What if owning a piece of the Mona Lisa was possible? Perhaps an original Basquiat is more desirable. Whatever the buyer’s preference, fine art has long been a way for wealthy people to invest their money and put their status on display.
A regular person would never dream of splurging on a painting by Kehinde Wiley. Although beautiful, it’s an impractical purchase for most working people. Rent, food, and car payments are on a typical monthly payment list – not fine art.
But what if you only wanted to own part of it?
Fractionalized ownership of large-ticket items is now possible with the partnership of Yumi and ORIGYN.
Fractionalized Ownership
Think of fractionalized ownership as a type of crowdfunding. People have more money when they put it all together. Fractionalized ownership is like that, but you can own a small piece of whatever is purchased.
This type of ownership already exists in many ways, for example, investing in timeshare properties or investing in luxury sports cars or airplanes. One person may not be able to afford their own aircraft, but if they pool their money with others, they can all own it and take turns using it.
Fine art can now be fractionalized. Pieces of ownership are minted into NFTs, then sold for a fraction of what the artwork would fetch if it were sold to one person. Investing in fine art is now a viable option for everyone.
Advancements in blockchain technology are making fractionalized ownership a reality in the art world. Two powerhouse companies, Yumi and the ORIGYN Foundation, are coming together to forever change the way fine art is bought, sold, and authenticated.
ORIGYN Foundation
ORIGYN creates digital certificates that prove real-world physical assets’ identity, ownership, and authenticity. Want to make sure a luxury watch you’ve been eyeing is authentic before you purchase it? ORIGYN can help with that. The company also certifies fine art and jewelry.
Fine art digital certificates can be minted as NFTs by ORIGYN. Before the minting process, the art is verified by experts. After rigorous examination, a digital certificate is issued that attests to the physical existence of the artwork. This certificate now unquestionably links the physical item to a record on the blockchain, proving the artwork exists in the real world.
If the owner wants to sell their artwork or perhaps fractionalize the ownership, they can do it with Yumi.
Yumi NFT Marketplace
Yumi is a Web3 marketplace for collectibles and digital goods. Yumi’s marketplace is low-cost, high-speed, and fully decentralized. The platform offers free NFT minting for creators.
Yumi is built on the Internet Computer and offers zero gas fees for creators. The platform also gives 90% of revenue to its creators and up to 10% in royalty rewards in the secondary market.
With Yumi, users can
- Own a physical artwork without ample liquidity
- Gain exposure to alternative asset classes and a new, accessible form of investment
- Join an exclusive, global community of innovative collectors
ORIGYN and Yumi are entirely decentralized, operating fully on-chain. Both companies run on Dfinity’s Internet Computer Protocol (ICP).
Dfinity’s ICP
The Internet Computer Protocol (ICP) is a limitless blockchain that runs 20,000 times the efficiency of the next best technology.
The ICP technology stack runs 100% on-chain and does not need traditional information technology such as cloud services. This makes it possible for users to take control of their decentralized data. The ICP makes everyone an owner of their unique content.
ICP’s speed is unmatched in Web3. It’s the only blockchain that hosts discoverable smart contracts through traditional Web2 search engines like Google.
The ICP is the powerhouse blockchain running ORIGYN and Yumi.
Art World, Here We Come
Fine art is a luxury that has excluded most of the world since the beginning of time. The intelligent developers in Web3 have found a way to democratize fine art and make it inclusive.
Owning a piece of fine art is an exciting opportunity. Having it certified by ORIGYN gives the buyer peace of mind. Lastly, with Yumi’s low-cost, lightning-fast platform, buyers will experience a seamless experience from start to finish.
Fractionalized ownership allows everyone to invest in pieces of art they genuinely admire.
The YUMI and ORIGYN partnership’s official launch date is on the 20th of December. Stay up to date by joining the Yumi and ORIGYN Discord servers. There will be a specific channel in the ORIGYN Foundation Discord Server, especially for the upcoming launches on Yumi Marketplace, called #yumi.
It’s time to get your suit out of the closet – fancy art world, here we come.
Follow Yumi @YumiMarketplace and ORIGYN @ORIGYNTech for more information, and upcoming sales.
About Kit
Kit Campoy is a former retail professional turned freelance writer. She writes about Leadership, Retail, and Web3. Contact Kit for your content needs.