Crypto venture firm Galaxy Digital has tokenized a 1708 Stradivarius violin. This rare instrument, valued at over $10 million, is owned by Yat Siu, co-founder of Animoca Brands.
The protagonist of this tokenization is a violin named Empress Caterina, crafted by the renowned violin maker Antonio Stradivari. Born in 1644, Stradivari had a career spanning 71 years, with his golden period lasting from around 1700 to 1720.
The 1708 Stradivarius violin possesses exquisite beauty and extraordinary history. It once belonged to Empress Caterina of Russia, hence its name, and is worth over $10 million.
In order to preserve this rare piece of history and unlock its value, Galaxy Digital has tokenized the instrument using the Ethereum blockchain. According to Galaxy’s website, tokenization brings the following benefits:
1. Liquidity: Converting real-world assets (RWA) into digital tokens significantly enhances liquidity and provides avenues for owners to utilize RWAs in the financial sector.
2. Transparency: High-value assets are usually associated with trusted ledgers and verifiable ownership records. Blockchain technology can provide a reliable solution to this problem.
3. New possibilities: Blockchain technology can merge the physical art world with the digital world, opening up new possibilities, ranging from transactions to lending, and from asset management to partial ownership of RWAs.
Yat Siu, co-founder of Animoca Brands and owner of Empress Caterina Stradivarius, stated:
“The 1708 Empress Caterina Stradivarius violin is the first instrument of such legendary origin to be tokenized. I’m excited to help pioneer this new economic model for unique assets while preserving a precious piece of history.”
Galaxy Digital aims to transform the perception and utilization of priceless artworks, real estate, historical artifacts, and other real-world assets in the financial sector. By tokenizing physical assets, they significantly enhance liquidity and provide owners with avenues to realize the economic value of their holdings.