ArtMeta digitalizing art with VP Bank
11 July 2022
ArtMeta, the metaverse for art based in the Greater Zurich Area, has entered into a partnership with VP Bank from Liechtenstein. This will facilitate art tokenization services. As such, shares of physical artworks can be purchased, tracked and traded on the blockchain.
ArtMeta has entered into a partnership with the international VP Bank group. In so doing, the bank from Liechtenstein is expanding its portfolio of services in connection with digitizing valuable art collections and making them visible within the ArtMeta metaverse. This digital platform provides collectors with access to works showcased by galleries and artists. In addition, ArtMeta organizes events and exhibitions.
According to a press release issued by the Zug-based firm, VP Bank is also launching its latest service: art tokenization. In this way, it will combine the advantages of blockchain technologies such as traceability and transparency with the usual security standards of a regulated bank.
Tokenization allows physical assets such as works of art to be divided into any number of “tokens”, with each token representing a certain share of an artwork. Similar to traditional securities, ownership claims are enforceable in this way. In the ArtMeta metaverse, tokens can be purchased directly from art galleries and artists and paid for with cryptocurrencies.