The Dubai Culture and Arts Authority (Dubai Culture) has launched the world’s first digital cryptocurrency bank for creativity.
ArtBank is a blockchain-powered digital bank for art and creativity. It uses virtual digital currency to enable trading in artworks and establishing Dubai as a global center for the arts. It is the first platform of its kind in the whole world, said in a statement by Dubai culture.
ArtBank project is a Dubai 10X initiative, and they have plans to make Dubai a prime place for arts and rest of all other sectors.
The acting director general of the Dubai Culture and Arts authority, Saeed Al Nabouda, said, “We wanted to step into the art technology realm, where art meets tech, and we soon realized that finance and fin-tech needed to be included too. With ArtBank, we are effectively launching the world’s first digital cryptocurrency for creativity. There are many lost opportunities within the local art economy, especially considering that artists lack exposure and policies to share creativity due to an opaque and often elitist art market; the art industry is very centralized with the wealthy.”
With this project ArtBank, they are trying to provide more opportunities for the Dubai’s local art economy. Local artists lack exposure to share their creativity due to opacity that they face from the elitist market of arts. The art world is mostly concentrated with the wealthiest strata. This can be rectified by block-chain based virtual currency Art bank.
“The platform will launch the world’s first digital currency for creativity, which will grow in value over time and strengthen the Dubai economy as the ecosystem grows.” Said Saeed Al Nabouda.
After a couple of months, Artbank is planning to include a database including information about the local and global arts. Artificial intelligence will help sellers and buyers navigate and interreact. The renowned banks, investment firms, and smart solution providers have agreed for partnership with ArtBank to help during the implementation phase.