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Swiss Digital Asset Bank Sygnum partnered with Artemundi to issue Picasso NFT Painting for $ 6K per share

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Swiss digital asset management bank Sygnum announced that it has partnered with industry-leading art investment firm Artemundi to sell the ownership stake in Pablo Picasso’s NFT painting at $ 6,000 per share.

According to a . report on Thursday, the painting was sold this time titled “Fillette au beret”, which was innovated in 1964. Last time, the artwork was sold by an auction house called Uppsala Auktionskammare for 21.4 million. Swedish kronor for about $ 2.48. million in 2016.

This time, this painting is tokenized through blockchain technology so that all kinds of buyers can participate in the process of owning the masterpiece. Subscription is expected to begin in late July, with a total value of approximately 4 million Swiss francs ($ 3.68 million).

The Artemundi company said that:

“This is the first time that the property rights of a Picasso, or any work of art, have been transmitted to the public blockchain by a regulated bank.”

The transaction will be settled in Swiss francs (CHF) using Sygnum’s local Swiss franc stablecoin, DCHF, protected by Swiss law.

This is not the first time that the master’s most outstanding paintings have been sold in NFT format. The crypto art that is bought and sold as non-fungible tokens (NFTs) ERC-721 has been in the headlines due to the record sales being witnessed.

On September 21, 2020, a piece of crypto art marked the first time and was purchased for at least $ 100,000, following the unprecedented sale of “Matt Kane’s Right Place & Right Time” on Async. Art. This served as a signal to show the untapped potential in this emerging market.

Additionally, the world’s first digital asset bank, Sygnum Bank, founded in Switzerland and Singapore, announced that it will be the first bank to accept Ethereum 2.0 as reported by Blockchain.News on July 7.

Sygnum Bank customers can compromise Ethereum through Sygnum’s banking platform and securely store Ethereum in their personal accounts. Currently, it generates up to 7% annual return.

Image Source: Shutterstock

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