The Philippines’ leading open finance platform, UBX, in collaboration with Unit 256, is bringing Artifract.io to life to democratize fine arts in the country through their conversion into non-fungible tokens (NFTs).
Through Artifract.io, it is hoped that art will become more accessible to both collectors and enthusiasts, extending further to the average individuals who are simply interested in fine arts.
In particular, the platform seeks to involve art institutions that may possess exclusive collections by turning them into NFT and monetizing from them through sales in tiles.
Unlike in real life where art is sold as a complete piece, fractionalizing via Artifract.io will enable the breaking of an NFT into smaller licensed parts, or digital grids. Each part of which can be rightfully owned by a unique individual.
Via the process of fractionalizing, art enthusiasts and young collectors could take part in preserving heritage.
Per UBX President John Januszcack, the digitalization and fractionalization of art will bring “art ownership closer to the average Filipinos”.
Unit 256 co-founder Stephanie Oller, meanwhile, suggests that Artifract.io will set a “clear path to the future of Fine Arts.”