Antwerp’s Royal Museums of Fine Arts (KMSKA) on Monday became the first European museum to tokenize fine art investments, starting with Belgian painter James Ensor (1860), according to blockchain digitization provider Tokeny – 1949) of the painting Carnaval de Binche. Investors can acquire partial ownership of the work from €150. The joint venture is a joint effort of KMSKA, Tokeny and blockchain art entity Rubey, and the tokens themselves are ERC-3643 compliant and published on the Polygon (MATIC) blockchain.
The ultimate goal of the partnership, as the two sides say, is to lower the investment barriers to entry and allow everyday users to become co-owners of expensive artworks that are usually only accessible to the wealthy. Through an innovative fundraising method, the Art Security Token Offering, individuals are able to buy collectively and ensure that KMSKA receives it in the form of a long-term loan.
Unlike non-fungible tokens, art security tokens in exchange are backed by debt instruments. Therefore, Rubey chose Tokeny’s tokenization API to issue and manage securitization tokens in a compliant manner. Regarding the development, Tokeny CEO Luc Falempin commented:
“We share the same vision with our partners KMSKA and Rubey that security tokens will have a real impact on the art industry by allowing smaller investors to invest in and participate in art that already has existing value.”
Meanwhile, KMSKA President Luk Lemmens added:
“KMSKA already has the largest collection of Ensor in the world. The addition of Carnaval de Binche puts our museum even more on the international map as the center of excellence for Ensor.”