Blockchain-based art investment platform Maecenasm has teamed up with security expert John McAfee and crypto exchange Ethershift.co to tokenize Pablo Picasso’s painting on Ethereum blockchain.
The new digital asset will be represented as a single ERC721 token for the digitalized artwork.
“We are tokenizing a masterpiece, and making the painting perpetually inaccessible. Any eventual release date of the physical painting can only be decided via a voting process by token holders, after the minimum amount of time has passed well into the future,” the official blog announcement states.
The project is codenamed “Project Phoenix”. Unlike previous asset tokenizations performed by Maecenas, Project Phoenix will be a fully decentralized exercise, and the resulting unique tokens will be created on the public Ethereum blockchain.
The auction will take place around the year-end Holiday season.
John McAfee commented on the news via twitter:
“I am helping to tokenize rare art objects – a groundbreaking Blockchain application. We will auction a tokenized Picasso at the end of December. This is our second tokenized painting. The first was a resounding success.”