The Dubai Culture and Arts Authority (Dubai Culture) has launched its blockchain-powered digital bank for art, which is the first platform of its kind in the world.
ArtBank uses cryptocurrency to facilitate trading in artworks, and establishing Dubai as a global centre for the arts, a statement said.
The project is part of the Dubai 10X initiative which seeks to place Dubai Government entities 10 years ahead of the rest of the world in all sectors.
Saeed Al Nabouda, acting director general of the Dubai Culture and Arts Authority, said: “We wanted to step into the art technology realm, where art meets tech, and we soon realized that finance and fin-tech needed to be included too.
"With ArtBank, we are effectively launching the world’s first digital cryptocurrency for creativity. There are many lost opportunities within the local art economy, especially considering that artists lack exposure and policies to share creativity due to an opaque and often elitist art market; the art industry is very centralized with the wealthy.
“The platform will launch the world’s first digital currency for creativity, which will grow in value over time and strengthen the Dubai economy as the ecosystem grows.
"Over time, ArtBank will include a database of global and regional art, where artificial intelligence will help users navigate and interact. Several partnerships are set to arise in the implementation phase, including with renowned banks, investment firm, and smart solutions providers.”
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