The Dubai ArtBank, the world’s first digital bank for art, launched by the Dubai Culture and Arts Authority, has introduced a new “Dubai Art Cryptocrruency” to manage art collections and art-related transactions.
Shaikha Latifa Bint Mohammad Bin Rashid Al Maktoum, Vice-Chairman of Dubai Culture, said the art bank reinforces Dubai’s growing role as a global art hub.
The ArtBank introduces an innovative new model for managing art collections and transacting in creativity and art as bankable assets through a new Dubai Art Cryptocurrency. It will enable art collections to be managed using cryptocurrency instead of cash, which will also facilitate higher returns for creative assets.
“Dubai’s leadership firmly believes that art and creativity can make key contributions to enhancing the happiness of society and encouraging a culture of innovation,” said Shaikha Latifa.
The initiative is Dubai Culture’s response to the ‘Dubai 10X’ initiative, which seeks to implement today what other cities around the world will be implementing 10 years from now.
According to Sheikha Latifa, the Dubai ArtBank forms part of a larger effort to implement technology to address the needs of artists and the emirate’s creative community, as well as enable art to be shared and help various members of the art ecosystem to connect with each other.
“This is yet another example of Dubai taking the lead in adopting advanced technologies to enhance excellence in various spheres of life. I am confident that the initiative will help integrate the art industry more closely into the digital world and inspire the growth of a thriving creative ecosystem based out of Dubai,” said Shaikha Latifa.