underlying meanings.

Collective Ownership of Traditional Assets

“RWAs enable the division of ownership of traditionally large assets, such as real estate or fine art, into smaller portions that can be bought and sold by multiple investors.” 

Lykke discussed how RWAs could revolutionize the ownership of major high-value objects like art, making it possible to collectively own a piece without spending millions of dollars. 10101.art has brought this vision to life, making the concept of art tokenization a current reality. Our platform removes entry barriers, allowing anyone to own a share in famous artworks. This opens up previously hard-to-reach art market to a wider audience, transcending the circle of traditional elite collectors.

Global Market Access

“RWAs allow for the transfer of ownership of traditional assets to be done digitally and across borders, providing greater access to global markets.” 

Lykke predicted that RWAs would enable digital and cross-border ownership transfers, broadening access to global markets. As an art tokenization platform, 10101.art leverages blockchain technology for seamless international transactions, making it possible for art enthusiasts worldwide to participate. Any person from anywhere on the globe can visit the online platform, connect their wallet, and become a legal co-owner of a masterpiece by Andy Warhol in only a few clicks.

Transparency and Security in Transactions

“RWAs are able to provide a high level of transparency in transactions through blockchain technology, making it more difficult for fraudulent activities to take place.” 

Another point highlighted in the article is the role of blockchain in enhancing transaction transparency and security. Our platform utilizes blockchain’s transparency and security features, ensuring every tokenized artwork is backed by a clear provenance . This reduces fraud risk and builds trust among collectors and art enthusiasts, with every transaction recorded and verifiable on the blockchain.

Streamlined Ownership with Smart Contracts

“With the use of smart contracts, RWAs can be managed automatically, reducing the need for intermediaries and increasing the speed and efficiency of transactions.” 

Lykke advocated for using smart contracts to automate asset management, making transactions faster and reducing the need for intermediaries. 10101.art uses smart contracts to simplify art ownership and the trading process, removing traditional complexities and making transactions more efficient. This ensures regulatory compliance and reduces transaction costs.

The Future of DeFi and Art

While traditional businesses across various sectors began adopting RWAs last year, the major players in the art market have largely remained on the sidelines. This scenario is reminiscent of “The Last Supper”, symbolizing a crucial turning point. Just as that gathering heralded a new era, the art market is on the brink of a significant transformation, influenced by the technological trend of tokenization. This conclusion is drawn from the preceding sections, where theory has been enriched with practical applications from our end, setting the stage for transformation.

10101.art has been at the forefront of this shift, demonstrating through our initial sales that the democratization of art ownership is not just a concept, but a reality. Our journey began with the groundbreaking sale of Banksy’s “Turf War,” where we sold 300 pieces at $60 each in November, followed by a second phase sale of 100 pieces at $80 each in January 2024. These successes underscore our platform’s impact on making fine art accessible to a global audience in the digital age.

As we gear up for our next sales phase, we continue to align with Ulrik Lykke’s vision for the future of RWA, actively participating in the digital transformation of the art market. This next phase promises even more opportunities for art enthusiasts and investors alike, reinforcing our commitment to making art ownership accessible to everyone, everywhere.

Discover the future of art ownership with 10101.art – follow us on social media and become part of a global community of art enthusiasts shaping the new landscape of the art market.

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This post was authored by an external contributor and does not represent Benzinga’s opinions and has not been edited for content. This contains sponsored content and is for informational purposes only and not intended to be investing advice. Cryptocurrency is a volatile market; do your independent research and only invest what you can afford to lose. New token launches and small market capitalization coins are inherently more risky than large cap cryptocurrencies. These tokens are subject to larger liquidity and market risks.

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