The KMSKA Museum Tokenizes a Million-Euro Masterpiece With ERC-3643 Standard

Key Takeaways:

  • KMSKA museum will allow individuals to be co-owners of masterpieces by lowering the investment mark required for entry. 
  • It has partnered with Tokeny and Rubey. 
  • The tokens will comply with the regulations laid. 

After the acceptance of digital assets by the sports community, the arts community is also gearing up to step into the crypto space. On May 9, the Royal Museum of Fine Arts Antwerp deemed it fit to provide democracy to art investment. Therefore, the European museum partnered with Rubey and Tokeny to tokenize a masterpiece of James Ensor, “Carnaval de Binche”. 

The project is built on the Polygon network and is backed by the legal, marketing, and technological expertise of its partners. The reason to use the Ethereum scaling solution is to provide “cost-effective operations” along with “cheap, fast and compliant peer-to-peer transfers post-issuance for all investors.”

However, the core idea behind this is to make exclusive art available to the masses. The museum wants art enthusiasts to be co-owners of the work they admire. However, these tokens are different from the Non-Fungible Tokens (NFTs). They are using debt implements and therefore will have to be in accordance with the law.

The platform Rubey has integrated the tokenized APIs of Tokeny to ensure that they comply with the regulations. These tokens will be used to issue and manage security tokens as they have a unique on-chain compliance approach. They have received approval from ETC-3643 tokens and ONCHAIND. This is to make sure more security as token transfers will be allowed only if eligibility criteria are met and in case of loss of wallet, holders will be able to recover their tokens. 

The KMSKA team is also envisioning providing Billboard on Rubey to enhance the liquidity of assets and the launch is planned for 2023. The president of the museum, Luk Lemmens said, “KMSKA will be more than a place that displays art. We are fully committed to engaging our visitors and token holders in our collection and operation. It is very special that anyone can become a “co-owner“ of Carnaval de Binche by James Ensor. KMSKA already had the largest Ensor collection in the world. The addition of Carnaval de Binche puts our museum on the international map as an Ensor center of excellence even more.” 

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Shreya Bhattacharya

A journalist & writer exploring new topics every day!