UBX, Unit 256 launches the country’s first tokenized NFT platform – Back End News
Open finance platform UBX and art-tech startup Unit 256 Ventures Inc. introduced what is believed to be the Philippines’ first tokenized NFT platform.
Artifract uses the proprietary “token factory technology” developed by UBX and Unit 256. The Token Factory is a system where real or digital assets are represented by “tokens” on the blockchain.
Trade transactions are thus streamlined since tokens can create a reliable framework for tracking and settling assets. The system ensures security for digital transactions without relying on third-party institutions or intermediaries. By breaking down the NFT into smaller pieces, a process known as fractionation, artwork can be turned into multiple digital grids. Each digital network can be owned by different owners.
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“Our participation in digitization and fractionalization of art is very much in line with our goal of financial inclusion. The bedrock of Artifract is inclusion, and through this process, art ownership is no longer within the exclusive province of the upper class, but is now brought closer to the average Filipino,” John Januszczak, President and CEO, UBX.
Fractionalize
Artifact empowers collectors and enthusiasts, and even ordinary individuals, to participate in the marketplace by making art more accessible and affordable. Through the platform, artists can showcase their artworks and fractionalize them as NFTs, allowing individuals to own parts of their artworks at more affordable prices.
Old works of art can be revived into new masterpieces, which can now be owned by more than one person, expanding the reach of art by inviting more members into the community and providing a more stable income for artists. The platform features staples like Serendipitous Visions and Flower Vendor by famous artists like Juvenal Sanso, to name a few.
With a growing demand for NFTs in the Philippines, which has recently been named as the hot spot for NFT ownership worldwide, UBX will step in to provide the necessary technologies for optimal user experience and promote the project’s business and market development.
Unit 256, an art-technology venture that aims to make Fine Arts accessible and help institutions with art conservation, is at the forefront of conceptualization to branding, from scouting to recruiting artists and art enthusiasts alike.
Juvenal Sanso
Before the official launch, Artifract exhibited the works of the painter Juvenal Sanso at a special dinner to generate response from the art community.
“Needless to say, the response was nothing short of warm and welcoming. With such a successful precedent, there is no doubt that the launch will be welcomed with equal enthusiasm. Following this trend, we expect to collaborate with more masters of the art industry,” said Stephanie Oller, co-founder and head of Curation & Collections, Unit 256.
Likewise, Januszczak expects that the launch of Artifact will introduce major changes to both the financial and art industries.
“True innovation isn’t just about figuring out where technology can take us next. As evidenced by our partnership with Unit 256, it’s also about forging alliances to help multiple causes. Beyond the world of finance, at UBX we look forward to see how this platform will grow, which will ultimately benefit every Filipino,” Januszczak said.
