Tech Inside

UBX, Unit 256 launch first tokenized NFT platform in the Philippines

Open finance platform UBX and Unit 256 Ventures Inc., an art-tech venture that aspires to make Fine Arts accessible and help institutions in art preservation, have introduced Artifract, the country’s first tokenized NFT platform. This streamlines trading transactions and breaks down NFT into smaller pieces so even ordinary Pinoys can own art pieces for a fraction of a cost.

Artifract utilizes the proprietary “token factory technology” that was co-developed by UBX and Unit 256. Token Factory is a system wherein real world or digital assets are represented by “tokens” on the blockchain. The system ensures security for digital transactions without the need to rely on third party institutions or intermediaries.

By breaking down the NFT into smaller pieces, a process known as fractionalizing, an artwork can be turned into multiple digital grids. Each digital grid can be owned by multiple owners.

“We are proud to have been the first in the Philippines to fractionalize and tokenize art in the Philippines through Artifract,” UBX President and CEO John Januszczak said. “Our participation in the digitalization and fractionalization of art is very much in line with our goal of financial inclusion. The bedrock of Artifract is inclusivity, and through this process, art ownership is no longer within the exclusive province of the upper class, but is now brought closer to the average Filipino.”

He added that the move will introduce big changes for both the financial and art industries. “True innovation is not just about figuring out where technology can take us next. As evidenced by our partnership with Unit 256, it’s also about forging alliances to help more causes. Beyond the world of finance, we at UBX are looking forward to seeing how this platform will grow, which will be, ultimately, for the benefit of each and every Filipino,” he said.

Artifract empowers collectors and enthusiasts, and even ordinary individuals, to participate in the market by making art more accessible and affordable. Through the platform, artists can showcase their artworks and fractionalize them as NFTs so that individuals can own pieces of their artworks at more affordable prices.

Old artworks can be resurrected into new masterpieces, which can now be owned by more than one person, expanding the reach of art by inviting more members into the community and providing a more stable income for artists. The platform features staple pieces such as Serendipitous Visions and Flower Vendor by celebrated artists such as Juvenal Sanso, to name one.

Prior to its official launch, Artifract exhibited the works of globally famous painter Juvenal Sanso at a special dinner to generate a response from the art community.

“Needless to say, the response was nothing short of warm and welcoming,” Unit 256 Co-founder and Head of Curation & Collections Stephanie Oller said. “With such successful precedent, there is no doubt that the launch will be welcomed with just as much enthusiasm. Following this trend, we are expecting to partner with more Masters in the art industry.”

With a growing demand for NFTs in the Philippines, which has recently been called as the hot spot for NFT ownership in the whole world, UBX steps in to provide the necessary technologies for optimal user experience and advance the project’s business and marketing development.

Meanwhile Unit 256 spearheads the conceptualization to branding – from scouting to recruitment of artists and art enthusiasts alike.

Read also

admin