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Artfi attracts over 25,000 collectors for fractionalized artwork in Web3

Artfi attracts over 25,000 collectors for fractionalized digital artwork in Web3

The art technology startup, Artfi, revealed on October 11 that it made its Genesis Pass whitelist available to the general public in anticipation of its forthcoming formal debut.

A total of ten thousand individuals who own the Genesis Pass non-fungible token (NFT)  will have the opportunity to get fractionalized artwork through the Artfi platform, and this initiative will begin with the renowned ‘The Six Elements’ series by Sacha Jafri, as per the latest information shared with Finbold on October 11 by the startup.

Over 25,000 individuals have already registered for the whitelist in anticipation of the first release of Artfi. The fractionalized art debut by Sacha Jafri will serve as a demonstration of Artfi’s capacity to make tokenized art accessible to a wide audience.

By dividing an artwork into fractional shares, it becomes feasible to enhance ownership and liquidity, making valuable art more accessible to a wider range of collectors.

The artwork titled ‘The Six Elements’ by Jafri notably is not digital but rather six physical paintings. While Rolls Royce collaborated with Sacha on the Phantom cars, it was Sacha’s own creative initiative that led to the creation of the Six Elements collection.

In this endeavor, the artist produced a series of six paintings that are thematically linked to the fundamental elements of Earth, Air, Fire, Water, and Wind, with the inclusion of Humanity as the sixth element.

10,000 pieces from “The Six Elements” collection

Genesis Pass members will get one of 10,000 pieces from “The Six Elements” collection. In addition to having access to future fractionalized art sales hosted on the Artfi platform, token holders will get a free token airdrop.

Jafri was attracted to Artfi because of the company’s goal to make art accessible to more people via fractional ownership. He hopes that by making the works accessible on Artfi, as many people as possible would be able to enjoy and own a piece of his art. 

Jafri said: 

“‘The Six Elements’ is my first fractionalized collection. It’s a really cool opportunity to be part of the elements that make up our world and all humanity. Artfi doing this, through the democratization of art, opens up the opportunity for those who otherwise wouldn’t have had one. There’s a real chance that one creation, one moment, one part of my soul can now be owned by thousands of people. That’s a beautiful thing.”

The amount that was paid for an original piece of artwork created by Jafri ranks third all-time among the highest prices ever paid for a work of art created by a living artist. The global record for the biggest canvas, the acclaimed artist’s ‘Journey of Humanity’ canvas painting, sold for $62 million in 2021 after taking seven months to complete.

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