It wasn’t long ago that the concept of us ordinary humans having a genuine Picasso was only a pipe dream. However, because of the blockchain’s brilliance, that fantasy is now a reality (fractionally).
Art collectors can now own a piece of Picasso’s “Fillette au beret” thanks to the machinations of Swiss digital asset bank Sygnum and the wonders of the blockchain. The picture, which depicts a confused-looking technicolor infant, was painted by the famed Spanish cubist in 1964. Furthermore, it was recently sold for $2.48 million in a Swedish auction.
The art will be stored under lock and key in the vaults of a high-security Swiss bank account, so owners will not be able to see it. The main attraction here is the easily tradeable asset. Fine art has long been seen as a rare item available only to the wealthy. With the capabilities of smart contracts and immutable code, the blockchain is now more accessible to the rest of the world.
The artwork is currently valued at $3.68 million, and it will be fractionalized into $6000 tokens. The sale, which will be housed on Sygnum’s own platform, is slated to commence around the end of July.