UBX, the leading open finance platform in the Philippines, has signed a memorandum of understanding (MOU) with Unit 256 Ventures Inc. to co-develop Artifract.io, a platform that democratizes Fine Arts ownership by fractionalizing them as non-fungible tokens (NFTs).
Artifract.io aims to make art more accessible to collectors and enthusiasts, as well as ordinary individuals who are interested in Fine Arts. Through the platform, art institutes that hold exclusive collections can showcase these by making their NFT versions available for purchase in tiles — staying true to art democratization.
Fractionalizing is the process of breaking an NFT into smaller licensed pieces. For instance, artwork can be broken down into multiple digital grids, and each grid can be owned by a different owner.
Through fractionalizing, collecting major art pieces is made more affordable for young collectors and art enthusiasts. It breathes second life into old artworks and allows masterpieces to be owned by the people instead of a chosen few. These pieces are digitized and traded by a new generation on the Artifract.io platform.
“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,” UBX President John Januszcack said.
“Similar to our goal of including everyone in the financial systems, 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.
Unit 256 is an art tech enterprise that aims to make Philippine Fine Arts accessible and aid institutions in art preservation. Unit 256 will spearhead the building of the Artifract community – from conceptualization to branding, from scouting to the recruitment of artists and art enthusiasts alike.
“The idea is to allow every Filipino to own a piece of Philippine history. Today, many of these masterpieces are tucked in and hidden in different estates, archives, museums, universities, and even homes — close to impossible to get your hands on them,” Unit 256 Co-Founder Stephanie Oller says.
“But with Artifract.io we can allow collectors to own a piece of that heritage and help institutes in the preservation and futureproofing of their collections. It is a clear path to the future of Fine Arts,” she clarifies.
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.
“It’s easy to mistake that Artifract diminishes the art itself, but it does more wonders for our artists. With this platform, artists and their families are promised the stability that the industry rarely offers by giving them a continued flow of income from the royalties written into the smart contracts,” Unit 256 Co-Founder Brian Poe-Llamanzares explained.
Bringing together two powerhouses, this partnership is expected to open doors for many players in the local art community. By breaking the glass ceiling through the introduction of more affordable ways of owning art, Artifract is set to be the sought-after tech solution for those who have long been looking for ways to make their mark in the industry.
“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,” Poe-Llamanzares said.