Artfi, a blockchain-based fine art NFT ecosystem, has raised $3.26 million in a private funding round at a valuation of $100 million. The funding round has the participation of investors like Sheikha Hend Al Qassemi (a member of the ruling family of Sharjah), Raza Beig (director, Landmark Group, UAE) and several angel investors. The company will use the fund to build technology and a dedicated marketplace for fine art NFTs, as well as for product and team development.
Company handout
"Artfi was launched with a vision to make art accessible to everyone. People can now invest in fine art with a very nominal investment and can liquidate it whenever they need to by using the secondary marketplace. At the end of the day, the company will re-sell the art that the Artfi Museum holds on behalf of NFT owners and share the profit with each NFT holder who owns shares in the painting. This is an opportunity for people to now diversify their portfolios from stocks, fixed deposits etc. and invest in one of the largest asset classes that have outperformed all these traditional investments for over 30 years," said Asif Kamal, founder and CEO, Artfi.
The company is on a mission to democratize the fine art space by fractionizing high-value artworks into limited editions NFTs which can be purchased with a digital wallet. The NFTs will be minted on the polygon network. The fine art fintech company is now gearing up for whitelisting for its first fine art NFT offering from August and is also working towards developing a museum in the metaverse where the art collection will be always accessible, as per company statement.
Artfi was founded by a team of leading figures and innovators in the world of art, blockchain and technology. Bringing the fine arts community onto blockchain, challenging the orthodox ways of buying and selling art, the company's mission is to democratize the art market by offering small investors access to the world's largest asset class.
As per market studies, the fine art market has a total estimated global sale of $65 billion, which represents a massive asset class and a good investment option for many.