Open finance platform UBX and art-tech startup Unit 256 Ventures Inc., introduced what is considered to be the Philippines’ first tokenized NFT platform.
Artifract utilizes the proprietary “token factory technology” that was co-developed by UBX and Unit 256. Token Factory is a system wherein real-world or digital assets are represented by “tokens” on the blockchain.
Trading transactions are thus streamlined since the tokens can create a trustworthy framework for tracking and settling assets. The system ensures security for digital transactions without relying on third-party institutions or intermediaries. By breaking down the NFT into smaller pieces, a process known as fractionalizing, artwork can be turned into multiple digital grids. Each digital grid can be owned by various owners.
“Our participation in the digitalization and fractionalization of art is very much in line with our goal of financial inclusion. The bedrock of Artifract is inclusivity, and through this process, art ownership is no longer within the exclusive province of the upper class, but is now brought closer to the average Filipino,” John Januszczak, president and CEO, UBX.
Artifract empowers collectors and enthusiasts, and even ordinary individuals, to participate in the market by making art more accessible and affordable. Through the platform, artists can showcase their artworks and fractionalize them as NFTs so that individuals can own pieces of their artworks at more affordable prices.
Old artworks can be resurrected into new masterpieces, which can now be owned by more than one person, expanding the reach of art by inviting more members into the community and providing a more stable income for artists. The platform features staple pieces such as Serendipitous Visions and Flower Vendor by celebrated artists such as Juvenal Sanso, to name one.
With a growing demand for NFTs in the Philippines, which has recently been called as the hot spot for NFT ownership in the whole world, UBX will step in to provide the necessary technologies for optimal user experience and advance the project’s business and marketing development.
Unit 256, an art-tech venture that aspires to make Fine Arts accessible and help institutions in art preservation, spearheads the conceptualization to branding, from scouting to the recruitment of artists and art enthusiasts alike.
Prior to its official launch, Artifract exhibited the works of painter Juvenal Sanso at a special dinner to generate a response from the art community.
“Needless to say, the response was nothing short of warm and welcoming. With such a successful precedent, there is no doubt that the launch will be welcomed with just as much enthusiasm. Following this trend, we are expecting to partner with more Masters in the art industry,” said Stephanie Oller, co-founder and head of Curation & Collections, Unit 256.
Likewise, Januszczak expects that the launch of Artifract will introduce big changes for both the financial and art industries.
“True innovation is not just about figuring out where technology can take us next. As evidenced by our partnership with Unit 256, it’s also about forging alliances to help more causes. Beyond the world of finance, we at UBX are looking forward to seeing how this platform will grow, which will be, ultimately, for the benefit of each and every Filipino,” Januszczak said.