Fractionalized NFT Project Particle Sends Banksy Artwork on Loan to Global Museums
Digital art platform Particle will loan its fractionalized Banksy painting to major museums across the world.
"Exciting news! Banksy's iconic "Love Is In The Air", generously loaned by Particle co-owners, begins its Europe tour," Particle Collection shared on Twitter.
The tour will start in the UK next month, according to Decrypt. After that, Amsterdam and Barcelona will house it for six months each.
Launched in 2021, Particle was founded by Loïc Gouzer, former chairman of Christie's Post-War and Contemporary Art; Shingo Lavine and Adam Lavine, co-founders of Ethos.io; Philip Eytan, co-founder and chairman of Voyager; and Oscar Salazar, founding CTO and Chief Architect of Uber.
It is a project that fractionalizes high-value artworks into non-fungible tokens (NFTs).
Per their website, an artwork is "particalized" - divided into particles that represent "a distinct portion of the artwork, enabling co-owners to claim a specific section of the piece as their own."
Banksy's iconic 'Love is in the Air' piece - valued at $12.9 million - was fractionalized into 10,000 NFTs in December 2021, and it is held by the non-profit Particle Foundation.
The Foundation manages all pieces per the co-owners' decisions. "Owners get to vote on where the work is placed," Particle CEO Harold Eytan told Decrypt.
Particle collectors, said the website, officially join a co-ownership that decides which works to buy, as well as if and when to sell.
There are more than 2,500 co-owners at the moment.
According to Eytan, "as more institutions continue to embrace digital artwork and NFTs, the future of art ownership and governance is set to evolve."
Particle organizes special art-related events for collectors, who will, in some cases, also get "personal physical
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