Art is rapidly becoming a bankable asset class as a result of the development of cutting-edge blockchain technology, allowing artists and dealers to discover asset value and empowering financial options when trading art.

Interestingly, AllianceBlock, a platform that creates trustless, decentralized gateways between traditional finance (TradFi) and decentralized finance (DeFi), announced on January 20 a collaboration with ARTBANX, a customizable and secure collection management solution for collectors, art experts and financial institutions. .

Expanding the art market with a blockchain-based marketplace is made possible by ARTBANX’s collection management, market data, and financial infrastructure.

Meanwhile, AllianceBlock will enable tokenization of physical artworks and support an art marketplace using the Nexera Protocol infrastructure and NexeraID identity management software. The partnership opens up new opportunities for art collectors by giving them access to liquidity for their physical art through a real-world asset-backed financing platform that uses tangible works of art as collateral.

Matthijs de Vries, Founder and CTO of AllianceBlock, stated:

“We are excited to partner with ARTBANX and take another step towards our mission of uniting TradFi with DeFi. The art market is a lucrative market and ripe for disruption. Using Nexera, we are enabling a new financial model that preserves DeFi values; self-custody, transparency, decentralization, peer-to-peer, security and privacy while providing more stable performance in a less volatile market.”

Digital art exceeds 11,000 million dollars in 2022

According to the most recent Art Market 2022 report published by Art Basel and UBS, the global art market expanded 29% year-over-year, increasing to $65.1 billion in total art sales. This growth was driven in part by a significant increase in interest in digital art made possible by non-fungible tokens (NFTs), which exceeded $11.1 billion.

Tokenization of tangible real-world assets increases liquidity and opens the market to a broader audience. This new platform will provide art collectors with an easier means of accessing liquidity for their assets while retaining digitally represented ownership of the underlying, and will do so by using the ARTBANX technology stack and AllianceBlock infrastructure.

In addition, by adopting the MetaNFT standard enabled by AllianceBlock’s Nexera Protocol, ARTBANX’s Web2-based technology stack will be able to migrate and integrate with Web3, allowing the company to take full advantage of the benefits of blockchain technology and NFTs. third generation.

Leveraging the blockchain infrastructure provided by AllianceBlock and Nexera Protocol is expected to reduce the time to market for this new platform and significantly reduce development cost and resources.