System eyed for wider fine art ownership

FINANCIAL technology venture studio UBX has signed a memorandum of understanding with Unit 256 Ventures Inc. to co-develop, a platform that democratizes fine art ownership by fractionalizing them as non-fungible tokens (NFTs).

The platform aims to make art more accessible to collectors and enthusiasts, as well as ordinary individuals who are interested in fine art. Through it, art institutes that hold exclusive collections can showcase these by making their NFT versions available for purchase in 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. Similar to our goal of including everyone in the financial systems, the platform is built on the concept of inclusivity,” UBX President John Januszcack said.

Unit 256 will spearhead the building of the Artifract community — from conceptualization to branding, to scouting and recruitment of artists and art enthusiasts alike.

“The idea is to allow every Filipino to own a piece of artistic history. With, we can allow collectors to own a piece of that heritage and help institutes in the preservation and futureproofing of their collections,” said Unit 256 co-founder Stephanie Oller.

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On the other hand, 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.

“Our dedication to art preservation means that we are always on the lookout for ways to keep up with the demands of the times. This partnership with UBX is the best way of moving forward with our goals,” Unit 256 co-founder Brian Poe-Llamanzares explained.