Tuesday, March 5, 2024

Artifract beefs up NFT portfolio with new artists, fresh pieces

FLINGEROSPHILIPPINES.COM

Artifract beefs up NFT portfolio with new artists, fresh pieces

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Artifract.io, the country’s first non-fungible token (NFT) platform, beefed up its portfolio with the latest collection of celebrated artists Juvenal Sansó, Federico Aguilar Alcuaz, and National Artist for Sculpture Abdulmari Asia Imao in a public launch held recently at the Unionbank Plaza in Pasig City.

Art collectors, influential entrepreneurs, and estate partners who were in attendance were able to clinch the premium NFT tiles of Sansó’s Euphoric Abundance, Imao’s Sarimanok Series, and Aguilar Alcuaz’s Manila Bay Sunset in a private auction during the event. Aside from illustrious personalities in the art industry, Artifract also received a warm welcome from some of the country’s most influential entrepreneurs. 

“It is actually our second time to partner with Artifract. We are so happy that through Artifract and this NFT project, we are able to democratize the artworks of Mr. Sanso and more people get to own part of his work. At the same time, these people help us serve the Filipino public better by ensuring that we continue with the work that we do. We are thankful, and we are so excited,” Fundacion Sansó Museum Director and Curator Ricky Francisco said.

Artifract democratizes art ownership by fractionalizing them as NFTs, empowering collectors and enthusiasts, and even ordinary individuals, to participate in the market by making art more accessible. Through the platform, artists can showcase their artworks and fractionalize them as NFTs so that individuals can own pieces of their artworks at more affordable prices.

Using the proprietary token factory technology, a system wherein real-world or digital assets are represented by “tokens” on the blockchain, Artifract breaks down artworks into smaller pieces or digital grids, which are then sold to the public. 

Old artworks are resurrected into new masterpieces, expanding the reach of art by inviting more members into the community and providing a more stable income for artists.

“On behalf of the family, we are really excited to partner with Artifract for this event. To see my lolo’s work in a very digital space, I think it’s something that he would have been excited about, having dabbled in different mediums. He is a National Artist for Sculpture, but he also did a lot of paintings, ceramic work, and photography. Knowing that there is this entire medium out there, a new way to experience art that showcases Mindanao culture, I’m sure he would have been excited to see it,” said David Imao, grandson of National Artist Abdulmari Asia Imao

Last year, Artifract also ventured into the fractionalization of Pinoy Rock Icon Ely Buendia’s music to allow fans and music lovers to immerse themselves in his works. Users, under their avatar personas, were able to explore his music and discover a newfound appreciation for his works in the metaverse.

Artifract is a partnership between Unit 256 Ventures Inc. and UBX, the leading open finance platform in the Philippines. Under this strategic alliance, UBX provides the necessary technologies for optimal user experience and advances the project’s business and marketing development. Unit 256 spearheads the conceptualization to branding, from scouting to the recruitment of artists and art enthusiasts alike.

“All else considered, Artifract owes its success to the local art community. From the start, we have received nothing short of a warm welcome and much enthusiasm from art collectors and artists alike. We are determined to live up to everyone’s expectations and we are looking forward to partnering with more Philippine Masters in the art industry,” Rico Dela Cruz, the product owner of Artifract, said.