Dubai has a reputation for how rich its inhabitants are, and with good reason – it’s the most expensive city in the Middle East. It appears as though its luxurious art scene is opening up to cryptocurrency as well, as the Dubai Culture and Arts Authority has launched a blockchain-based bank for art.
The project, called Artbank, is meant to facilitate art trading. It is one aspect of a larger government initiative called Dubai 10X that aims to place Dubai government entities “10 years ahead” of the rest of the world.
The acting director general of the Dubai Culture and Arts Authority, Saeed Al Nabouda, stated:
“We wanted to step into the art technology realm, where art meets tech, and we soon realized that finance and fin-tech needed to be included too.”
Name: Dubai Launches Blockchain ‘Artbank’
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