{"id":36162,"date":"2023-07-15T18:14:03","date_gmt":"2023-07-15T22:14:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/fractionalized-nft-project-particle-sends-banksy-artwork-on-loan-to-global-museums\/"},"modified":"2023-07-15T18:14:04","modified_gmt":"2023-07-15T22:14:04","slug":"fractionalized-nft-project-particle-sends-banksy-artwork-on-loan-to-global-museums","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=36162","title":{"rendered":"Fractionalized NFT Project Particle Sends Banksy Artwork on Loan to Global Museums"},"content":{"rendered":"
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Digital art platform Particle<\/strong> will loan its fractionalized Banksy painting to prestigious museums across the world.<\/p>\n

“Exciting news! Banksy’s iconic “Love Is In The Air”, generously loaned by Particle co-owners, begins its Europe tour,” Particle Collection shared<\/a> on Twitter.\u00a0<\/p>\n

The tour will start in the UK next month, claims Decrypt. After that, Amsterdam and Barcelona will house it for six months each.<\/p>\n

Launched in 2021, Particle was founded by Lo\u00efc Gouzer, former chairman of Christie’s<\/strong> Post-War and Contemporary Art; Shingo Lavine and Adam Lavine, co-founders of Ethos.io<\/strong>; Philip Eytan, co-founder and chairman of Voyager<\/strong>; and Oscar Salazar, founding CTO and Chief Architect of Uber<\/strong>.\u00a0<\/p>\n

It is a project that fractionalizes high-value artworks into non-fungible tokens (NFTs).\u00a0<\/p>\n

Per their website, an artwork is “particalized” – divided into particles that represent “a distinct portion of the artwork, enabling co-owners to claim a specific section of the piece as their own.”<\/p>\n

10,000 Particles of Banksy<\/h2>\n

Banksy’s iconic ‘Love is in the Air’ piece – valued at $12.9 million – was fractionalized into 10,000 NFTs in December 2021, and it is held by the non-profit Particle Foundation<\/strong>.<\/p>\n

The Foundation manages all pieces per the co-owners’ decisions. “Owners get to vote on where the work is placed,” Particle CEO Harold Eytan told Decrypt.<\/p>\n

Particle collectors, said the website, officially join a co-ownership that decides which works to buy, as well as if and when to sell.<\/p>\n

There are more than 2,500 co-owners at the moment.<\/p>\n

According to Eytan, “as more institutions continue to embrace digital artwork and NFTs, the future of art ownership and governance is set to evolve.”<\/p>\n

Alien vs. Banksy<\/h3>\n

Particle organizes special art-related events for collectors, who will, in some cases, also get “personal physical components” to the digital work.<\/p>\n

For example, an H.R. Giger print is given to top collectors, Eytan said. The famous artist was a part of the Oscar-winning special effects team that worked on Ridley Scott’s ‘Alien’ movies. Giger created the Alien itself.<\/p>\n

Per the FAQ,<\/p>\n

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“After having minted out 10,000 Particles of the [Love Is In The Air], and after receiving feedback from the community as a whole, we decided to do things differently going forward. Starting with H.R. Giger’s Necronom (Alien III), Particles now represent 100% of the legal title, and economic rights to the underlying Art.”<\/p>\n<\/blockquote>\n

The Particles for Banksy’s piece do not represent a financial interest in the underlying work of art, said the website. They represent governance rights over the art through the Foundation.<\/p>\n

Meanwhile, the Foundation collaborates with galleries and institutions worldwide, said the team. It organized exhibitions in several cities and partnered with Phillips Auction House<\/strong>, Praz Delavallade<\/strong>, and the Institute of Contemporary Art<\/strong> in Miami, among others.<\/p>\n

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Learn more:<\/h3>\n

– Iconic H.R. Giger ‘Alien’ Sculpture to be Fractionalized as NFTs
– How NFT Finance Accelerates NFT Mass Adoption<\/p>\n

– NFT: Can Burning A Banksy Make It More Valuable?
– A Beginner’s Guide to NFTs: What You Should Know<\/p>\n<\/p><\/div>\n