On the forthcoming fine art platform Freeport, tokenized replicas of a selection of Andy Warhol’s works are scheduled to debut.
This comes as a direct result of the recent permission that the blockchain-based platform that focuses on art received from the United States Securities and Exchange Commission (SEC).
Freeport had been working diligently as of late to finish its Reg A review, and the company’s efforts finally paid off on Wednesday.
Simply put, this denotes that Freeport now possesses the authorization to offer shares of great artworks through security tokens.
In conjunction with this, Freeport will be offering for sale a unique four-piece collection of prints by Andy Warhol.
As stated in the press release (1), the four pieces were said to have been “partially acquired” from well-known art collectors such as Jane Holzer.
These consist of some of Warhol’s most well-known works, such as “Marilyn” (1967), “Mick Jagger” (1975), “Double Mickey” (1981), and “Rebel Without a Cause (James Dean)” (1985).
Each of these 4 Warhol works will be made available to investors in the form of shares denominated in security tokens. On the other hand, they will be restricted to a maximum of 1,000 lots per piece.
The introduction of the collection is scheduled for the month of May. On the other hand, there is already a developing waitlist of eager collectors looking forward to early access to the artworks.
When the sales begin, the first cost for every tokenized lot will fall between $250 and $860, depending on the specific lot.
The Artworks of Andy Warhol: A Crucial Element in the Construction of an Art-Centered Community
As this is going on, Freeport’s current CEO and co-founder, Colin Johnson, has divulged one of the company’s goals in reference to the approaching launch.
He says that fractionalized art is a trend that contemporary young people find appealing. This would be a trend that is currently prevalent.
In addition, the exhibition of Andy Warhol’s works is about to begin, and Freeport intends to make the most of the opportunities presented by the initiative.
In addition to just converting fractional shares of fine art into security tokens, Freeport also has some further plans on its sleeve. The following is what Colin Johnson says:
“We have constructed a fully immersive and engaging platform that hosts an art-centric community, and we are revolutionizing the buying experience around fractionalized art,”
Also, Colin Johnson has taken the time to set the record straight regarding Andy Warhol’s artworks. The fact that artwork is involved makes it possible that people will mistake it for a new product launch, according to the CEO.
Nonetheless, he is adamant that these tokens in no way resemble NFTs and are ERC tokens representing shares in the company.
Image Source: (1.1)