Artfi, a Dubai-based blockchain NFT ecosystem received funds worth $3.26 million at a valuation of $100 million, according to a news report by Business Insider. The round attracted investors including Sheikha Hend Al Qassemi, a member of the ruling family of Sharjah, and Raza Beig, director of Landmark Group, UAE, among others.
Artfi is a financial and art technology company on a mission to democratise the $1.7 trillion fine art and collectibles market. By harnessing the power of NFTs and blockchain technology, Artfi allows investors to own a stake in some of the world's most sought-after works of art. They do this by creating fine art NFTs, and will use the recently raised capital to build a dedicated marketplace for them, as well as utilising the funds to fuel product and team development.
“Artfi was launched with a vision to make art accessible to everyone. Each art piece that we bring and fractionalize into 5-10k NFTs will be priced at the real value of art with predefined coordinates and fraction number, unlike super inflated JPEG NFTs that are crashing badly today,” said Asif Kamal, founder and CEO of Artfi, who is also an art connoisseur.
The company is building fine arts NFTs which represent iconic blue-chip artworks of world-renowned artists like Picasso, VS Gaitonde, M F Husain, Sacha Jafri, Banksy among others. Blue-chip artworks are made by renowned artists.
“This is an opportunity for people to now diversify their portfolios from stocks, fixed deposits and invest in one of the largest asset classes that have outperformed all these traditional investments for over 30 years,” continued Kamal.
The startup is also gearing up to whitelist its offerings starting August.