Non-fungible token (NFT) focused platform Artfi, has raised $3.26 million in its funding round from private investors.
The company said the existing funding was raised at a valuation of $100 million.
Other prominent angle investors including Sheikh Hend Al Qassemi, a member of the ruling family of Sharjah, Raza Beig (Director of Landmark Group, UAE) participated in this round.
The startup plans to use the funds to expand its team and build an NFT marketplace for fine arts NFTs.
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Dubai-based Artfi was founded in 2021 by Asif Kamal, It is building a platform to split the fine arts trade and NFT ownership.
“Artfi was launched with a vision to make art accessible to everyone. With Artfi, we are making it possible that rather than selling one painting to one individual, we will utilise blockchain technologies to fractionalise the piece of art into 5,000 to 10,000 pieces. So democratising it this way will give people exposure to the most exclusive asset class as fractional ownership in a painting as NFTs”, said, Asif Kamal, Founder and CEO of Artfi.
“This is an opportunity for people to diversify their portfolios from stocks, Fixed Deposits, etc. and invest in one of the largest asset classes that have outperformed all these traditional investments for over 30 years,” he added.
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The startup intends to launch its first collection of fine art NFTs in August. It is also working to build a museum in the Metaverse, where the art collection will always be accessible.
About Artfi
Collecting art has historically been the privilege of a select few. The elite collector community has traditionally shaped the course of the art market and art history.
Now, blockchain has created an opportunity for a game-changing paradigm shift. This shift will allow the decentralisation of traditional practices of art collecting, ownership, and enjoyment. Bringing the Fine Arts Community onto Blockchain, Challenging the orthodox ways of buying and selling art.
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Their mission is to democratize the art market by offering small investors access to the world’s largest asset class. They are inviting investors to join an exclusive community investing in NFT’s of blue-chip fine art. Thry are building the platform for a wider range of investors to invest in multimillion-dollar paintings.
