Art News Report
October 18, 2023

Monada’s Art Gallery Partners with 10101.art to Showcase Dali and Picasso Masterpieces

In Brief

Monada Art and 10101.art are jointly presenting celebrated works by artists like Picasso and Dali.

The project aims to redefine the art market by allowing collectors to own fragments of masterpieces using the innovative technology of tokenized digital assets.

Debut Art Project Tokenizing Masterpieces Unveils in Dubai, Showcasing Dali and Picasso Works

At the intersection of traditional and digital art, art gallery Monada Art and 10101.art, an art tokenization company, have announced the official opening of their first location in Dubai, set to unveil iconic works by renowned artists such as Picasso and Dali

The collaboration between Monada Art and 10101.art signifies a notable departure from traditional art ownership models, effectively merging the traditional and digital realms. Leveraging blockchain technology and the pioneering concept of NFTs, they aim to reshape the landscape of art ownership.

Monada Art and 10101.art plan to transform the art market by allowing collectors to possess fragments of masterpieces through the innovative technology of tokenized digital assets.

Fragmenting artworks and assigning individual NFTs to each fragment democratizes ownership, fostering a co-ownership approach. According to the NFT marketplace, the innovation broadens access and mitigates the historical entry barriers that have typically constrained ownership of high-value assets like real estate and art.

10101.art aims to make legendary artworks by artists like Banksy and Warhol more accessible. Their concept streamlines ownership transfer in just two clicks, making owning physical art easier, thanks to blockchain technology ensuring transparency and provenance.

“Monada Art and the 10101.art platform currently have an exclusive contract to display paintings submitted for sale on the said blockchain marketplace,” Alina Krot, Head of Product at Monada Art, explained to Metaverse Post. “As 10101.art works exclusively with works by world-renowned artists, Monada Art has partnered to represent such paintings.”

Selecting Web3-Friendly Dubai as the Gallery Location

“Dubai is already persistently pulling its weight as an international center of the art world. We also consider it a center of attraction for a huge number of people with various business goals. Therefore, when the question arose of where it would be appropriate to open a gallery, we unanimously agreed that it should definitely be Dubai,” Krot mentioned in a press release. 

According to 10101.art, choosing Dubai as the location for its gallery was a strategic decision. The city, especially the DIFC, has positioned itself as a global hub for finance, art, and technology. It offers a dynamic environment that aligns with the company’s vision of merging traditional art with blockchain technology.

“In Dubai, we found a place where art lovers can experience the fusion of classic art with digital innovation, all under one roof,” she added.

Blockchain is Transforming the Art World

Blockchain holds the potential to reshape art ownership, promoting broader access to iconic art and widening the scope of the global art market. 

The technology enables artists to register their digital works on a decentralized ledger, creating a unique and verifiable record of ownership and provenance. This also allows artists to tokenize their artworks as single or multiple tokens and sell them online to a global audience. 

Tokenization can also benefit public institutions that lack funding by enabling them to trade previously untradable artworks. Moreover, blockchain can foster new modes of art collecting and appreciation, such as NFTs that represent scarce and exclusive digital assets (in the case of Monada Art and 10101.art project). Blockchain is not only a tool for art management but also a source of inspiration for new art forms that explore the possibilities and challenges of this technology.

According to Krot, art tokenization is not just a digital trend – it’s a revolution in how we perceive and engage with art.

 “Through blockchain and particularly NFT technology, we plan to create a transparent system that allows us to track ownership history and changes in the value of original artworks. Every transaction and ownership change is recorded, ensuring genuine authenticity,” she stated.

The technology also offers fluidity in a static market, Krot told Metaverse Post. Historically, art has always been seen as an illiquid asset. But art tokenization speeds up and simplifies trading, making the market more dynamic.

In addition, tokenized art goes beyond mere viewing. Through tokenization, owners become an integral part of the artwork’s narrative, influencing decisions and charting its course.

Exploring Digital Art in an NFT-Unfriendly Environment

In Krot’s opinion, it is currently critical to change the associations with the word “NFT” in people’s minds. Unfortunately, many people think of scam projects, which not so long ago swallowed up the Web3 community and those who were just taking their first steps in the blockchain sphere.

“However, “NFT” is not a digital image, but a unique technology, which is intended for such purposes as 10101.art. From our perspective, the market is now undergoing a tough purge of projects that have no value. And of course, it is much more difficult for a worthy project to break through under the given conditions than if we were to start from scratch,” she said. “But having gone through such a cleansing, we are sure that NFT technology will definitely find its respectable place in the modern digital era.”

At 10101.art, the emphasis is placed on security and authenticity above all else. Through DeFi protocols and an exclusive legal structure, the platform aims to ensure that every token holder is not only purchasing digital art but also obtaining a legitimate claim to a real-world masterpiece.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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Agne Cimerman
Agne Cimerman

Agne is a journalist who covers the latest trends and developments in the metaverse, AI, and Web3 industries for the Metaverse Post. Her passion for storytelling has led her to conduct numerous interviews with experts in these fields, always seeking to uncover exciting and engaging stories. Agne holds a Bachelor’s degree in literature and has an extensive background in writing about a wide range of topics including travel, art, and culture. She has also volunteered as an editor for the animal rights organization, where she helped raise awareness about animal welfare issues. Contact her on [email protected].

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