Fractional non-fungible tokens (NFTs), which have the crypto community all excited, could make young people more interested in fine art.
To be clear, if you own a piece of fine art in parts, you can’t hang the whole thing in your house. Instead, NFTs have made popular works of art more accessible to everyone through fractionalism. This means that a group of people can own a piece of art by splitting the cost. It makes it possible for each member of the collective to own a piece of the art. Before, if they didn’t have enough money to buy it outright, they had to watch someone else take it.
In an exclusive interview with Moneycontrol, the famous British artist Sacha Jafri, who is a big fan of fractionalism, explained its potential: “If you fractionalize a physical painting, you can actually let millions of people own a piece of that painting… But it’s not really about owning a piece of the painting. It’s about being a member of that group. That’s the important part.”
“If you can be a part of an artist’s journey, you are a part of something much bigger than the artist or the painting. You are a part of that artist’s journey and a part of that community. And that has a lot of interesting benefits for both artists and collectors,” said Jafri.
Arijit Mukherjee, the founder of the NFT marketplace Yunometa, says this about fractionalism: “Imagine the joy and pride of NFT owners being able to claim a piece of a famous work of art, like Monet’s water lilies. They can be proud to own works that until now were only seen by art historians and a small group of wealthy people.”
Mukherjee says that as fractional fine art becomes more popular, this will lead to more talented artists being found and more art being made. He also said, “It’s time for art to take its rightful place in history and pop culture. With fractionalism, it’s time for art to take its rightful place in history and pop culture.”
The fractional fine art idea will also make art more accessible. Millions of people who have always wanted to own a Leonardo da Vinci or Gustav Klimt painting can now easily buy the NFTs that come from these works of art.
Artists need to be seen.
This idea is also good for artists because it makes them known no matter what community, region, or situation they are in. Also, investors will gain because they will be able to trade the NFT artworks they own with people all over the world. Before deciding where to put their money, investors can look at artists and their work from all over the world.
“NFT projects usually have thousands of artworks, so fractional art is a great way to see an artist you like and have been following. It’s also a great way to own one of their works.” It gives investors the chance to be a part of big projects and profit from them, said Vivaan Kapoor and Rahul Kapoor, co-founders of the NFT-based platform CryptoRunners, in an email to Moneycontrol.
Soon to be live
The idea of “fractional fine art” has yet to reach its full potential in India and around the world. In order to make art available to everyone, Artfi, a Web3 fine art Fintech startup based in Dubai, is bringing the fine arts community into the blockchain. This is a challenge to the traditional way of trading art.
The company wants to make it easy to collect art by using Blockchain and NFTs. Artfi is building a platform so that more people can invest in paintings worth millions of dollars. In a year or two, the paintings will be for sale on the platform.
Asif Kamal, the founder of Artfi, explains how it works: “When you sell through the platform, you will earn royalties for the rest of your life, because this one piece of art from your collection will be sold as an NFT to 10,000 different people.” Kamal says that the owner of a piece of art can sell 90% of a canvas and keep 10% to use in the future if the price of the NFT goes up.
Kamal also said that the price of the NFT will be different for each piece of art. Kamal said that Sacha Jafri is one of the first people Artfi has worked with. His painting, Kafka’s Waiting Room, is based on a book by the famous author Franz Kafka and is thought to be worth $10 million. It will be cut into 10,000 pieces and sold for $1,000 each.
Jafri told Moneycontrol that the goal is to use fractional NFTs of fine art to raise money for charitable causes.
“It’s great if I sell a painting for $10 million and get $8 million for a good cause. But that same painting can be broken up into many pieces. You can make pixels, you can make a billion tokens, and you can sell the same painting for a billion dollars.”
Experts think India could be a market.
The founders of CryptoRunners, Vivaan and Rahul Kapoor, think that there will soon be a big rise in NFTs in India, and that the idea of fractional NFTs will help make this happen.
In an email to Moneycontrol, they said, “Because the benefits of this growing industry are so big, many companies have already seen its value and will be releasing their projects very soon.”
In fact, the founder of HelperWorld, Ashwani Kumar, says that NFTs will make it easier for people to see the digital work that goes along with the physical art.
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