Nfts
A 316-year-old violin that belonged to Catherine the Great is now an NFT
June 5, 2024, 4:22 p.m. | Updated: June 5, 2024, 4:38 p.m.
An 18th-century Stradivarius violin, once owned by Catherine the Great, has been tokenized and is now an NFT. Photo: Tarisio / Alamy
The violin, worth more than $9 million, was “tokenized” by a tech company in order to “unlock its value.”
A 316 year old man Stradivarius The violin once owned by Russian Empress Catherine the Great has been transformed into an NFT (Non-Fungible Token) by technology company Galaxy Digital Holdings LP.
After being purchased at auction for more than $9 million last year by Hong Kong-based entrepreneur and investor Yat Siu, the violin it and its NFT counterpart are now both being held as collateral for a multi-million dollar loan to Siu.
Tokenization is the first of its kind and allows the value of the instrument to become more readily available. Galaxy Digital’s website says the move “can significantly improve liquidity” and ensures reliable record-keeping for ownership of such a historic instrument.
Additionally, they say, “blockchain technology can merge the physical art world with the digital world, opening up new possibilities – from trading to lending, from asset management to fractional asset ownership of the real world “.
This means that, if Siu decides, it could become possible for others to invest in part of the violin, although there are currently no formal plans as such. The violin itself will be kept securely by a guardian in Hong Kong.
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Siu himself has a musical background. Born in Vienna in 1973, Siu’s mother was a conductor and her father a stage musician. He attended the Vienna University of Music and Arts (formerly Vienna Conservatory), where he studied cello, flute and piano.
He then embarked on a career in technology and computing, but today remains connected to the world of music through his role on the BAFTA advisory board and as director of the Asian Youth Orchestra.
Siu said of his new venture: “As a technologist with a background in classical music, this is a very special moment for me. The violin of Empress Caterina Stradivarius from 1708 is the first instrument of such origin to undergo tokenization.
“I’m excited to help launch this new business model for unique assets while preserving and sharing a precious piece of history.”
Despite a commendable musical background, Siu’s background pales in comparison to that of the violin he has just symbolized. The “Empress Caterina” was made by Italian master violin maker Antonio Stradivari during his “golden period” in 1708.
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According to the 19th century luthier Alfred Hill, of the prestigious WE Hill & Sons workshop, this violin dates back to the Russian Empress Elizabeth Petrovna, who bequeathed it to Catherine the Great – in whose honor it is now named.
From its roots in the ruling class, the violin passed through the hands of Russian aristocrats, a group of European violinists, a café impresario, a radiologist and a tropical fish expert, before ending up in the Tarisio auction house, where it was purchased by Siu. .