In the run-up to the grand opening, KMSKA is working with the Rubey platform to be the first European museum to organise an Art Security Token Offering. Ensor's work Carnaval de Binche is tokenised in this offering. This means the work is virtually divided into a large number of equal parts. Those virtual parts or Art Security Tokens are associated with certain financial rights to the piece of art, which is used as collateral. The Art Security Tokens are offered for sale so that interested parties can invest in part of the masterpiece from €150.
Art lovers and members of the general public can become 'co-owners' of Carnaval de Binche by James Ensor. This allows the museum to strengthen its collection and gives everyone an opportunity to invest in art. The piece will be exhibited at the KMSKA after its grand reopening on 24 September 2022 so that it can be enjoyed by all.
Because Art Security Tokens are so new, many people confuse them with Bitcoins or Non-Fungible Tokens (NFTs), which are non-interchangeable, irreplaceable digital property certificates. Art Security Tokens, however, operate in a regularised market, and are therefore very different. This means the issue of Art Security Tokens is bound by financial legislation. Investors in Art Security Tokens therefore enjoy the same legal protection as investors in, say, stocks, bonds or other securities. Bitcoins or NFTs do not yet have a clear legal framework. Art Security Tokens also represent the value of a product that exists in the physical world, in this case Carnaval de Binche, a unique, museum-quality and non-copyable painting.
In its turn, the Rembrandt Heritage Foundation wants to create a metaverse museum containing all of Rembrandt's paintings, through an NFT sale of a unique and remastered version of The Night Watch – in its original full size - in 8,000 pieces. The buyers together will form the founders and treasurers, the Night Watchers, of the MetaRembrandt Museum and earn access to several perks and privileges.
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