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WUNDER, a blockchain-based digital art museum, has announced that ING Collection recently purchased fractional ownership shares in a video art work via a blockchain-based transaction.
Founded in 2018, WUNDER, built by Luxembourg-based startup Artfintech.one, aims to help create and organize premium digital art and make it globally accessible in a sustainable way.
The pilot transaction of the first online issued art-based tokens was carried out in January in which Catrina Luchsinger Gaehwiler, Partner at Froriep Legal AG, purchased fractional ownership shares in a video art work, called “The Absence of Presence,” by Romanian artist Dragos Alexandrescu.
In a press release dated August 28, WUNDER said that the second peer-to-peer transaction of fractional art-based revenue sharing asset tokens transaction involved the ING Collection, the art collection initiative of the Dutch banking giant ING. ING Collection in Amsterdam purchased fractional ownership shares, representing 12.5% ownership in a master copy from the video art work.
Similar to the pilot transaction, WUNDER said that the second transaction was completed using the Patron Protocol, an end-to-end system built on the EOS blockchain which allows accredited artists to tokenize digital art and to make it available to patrons and investors via WUNDER.
“This transaction… is also important for its support from a major international bank helping to establish a market for digital art and artists,” WUNDER said.
Emphasizing on ING’s mission to create an ecosystem to support talented artists, Sanne ten Brink, Head Curator of ING Collection, said:
“The ING Collection seeks to foster creativity and innovation. We are happy to partner with WUNDER to explore novel ways to empower talented artists and to share their digital art with a broad audience.”
WUNDER aims to makes it easy for patrons to support and invest in high-quality digital art and for digital artists to collaborate and monetize their works. It said that it delivers a number of advantages including decreased logistics and management costs, management of digital source files, and total transparency on the tokens acquired, among others.
In addition, Know Your Customer (KYC) and Anti Money Laundering (AML) procedures are embedded at onboarding for peer-to-peer sales transactions by qualified investors, the release said.
“Beside the financial support and benefits from the artist point of view, my collaboration with the WUNDER platform created also new opportunities of promoting, selling and exhibiting my work in places outside of a physical space which was more difficult to reach before. As I experienced WUNDER’s platform, artists will most benefit being part of it since they will get 100% from the agreed price and even more from renting the work,” Alexandrescu said.
Just recently, South Korean blockchain startup Artbloc acquired two art works by world-renowned British artist David Hockney and will be offering tokens for these works during an event to be held this month. Artbloc CEO Jun Kim explained that they are basically trying to bring high-end works to regular investors and customers.
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