The Dubai Culture and Arts Authority has launched ArtBank, which it says is the world's first blockchain-based digital art bank, as part of an initiative aimed at making Dubai a global centre for the arts. Launched on Tuesday, the bank will allow artists to sell their work directly from within its platform, with no middlemen or intermediaries required. Local artists "lack exposure and policies to share creativity due to an opaque and often elitist art market; the art industry is very centralised with the wealthy."
The Dubai Culture and Arts Authority has launched ArtBank, which it says is the world's first blockchain-based digital art bank, as part of an initiative aimed at making Dubai a global centre for the arts. "Over time, ArtBank will include a database of global and regional art, where artificial intelligence will help users navigate and interact", said Saeed Al Nabouda, acting director general of the Dubai Culture and Arts Authority. Local artists "lack exposure and policies to share creativity due to an opaque and often elitist art market; the art industry is very centralised with the wealthy."