In a historic milestone for the story of art, a masterpiece collection is being fractionalized and placed into an open non-fungible token marketplace — HYPE, powered by EcoFi. HYPE is launching legally binding NFTs that grant fractional ownership from a collection of some of history’s greatest artists. Select pieces were displayed at an exclusive private party hosted at P. Diddy’s mansion in Beverly Hills last weekend.
When the NFT craze gained momentum this year, the crypto community could only sit awestruck on the sidelines at NFT artwork selling for up to $69 million. EcoFi’s announcement puts it as a first-mover in bringing masterpieces within reach of regular people — anyone can now own a piece of a Pollock, Matisse, Degas, Banksy and many more. It looks like crypto is democratizing yet another industry.
While many art NFT projects have sought to bring art ownership under the auspices of NFTs, the barriers for projects have been high. Owners of premium artwork were not willing to fractionalize their art and those willing to fractionalize were not owners of pieces. Many users have also been concerned about the link between the NFT and the real asset it is linked to.
EcoFi solves this through its ownership of an extensive private collection, with provenance and documentation, along with legally binding NFTs. Each masterpiece is divided into 100 NFTs, and if a user was to accumulate all 100, they would have the piece delivered to them directly. Any fractional owner will be able to view their piece in a virtual gallery or visit it up close.
Kevin Monahan, COO of My Ether Wallet (MEW) and Founder of My Crypto, has been developing EcoFi for over two years to be the go-to project for fractionalizing real world assets on the blockchain. The EcoFi team is making safe-haven assets, commonly thought of as the preserve of the few, and now within reach of the public. The team is expecting huge demand and already making moves to continue to expand the gallery.
The HYPE gallery will exist in both the real world and on the blockchain
HYPE – Powered by EcoFi
Traditional art investment requires knowledge, connections and a large financial backing. The HYPE marketplace couldn’t be more different — anyone with a cryptocurrency wallet can get involved through the platform. The currency accepted in the gallery is SPRT, the token farmed by staking the EcoFi token, all running on the Ethereum blockchain. EcoFi will start selling these artworks through its new platform HYPE in the coming days, with users being able to own a piece of a masterpiece. The works from Andy Warhol, Keith Haring and Picasso are expected to be the most highly desired.
Published By : CoinTelegraph