Digitalization and minting artworks as non-fungible tokens (NFT ) have been rapidly adapted globally since 2020; now in 2022, Philippine fine art is also following the wave as it also ventures into the space through Artifract, a platform that democratizes Fine Arts ownership by fractionalizing them as non-fungible tokens (NFTs).
One of the recent adapters is Fundacion Sanso, the non-profit organization that preserves the legacy and masterpieces of painter Juvenal Sansó, which recently tapped Unit 256 Ventures Inc. to ensure the integrity and safety of all pieces of Fundacion Sanso for its future preservation.
“Using this technology is very much aligned with our commitment to safeguard and promote the legacy of (the) Presidential Medal of Merit Awardee, Master Juvenal Sanso. Blockchain and NFT will help us ensure authenticity and provenance, and in the process, work against forgery. That way we also assure the collectors and the public of what are truly works of Master Juvenal Sanso,” Ricky Francisco, Director at Fundacion Sansó said in a statement.
The partnership agreement was signed by Fundacion Sanso, under the chairmanship of Joaquin M. Teotico, Managing Director, Ricky Francisco, and the founders of Unit 256, Brian Poe Llamanzares, Marvin Agustin, Stephanie Oller, Edison Tsai, and Magellan Fetalino on July 9, 2022. The move took a major step for High Art in the country as it moves towards the future.
As a disclaimer, Artifract noted that they do not create digital arts as their NFTs are all based on physically exclusive, archival pieces that comprise the very foundation of Philippine Fine Arts. Partnering with Artifract means allowing the pieces to be digitized, and fractionalized but will still be kept by the estate or artist or owner.
“We produce the ONLY official minted version of every physical piece in the blockchain hence the NFT, allowing traceability and authenticity through and through. So your physical Fine Art pieces can secure its existence in the metaverse & the blockchain. We allow access of every art and NFT enthusiast to the most valuable art collections of the Philippines,” –Stephanie Oller, Co-Founder of Artifract
Artifract.io was established last month after UBX, a financial technology venture studio of UnionBank, has signed a memorandum of understanding (MOU) with art-tech enterprise Unit 256 Ventures Inc.to co-develop the platform. (Read more: UBX, Unit 256 Team Up For Wider Filipino Fine Art Ownership via NFTs)
“…for the artists and the estates, the project allows for trackable royalties that are cryptographically secure. The nature of NFTs allow instant authentication and an ability to track the provenance and value even through subsequent transfers or sale of the asset in the digital marketplace. For patrons, investors, and collectors, this project promotes the democratization of access to Fine Arts.” –Alcantara Joaquino Alcantara (AJA) Law, Artifract’s legal counsel
The firm also noted that the project also bridges the gap in the art space when it comes to artists’ and estates’ rights to their pieces.
“As a firm comprised of art-collectors and tech-enthusiasts, we believe that this is an exciting project and a step at the right direction for the local and regional art space,” they added.
Recently, the 72 year-old visual artist Carlos, launched “The Colors of Carlos” art exhibition which aims to bridge NFTs with the traditional art. In the exhibition, Carlos displayed his paintings and sculpture with his pieces of crypto art which were made in collaboration with artist and motion designer Isaiah Cacnio. (Read more: New Exhibit at Galeria Paloma by 72 Yr-Old Artist Carlos Bridges NFT with Traditional Art)
This article is published on BitPinas: Juvenal Sansó’s Masterpieces to be Preserved as NFTs under Artifract
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