Artfi, a Web3 fine art fintech startup, has secured $3.26 million in a private round led by Sheikha Hend Al Qassemi, Mr. Raza Beig, along with other angel investors at the valuation of $100 million.
The proceeds will be utilised to build technology and a dedicated marketplace for fine art NFTs, as well as for product and team development as Artfi stated in a press release.
Artfi aims to challenge orthodox ways of buying and selling art by offering small investors access to asset classes. The company will leverage its team to acquire and fractionalise masterpieces and build collections.
According to Artfi, this will be done via a fractionalistion process which involves taking a painting’s title deed or the legal term for proof of ownership and dividing it into 10,000 unique NFTs with unique coordinates and fraction number. These NFTs can be purchased with a digital wallet which will be minted on the polygon network.
The fine art market has a total estimated global sales of $65 billion, which represents a massive asset class and a good investment option for many.