“It is actually our second time to partner with Artifract. We are so happy that through Artifract and this NFT project, we are able to democratize the artworks of Mr. Sanso and more people get to own part of his work. At the same time, these people help us serve the Filipino public better by ensuring that we continue with the work that we do. We are thankful, and we are so excited.” ~Ricky Francisco, Fundacion Sansó Museum Director and Curator
During a recent public launch that took place at the Unionbank Plaza in Pasig City, Artifract.io, the first non-fungible token (NFT) platform in the country, added the most recent collection of renowned artists Juvenal Sansó, Federico Aguilar Alcuaz, and National Artist for Sculpture Abdulmari Asia Imao.
During the event, there was a private auction where art collectors, influential businesspeople, and estate partners could win the premium NFT tiles of Sansó's Euphoric Abundance, Imao's Sarimanok Series, and Aguilar Alcuaz's Manila Bay Sunset. Artifract was warmly welcomed by some of the most influential businesspeople in the nation, in addition to well-known figures in the art world.
By fractionalizing them as NFTs, Artifract makes art ownership more accessible, allowing collectors, enthusiasts, and even everyday people to participate in the market. Artists can sell their works on the platform and fractionalize them into NFTs so that people can buy pieces of their work at lower prices.
Artifract breaks down artworks into smaller pieces or digital grids, which are then sold to the general public, by utilizing the proprietary token factory technology, a system in which real-world or digital assets are represented by "tokens" on the blockchain.
Remaking old works of art into new masterpieces broadens the appeal of art by bringing in more people to the community and gives artists a steady income.
“On behalf of the family, we are really excited to partner with Artifract for this event. To see my lolo’s work in a very digital space, I think it’s something that he would have been excited about, having dabbled in different mediums. He is a National Artist for Sculpture, but he also did a lot of paintings, ceramic work, and photography. Knowing that there is this entire medium out there, a new way to experience art that showcases Mindanao culture, I’m sure he would have been excited to see it.” ~David Imao, Grandson of National Artist Abdulmari Asia Imao
Artifract also experimented with fractionalizing the music of Pinoy rock icon Ely Buendia last year in order to let music lovers and fans immerse themselves in his works. In the metaverse, users were able to explore his music and gain a new appreciation for his works through their avatar personas.
“All else considered, Artifract owes its success to the local art community. From the start, we have received nothing short of a warm welcome and much enthusiasm from art collectors and artists alike. We are determined to live up to everyone’s expectations and we are looking forward to partnering with more Philippine Masters in the art industry.” ~Rico Dela Cruz, The Product Owner of Artifract
Remaking old works of art into new masterpieces broadens the appeal of art by bringing in more people to the community and gives artists a steady income.
Unit 256 Ventures Inc. and UBX, the Philippines' leading open finance platform, have formed Artifract. UBX advances the project's business and marketing development as part of this strategic alliance and provides the technologies necessary for an optimal user experience. From scouting to the recruitment of artists and art enthusiasts, Unit 256 is at the forefront of the conceptualization and branding processes.
For more information about the company and this article, please visit www.ubx.ph
About UBX
Originally the financial technology venture studio and fund of UnionBank of the Philippines, UBX is now the Philippines' leading Open Finance platform. UBX is predicated on a future where financial services are invisible: seamlessly embedded into the experiences and activities that truly matter to businesses and people. For partnerships, email us at hello@ubx.ph.
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