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The tokenisation of Artworks: New Project with Vilnius City Municipality

Updated: Apr 17, 2023

The intersection of art and technology is constantly evolving, and Crypto Economy Organisation today stands at the forefront of this exciting movement here in Lithuania. We are happy to announce that together with the support of Vilnius City Municipality and our partners, we will be tokenising and creating digital twins of the artworks of our city's artists and art galleries.

"This initiative represents a major step forward for the art world, creating new avenues for artistic expression and appreciation while embracing blockchain's cutting-edge technology and the crypto economy," says Skaistė Budbergytė-Zabielaitė, the director of the Crypto Economy Organisation.

The tokenisation of artwork ensures the conversion of information of the art work into an encrypted, blockchain-stored asset and creates the artwork's unique non-fungible token (NFT). In crypto economics, a token refers to a virtual token symbolising certain rights to a tokenised asset. Each token, having a unique code generated within it, enables its holder to access these rights and share them collectively.

It is important to note that the unique artwork token (NFT) is not identical to the artwork. Also, it is not only a representation of the artwork in the digital space - it is detailed archival material. The digital archive created through this process will provide valuable historical context and provenance for these works of art, enriching their cultural significance and ensuring their place in the annals of art history and offering greater accessibility and security to all involved in Web3. NFTs creates an alternative financial market because artwork tokens attract a wider, younger audience to art collecting. Not just crypto collectors but a generation that wants to collect collectively for digital means. Of course, the art token ensures royalties to the artist for each secondary sale.

“This project is very important as we hope it will help with the global dissemination of artworks of the city of Vilnius, the creation of a decentralised archive of works and the spread of innovative ideas. ArtTech industry is evolving very fast, and as the hub of innovations, Vilnius can also become a leader in ArtTech industry and attract new global audiences for our art field. We look forward to sharing more updates on this exciting project in the future,“ – says Andrius Bartminas, Vice President of CEO.

Artists and art galleries who are associated with Vilnius and would like to participate in this project and tokenise their artworks should contact us until the 1st of June, 2023.

The project is partially financed by Vilnius city municipality.

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