The initiative is designed to integrate technology into the art sector
The Dubai ArtBank, the world’s first digital bank for art, launched by the Dubai Culture and Arts Authority, has introduced a new “Dubai Art Cryptocrruency” to manage art collections and art-related transactions.
Launched in March, the initiative is part of the “Dubai 10X initiative”, which seeks to help Dubai implement today what other cities in the world will implement in a decade.
“The Dubai ArtBank initiative marks out Dubai as a pioneer in using technology to extend the reach and impact of art,” said Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, vice chairman of Dubai Culture.
“This is yet another example of Dubai taking the lead in adopting advanced technologies to enhance excellence in various spheres of life.
“I am confident that the initiative will help integrate the art industry more closely into the digital world and inspire the growth of a thriving creative ecosystem based out of Dubai,” she added.
According to Sheikha Latifa, the Dubai ArtBank forms part of a larger effort to implement technology to address the needs of artists and the emirate’s creative community, as well as enable art to be shared and help various members of the art ecosystem to connect with each other.