UAE Blockchain IBC group partners with Artifi to tokenize artwork
Reshmeen Hooda, Co-Chairperson of Dubai’s IBC group, has announced that her group of companies will partner with Artifi, an art gallery and tokenization initiative by Canadian feminist, philanthropist and art collector Nazima Khan, to promote women artists globally. The IBC Group will leverage its extensive experience in Blockchain and crypto markets, to enable the digital tokenization of the artwork of artists featured by Artifi. The initiative seeks to empower the creative endeavours of women artists around the world, by allowing them to access the financial value of their creations, through the digitized and tokenized patronage of a global community of art-enthusiasts and investors.
“Women artists have an important role to play in creating a gender-just world”, said Reshmeen Hooda. “A mechanism that empowers them financially is the most practical way to ensure that their creativity is part of the global discourse. We are developing a platform that unlocks the liquidity inherent in their creations through Blockchain-based digital tokens, to allow fractional investment into, and ownership of, the artwork”.
“IBC Group’s involvement with the project reflects the progressive gender policies being championed by the UAE based Blockchain Private Equity. Both the IBC Group and Artifi believe that, given the region’s focus on implementing Blockchain technology to create a more people-centric future, the UAE is the perfect location, as a home base for this project”.
As well as lending the project a strong regional flavour, the participation of Reshmeen Hooda, and Nazima Khan – who spends her time between Dubai, Toronto and across Europe – makes a statement in gender empowerment, with an appropriately all-woman team at the helm. In fact, the proposed online tokenization platform will be entirely owned and operated by women.
“Having been involved in promoting women artists through Artifi, I am aware of the significant challenges many of them face, despite the excellence of their art”, said Nazima. “We have had some success in drawing attention to their art, through showcase events. But with the restrictions imposed by the Covid-19 pandemic, it makes sense to leverage Blockchain technology to unlock value for artists as well as to monetize the support of art buffs. It’s a win-win, resulting in financial security for the artist, and investment opportunity for the patrons”.
“The project will result in fairer valuation mechanism of the artwork, based on interest among art-enthusiasts, rather than the sub-optimal appraisal mechanisms typical of traditional financial institutions”, Reshmeen Hooda added. “I am struck by the powerful messages conveyed by the creations of women artists. The distinctive groundwork, social research and emotional intelligence of female art gives voice to new perspectives on everyday issues”.
“This initiative is a great way to start new conversations, elevate emotional connection through art, and seek solutions to the challenges women around the world face, in social and work environments. Technology has made it possible for us to take action and highlight these issues globally, while empowering women artists to express themselves and develop their portfolio of work”, Reshmeen concluded.
