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News In Brief Business and Economy

To create a fine arts NFT marketplace, Artfi raises $3.26 million.

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To create a fine arts NFT marketplace, Artfi raises $3.26 million.
26 Jul 2022
6 min read

News Synopsis

Artfi is one of the NFT (non-fungible token) startup, plans to use the capital to increase its staff and establish the NFT marketplace that will sell fine art NFTs. Artfi is one of the NFT (non-fungible token) startup announced on Tuesday that it has raised $3.26 million in funding with a value of 100 million during an investment round that was led by investors from the private sector.

The round was attended by the likes in the form of the Sheikh Hend al Qassemia one of the rulers of Sharjah, Raza Beig (Director of Landmark Group, UAE) as well as a number of angel investors. The company hopes to make use of the capital raised to grow its staff and establish an NFT marketplace for fine art NFTs.

The company was founded by Asif Kamal, Artfi is building a platform to trade fine art and to fractionalize its NFT ownership. Artfi has taken onboard paintings by artists Sacha Jafri as well as VS Gaitonde.

Asif Kamal founder as CEO and Founder of Artfi and Artfi, stated, "Artfi was launched with an aim of making art available to all. Through Artfi we're helping to make it possible that instead of selling one painting to a single person We will make use of blockchain technology to divide the art piece into 5,000-10,000 pieces. This way of democratizing it can give people exposure to one of the highest-value asset classes, fractional ownership of a painting as well as NFTs."

The company is planning to unveil their first art collection NFT during August. The company is currently working on an art museum in the metaverse in which its art collections will be available.

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