Andy Warhol’s paintings to be sold as digital tokens

NFT startup Freeport has become the first company to receive SEC approval to launch its own blockchain platform. At the same time, 1000 users of the platform will be able to share a digital collection of prints by the most famous representative of pop art, Andy Warhol. To own a piece of art, users will need to purchase shares on Freeport. The minimum purchase per person will be 10 shares.

Despite the fact that the platform will sell works of art, the digital assets are not NFTs, but ERC tokens. In fact, they are fractional shares, and the acquisition procedure is tantamount to a mini-IPO (initial public offering).

The digital collection of Warhol’s prints includes famous artworks such as Marilyn (1967), Double Mickey (1981), Mick Jagger (1975), and Rebel Without a Cause (1985). Given that on average one painting by an artist sells for several tens of millions of dollars, a digital copy will cost users much less.

The concept of the startup is to democratize high art. Collecting masterpieces used to be available only to wealthy people. However, the art market is trying to keep up with the times and is already allowing a wider range of connoisseurs to own digital copies of paintings by famous artists.

It is worth noting that Andy Warhol’s works have been converted into digital tokens before. Last June, the CUBIC community put up for sale NFT fragments of the artist's paintings. Warhol’s work was divided into 961 parts, each of which cost $ 55. Anyone could become the owner of a piece of the masterpiece.