Maecenas, a Singapore-based blockchain art platform, said on Thursday it has tokenized and auctioned 31.5% of Andy Warhol’s painting "14 Small Electric Chairs (1980)", valued at a total of $5.6 million.
In its blog, Maecenas claims this is the first time the artwork of a major artist was sold using the blockchain technology.
The beta auction raised $1.7 million and reached its funding target.
The sum was raised in Bitcoin (BTC), Ether (ETH) and Maecenas’ native crypto token ART, from 100 hand-picked participants from 56 countries, mainly from Europe and Asia. The total number of investors who wanted to participate in the private beta auction was over 800. All buyers were subjected to know-your-customer (KYC) and anti-money laundering (AML) checks to make sure the purchases are compliant with fi...
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