Fractional Ownership of Julian Opie Artwork

Overview The artwork "Suzanne Walking in Leather Skirt 3" by Julian Opie was sold in the form of individual pieces of NFTs on the fully on-chain marketplace Yumi.io, leveraging ORIGYN Foundation’s certification platform. This innovative application of NFT technology enabled fractional ownership of the physical artwork, demonstrating a new way of art trading and ownership.

Challenges Traditionally, buying an artwork meant owning the entire piece, making high-value artworks inaccessible to many potential buyers. Additionally, validating the authenticity and provenance of an artwork is often a complex process, susceptible to counterfeiting and fraud.

Solution Yumi.io, in collaboration with ORIGYN Foundation, solved these challenges by selling Julian Opie's artwork as individual pieces of NFTs. Each NFT was linked to a specific portion of the physical object, allowing the NFT holders to become co-owners of the artwork. This not only made the artwork accessible to a wider range of collectors but also allowed for transparent proof of authenticity and provenance, securely stored on the blockchain.

Results

1. Democratized Ownership: By selling the artwork in the form of fractionalized NFTs, Yumi.io made it possible for a larger group of people to participate in the ownership of the piece, breaking down financial barriers in the art world.

2. Authenticity and Provenance: ORIGYN Foundation’s certification platform enabled tamper-proof on-chain storage of information and authentication for each portion of the artwork, ensuring transparency and trust.

3. DAO Governance: The NFT holders gained ownership and governance rights within a decentralized autonomous organization (DAO), facilitating democratic decisions regarding the management and care of the piece.

4. Quick Sale: The artwork was sold under three weeks and reached the targeted value of $150k, indicating a strong market interest in this innovative approach to art ownership.

Conclusion The sale of Julian Opie's artwork on Yumi.io marked a significant leap in the world of NFTs and the broader artistic sphere. By leveraging ORIGYN Foundation’s certification platform, it was possible to offer fractional ownership of physical artwork, democratize art ownership, and provide tamper-proof authentication. This case study illustrates the potential of NFT technology to disrupt traditional art markets and democratize access to art.