Artifi, a Web3.0 startup has collaborated with Sacha Jafri, a fine art artist to democratise fine art collecting through fractionalised ownership, the company informed in an official release.
Asif Kamal, founder, Artfi, added, “This is the first time top-tier art will be accessible to everyone, the first-time art won’t differentiate between those who can spend a lot and those who can spend a little. We are not selling you the image of the painting, we are selling you this concept of ownership of a piece of the painting.”
The company further informed that through this collaboration the art collectors can soon own a stake in one of Jafri’s artworks.
“This collaboration with Artfi allows for a new way forward, combining technology with fine art. The democratisation of art can connect my collectors all over the world to the ownership of one of my pieces,” Sacha Jafri, the artist, added.
The company further noted that pieces have been selling at auction for many times more than their estimates with Barron’s recently highlighting an “ultra-contemporary art mania” driven by “fast-moving internet-fueled culture.
Furthermore, the company claimed that it acquires works of art and creates 10,000 NFTs representing ownership of the physical piece.