UBX, the fintech arm of Union Bank of the Philippines, has partnered with Unit 256 Ventures, an art tech enterprise, in developing a platform that will make art accessible to young collectors by offering them as non-fungible tokens (NFT).
In a media advisory, UBX said the Artifract.io platform aims to democratize arts ownership through NFTs.
Non-fungible means it cannot be replaced. NFTs, as digital assets, exist on a blockchain and can be bought, traded, or sold. NFT is entirely unique, verified by its own immutable digital signature. Fractionalizing is the process of breaking an NFT into smaller licensed pieces. An artwork can be broken down into multiple digital grids and each grid can be owned by a different owner.
Art enthusiasts or any individuals can now purchase arts as tiles.
“Artifract is set to transform the landscape of art in the Philippines by providing a tech solution to help grow the art community and preparing local artists for Web 3.0,” John Januszcack, president of UBX, said in a media release. “Artifract is built on the concept of inclusivity. It will allow the Fine Arts to be digitized and fractionalized, bringing art ownership closer to the average Filipino.”
Artifract.io, owned by UBX and operated by Unit 256, is set to accommodate the growing demand for NFTs in the Philippines, a market that has been called the “hot spot for NFT ownership in the whole world. “
UBX will provide the necessary technologies in setting up a seamless platform for optimal user experience and advancing the project’s business and marketing development.