By
Chimamanda U. Martha
April 22nd, 2024
Each of four Warhol’s prints will be accessible as shares in the form of security tokens.
Tokenized versions of some of the artworks of Andy Warhol are set to launch on a new fine platform known as Freeport. This follows after the blockchain-based art-focused platform recently bagged approval from the US Securities and Exchange Commission (SEC). Freeport was recently looking to complete its Reg A review and its efforts finally paid off on Wednesday. This simply implies that Freeport is now licensed to sell shares of fine artworks in the form of security tokens.
In line with this, Freeport will be selling an exclusive four-piece collection of Andy Warhol prints. According to a press release, the four works were “partially acquired” from renowned art collectors such as Jane Holzer. They include Warhol’s most popular works “Marilyn” (1967), “Mick Jagger” (1975), “Double Mickey” (1981), and “Rebel Without a Cause (James Dean)” (1985). Each of the four Warhol prints will be accessible as shares in the form of security tokens. However, they will be limited to 1,000 lots per work.
The collection is slated to launch in May. However, there’s already a growing waitlist of interested collectors who hope to have early access to the artworks. And once the sales begin, the starting price for each tokenized lot will be somewhere between $250 to $860.
Andy Warhol Artworks: Stepping Stone toward Building Art-Centric Community
Meanwhile, Freeport CEO and co-founder, Colin Johnson has shared one of the aims of the company regarding the upcoming launch. He suggests that fractionalized art is a trend that the younger generations currently find appealing. And with Andy Warhol’s works set to launch, Freeport will look to fully tap the potential of the project. More than merely fractionalizing shares of fine art into security tokens, Freeport also holds some extra plans. According to Colin Johnson:
“We have built a fully-immersive and interactive platform hosting an art-centric community and redefining the ownership experience surrounding fractionalized art.”
Colin Johnson has also taken the time to clear the air about Andy Warhol’s artworks. The fact that art is involved, it might be easy to get it confused with an NFT launch, says the CEO. However, he insists that these tokens are nothing like NFTs but rather ERC tokens representing shares.