Nfts
Yat Siu tokenizes his Stradivarius violin and obtains a loan from Galaxy
A Stradivarius violin, once owned by Russia’s Catherine the Great, has been tokenized to secure a multimillion-dollar loan through Digital Galaxyfrom Global Markets, marking a new use case for blockchain technology in real-world asset management.
The violin was made in 1708 by Italian luthier Antonio Stradivari, renowned for its craftsmanship and historical provenance, and was acquired last year by Yat Siu, co-founder of Animoca Brandsfor around $9 million.
This movement allows Siu to have the violin and its corresponding NFT to use as collateral.
Source: Galaxy
Pioneering use of asset value in the real world
The tokenization process, led by Galaxy subsidiary GK8, converts the physical violin into digital tokens on the Ethereum blockchain. This helps improve liquidity and allows asset owners to realize economic value without selling the asset itself.
Michael Novogratz, CEO and founder of Galaxy Digital, highlighted the precedent this sets for accessing and using the value of real-world assets via blockchain, saying: “By tokenizing this Stradivarius violin, we are not only preserving the legacy of one of the greatest violins in the world. valuable musical instruments, but we are also setting a precedent for how the latent value of real-world assets can be accessed and used.
Yat Siu also expressed his enthusiasm for the initiative, saying: “I am delighted to help launch this new business model for unique assets while preserving and sharing not only a very rare and valuable instrument, but also a piece of art. ‘history. .”
The digital representation of the violin will facilitate the loan process, while the physical violin will be stored securely.
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Blockchain enthusiast and long-time gamer.