The Dubai Culture and Arts Authority (Dubai Culture) has launched its blockchain-powered digital bank for art, which is the first platform of its kind in the world.
ArtBank uses cryptocurrency to facilitate trading in artworks, and establishing Dubai as a global centre for the arts, a statement said.
Over time, ArtBank will include a database of global and regional art, where artificial intelligence will help users navigate and interact. Several partnerships are set to arise in the implementation phase, including with renowned banks, investment firm, and smart solutions providers.