The first bank in the world to provide financing for works of art with cryptocurrencies is launched in Dubai.
Dubai Culture and Arts has launched a unique blockchain project in the field of art. ArtBank will be the first digital bank in the world to use cryptocurrencies to secure funding for artwork. Its goal is to make Dubai an international center of the arts.
The project is part of the Dubai 10X initiative, which aims to advance the government of Dubai 10 years ahead of the rest of the world and in all sectors.
Saeed Al Nabuda, Acting Director General of Dubai's Office of Culture and Arts, said: "We wanted to go into the realm of art, where creativity meets technology."
“There are many missed opportunities in the local sphere of art, especially considering that artists lack space and laws to share art because of an opaque and too elitist art market,” he added, “The platform will launch the world's first cryptocurrency for creativity which will grow in value over time and strengthen Dubai’s economy as the ecosystem grows. "
"Over time, ArtBank will form a database of international and regional art in which artificial intelligence will help users navigate and interact. At the implementation stage, several partnerships will be established, including with well-known banks, an investment firm and providers of intellectual solutions," said Said Al Nabuda .
