According to a statement, ArtBank enables trading in artwork using cryptocurrency and has chosen Dubai as the centre for arts globally. As reported on Arabian Business, Saeed Al Nabouda, acting director general of the Dubai Culture and Arts Authority, said: “We wanted to step into the art technology realm, where art meets tech, and we soon realised that finance and fintech needed to be included too.
“With ArtBank, we are effectively launching the world’s first digital cryptocurrency for creativity. There are many lost opportunities within the local art economy, especially considering that artists lack exposure and policies to share creativity due to an opaque and often elitist art market; the art industry is very centralized with the wealthy.
“The platform will launch the world’s first digital currency for creativity, which will grow in value over time and strengthen the Dubai economy as the ecosystem grows.
“Over time, ArtBank will include a database of global and regional art, where artificial intelligence will help users navigate and interact. Several partnerships are set to arise in the implementation phase, including with renowned banks, investment firm, and smart solutions providers.”