The Art of Technology in Redefining Ownership of Real-World Assets - TOKEN2049 Singapore 2023

Summary

Asif Kamal, CEO of Artify, introduces a platform aiming to democratize art collecting and investing by utilizing blockchain and NFTs. Despite the bear market and skepticism, Artify offers fractional ownership of fine art, making it accessible to a broader audience. The company's vision is to allow anyone to invest in art, with the potential for significant returns, and to redefine the traditional art business model through its revenue-sharing Artify token.

Takeaways

• 🎨 The founder of Artify, Asif Kamal, aims to make fine art collecting and investing accessible to everyone, a concept he refers to as the 'Democracy of Art'.
• 🌐 Artify leverages blockchain and NFTs to redefine ownership in fine art collecting, allowing a broader audience to participate in the art market.
• 💡 Kamal's vision was born out of his traditional art background and the desire to go beyond the typical use of NFTs, seeing them as a tool for ownership of digital assets.
• 📉 Despite the bear market and skepticism around crypto and blockchain, Artify was built with the belief in the potential of these technologies for art.
• 👥 Fine art investing has traditionally been limited to about 4% of the world's population, with the rest having little financial participation in the art market.
• 💰 Art has outperformed traditional asset classes over the last 30 years, making it a significant, yet largely inaccessible, asset class.
• 🎥 Artify presents a cinematic representation of their vision to make art accessible, shareable, tradable, affordable, democratic, and decentralized.
• 🖼️ Artify's model allows fractional ownership of fine art pieces through NFTs, democratizing access to high-value art and making it investable for a wider audience.
• 🏛️ Physical art represented by tokens will be displayed at the Artify Foundation, a non-profit public trust, and in a metaverse museum for community engagement.
• 📊 The Artify token is designed as a revenue-sharing and utility token, allowing holders to participate in the success of the art business and benefit from buyback and burn mechanisms.
• 🎨 The first Genesis offering by Artify features exclusive paintings by top-selling artist Sasha Jafri, symbolizing the 'Sixth Element' of humanity, and is aimed at the crypto and blockchain ecosystem.

Q & A

What is the main vision of Artify as presented by Asif Kamal?

The main vision of Artify, as presented by Asif Kamal, is to democratize art ownership and make fine art collecting and investing accessible to everyone through the use of technology, specifically blockchain and NFTs.

What was Asif Kamal's background before founding Artify?

Asif Kamal comes from a traditional art background, which has given him a deep appreciation for art and its value, but also a desire to make it more accessible to the masses.

How does Artify plan to redefine the ownership of fine art collecting and investing?

Artify plans to redefine the ownership of fine art collecting and investing by fractionalizing the ownership of art pieces into NFTs, allowing a dispersed group of people to collectively and securely own a piece of art history.

What is the significance of the 'Sixth Element' artwork by Sasha Jafri in Artify's Genesis offering?

The 'Sixth Element' artwork by Sasha Jafri is significant as it represents a concept that was adopted by Rolls-Royce for a limited edition car and is now being introduced to the crypto and blockchain ecosystem as part of Artify's first Genesis offering, making top-tier art accessible to a broader audience.

What is the role of the Artify token in the business model?

The Artify token serves as the company's revenue-sharing and utility token, designed to increase in value as the company grows its revenues. It allows holders to participate in the success of the business and provides exposure to the profitable art industry.

How does Artify address the issue of art being inaccessible to the majority of people?

Artify addresses the issue of inaccessibility by using blockchain technology to fractionalize art pieces into NFTs, making it possible for anyone to invest in and own a part of valuable art, regardless of their financial capacity.

What is the target audience for Artify's platform?

The target audience for Artify's platform includes both artists and art investors, with a focus on democratizing art ownership and making art accessible to a global audience, not just the wealthy or traditional art collectors.

How does Artify ensure the value of its NFTs?

The value of Artify's NFTs is backed by physical art pieces, which are displayed at the Artify Foundation, a non-profit public trust, and in a physical museum, ensuring that the NFTs have a tangible and prestigious asset class backing their value.

What is the purpose of the physical museum and metaverse museum in Artify's ecosystem?

The purpose of the physical museum and metaverse museum in Artify's ecosystem is to provide a space for the community to experience art in real life and to offer instant access to the art pieces, enhancing the overall community experience.

How does Artify plan to distribute profits from the sale of art pieces?

Artify plans to distribute profits from the sale of art pieces by sharing them among all the collectors who own fractions of the NFT representing the artwork, ensuring that everyone involved benefits from the success of the art piece.

What is the significance of the art business being made investable through Artify tokens?

The significance of making the art business investable through Artify tokens is that it opens up the traditionally exclusive and profitable art market to retail investors, allowing them to gain exposure to and potentially profit from the art industry.