New fractionalized art platform Freeport offers tokenized shares of original Warhol screen prints based on Ethereum.
Have you ever desired to own an original, signed Andy Warhol screen print? Now you can, and it only costs $20 per tokenized share on a new site for fractionalized art. Also, you have to buy at least 10 shares to own a small part of the company.
As its first collection, Freeport, a platform and community gallery for tokenized fine art, is auctioning off the work of the famous pop art figure. There is now a four-piece set of original Andy Warhol screen prints for sale on the site. Depending on the piece, the price ranges from about $20 to $78 per share.
There are original, signed screen prints of “Marilyn” (1967), “Double Mickey” (1981), “Mick Jagger” (1967), and “Rebel Without a Cause” (1985) by Andy Warhol. All are signed by Warhol, and the “Mick Jagger” sculpture also bears the signature of the legendary Rolling Stones frontman.
Currently, the landscape of fine art collecting is shifting.
Invest in shares that are backed by historic pieces, like a collection by the famous Andy Warhol.
Each work is represented by 10,000 tokenized shares created on the Ethereum blockchain, valuing each piece between nearly $199,000 and $782,000.
Any user wishing to invest in one of the four works must acquire a minimum of 10 NFT-based shares of the work and may hold a maximum of 1,000 shares. Due to fractionalized shares, a single piece may be owned by up to one thousand individuals.
When an object is fractionalized, it is broken up into smaller shares or pieces. This can be done with digital or physical assets. These tokens make something that was previously thought to be illiquid more liquid, so more people can invest in it. This has been done with real land, physical art, and even digital art.
If Freeport sells each original work in the long run, the token users will get a share of the profits, and the tokens will then be burned (or destroyed for good).
In the meantime, people who own tokenized shares can use Freeport’s app to see a digital version of each piece and show it off. The company says it plans to give token users even more uses. A secondary market for shares will also be set up, so that owners can finally sell them to other people while the original asset stays in the care of Freeport.
Freeport boasts that it is the “first company of its kind to complete a Regulation A review” with the United States Securities and Exchange Commission (SEC) in order to release a “blockchain platform for investment-grade art.” Given the SEC’s intensifying assault on crypto companies and the lack of regulatory clarity surrounding fractionalized NFTs, this may provide prospective collectors with some peace of mind.
Some of the original owners of Warhol prints, like fashion icon “Baby” Jane Holzer, sold their work to Freeport for this tokenized sale.
“As a lifelong collector of art, I am passionate about Warhol. He was a dear friend and always pushing the envelope in the art world,” Holzer said, per a statement. “Freeport too is pushing the art envelope with their offering to democratize art ownership. They’re disruptively bridging a gap between art appreciation and ownership for all.”
Not for the first time has Warhol’s artwork been fractionalized and sold via blockchain. In 2018, the subsidiary of Dadiani Fine Art, Dadiani Syndicate, also offered fractionalized Warhol works. In this instance, it was Warhol’s 1980 work “14 Electric Chairs,” which at the time was valued at $5.6 million.
In 2022, the Showpiece platform sold fractional shares of Warhol’s 1985 print Reigning Queens. The portrait of the now-deceased Queen Elizabeth II was divided into 3,500 shares at a cost of £100 each.
Content Source: decrypt.com