Fractionalized NFT project Particle has exciting news to share! Banksy’s renowned artwork “Love Is In The Air” will be going on a tour across prestigious museums worldwide, thanks to Particle’s efforts.
The European tour of this iconic piece will kick off next month in the UK, as reported by Decrypt. After that, it will make its way to Amsterdam and Barcelona, where it will be showcased for six months each.
Fractionalizing High-Value Artworks
Particle, founded in 2021, is the brainchild of Loïc Gouzer, former chairman of Christie’s Post-War and Contemporary Art; Shingo Lavine and Adam Lavine, co-founders of Ethos.io; Philip Eytan, co-founder and chairman of Voyager; and Oscar Salazar, founding CTO and Chief Architect of Uber.
The project aims to fractionalize high-value artworks into non-fungible tokens (NFTs). On their website, they describe the process as “particalization,” breaking down the artwork into particles that represent distinct portions. This allows co-owners to claim ownership of specific sections of the artwork.
10,000 Particles of Banksy
In December 2021, Banksy’s “Love is in the Air” piece, valued at $12.9 million, was fractionalized into 10,000 NFTs. These NFTs are held by the non-profit Particle Foundation, which manages all aspects of the artwork according to the decisions made by the co-owners.
The Foundation values the input of the owners and allows them to vote on matters such as the placement of the artwork and decisions regarding buying or selling other works. Currently, there are over 2,500 co-owners involved in the project.
The Future of Art Ownership and Governance
According to Harold Eytan, CEO of Particle, as more institutions embrace digital artwork and NFTs, the landscape of art ownership and governance is bound to evolve. This indicates a promising future for the role of NFTs in the art world.
Exclusive Benefits for Collectors
Particle goes the extra mile to provide exclusive benefits for its collectors. In some cases, they receive “personal physical components” alongside the digital artwork. For instance, top collectors are gifted an H.R. Giger print. Giger, a renowned artist, was part of the Oscar-winning special effects team responsible for the iconic Alien movies.
The Significance of Particles
It’s important to note that the particles representing Banksy’s artwork do not represent a financial interest in the original piece. Instead, they grant governance rights over the art through the Particle Foundation.
Collaborations and Partnerships
The Particle Foundation actively collaborates with galleries and institutions worldwide. They have organized exhibitions in various cities and partnered with prominent entities such as Phillips Auction House, Praz Delavallade, and the Institute of Contemporary Art in Miami.
Particle’s efforts to fractionalize high-value artworks into NFTs have allowed them to take Banksy’s “Love Is In The Air” on a global tour, captivating art enthusiasts across the world. As the project continues to grow, the future of art ownership and governance looks promising, with more institutions embracing digital artwork and NFTs. Collectors also enjoy exclusive benefits and experiences tied to the artworks they own, further enhancing their involvement in the project.
