Hub Culture Tokenizes Art Deals With Ultra Art Trading PlatformDecember 8, 2018
Hub Culture’s Ultra Asset tokenization system has expanded with the introduction of its new Ultra Art division, which enables art pieces to be tokenized and traded on the Ultra platform, opening up new liquidity and management resources for artists, collectors and investors.
The system runs on the Ultra Engine, a technology that generates token services attached to real world assets. Qualified Hub Culture members are able to list art assets to be featured in an online trading market with a set of determined characteristics, terms and conditions.
These information components attached to the asset are dubbed ‘Riders’ and determine the rights, responsibilities and obligations of token issuers and owners.
For example, Ultra Art enables the qualified owner of a piece of art to create a HubID digital identity for the piece and to list it in the platform, assigning a fixed number of tokens, value per token, and other attributes to the piece. Once verified, the piece then becomes available in Ultra Markets, where the rest of the community can invest, hold, or trade the tokens associated to the piece.
Ultra Art for the first time enables artists, galleries, owners and investors to enjoy immediate liquidity related to the piece and to fully control the rights, responsibilities and obligations of associated token ownership. It enables a buyer to participate in the luxury art market at micro-investment levels, provides new funding pools for artists and galleries, and creates a new asset class in the Hub Culture and Ven economy with art as an underlying asset.
In many cases, it is expected that ownership of the piece in question will be decoupled from the token itself, with privileges attached to an art piece determined by the attached Riders.
This highly individual form of tokenization provides ultimate flexibility for the art market to determine ways and means to add tokenization to a piece. Examples of Riders include consensus custody (rules by which token holders may enjoy physical possession of a piece) insurance and other value protections, sharing rights, sale and reproduction rights, etc.
Issuance of Ultra Art tokens is available to Hub Culture verified members and forms part of a rapidly growing array of Ultra Assets linked to Ven, Hub Culture’s groundbreaking digital currency. Asset pairs and transactions in the Ultra market are all linked to Ven as a base transaction asset. Operating since 2007, Ven is one of the world’s most stable and resilient digital assets.
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