Historic violin tokenized by Galaxy for million-dollar loan
Galaxy Digital led by Michael Novogratz and Animoca Brands co-founder Yat Siu In 1708, a Stradivarius violin was converted into a non-fungible token (NFT) and used as loan collateral.
Galaxy Digital was reported on June 4th. Siu offered his 316-year-old Stradivarius violin as collateral.
Historical tools have been tokenized, Both the NFT and the physical violin will remain with Galaxy Digital until the loan is repaid. a real violin Stored with custodian in Hong Kong Until Galaxy Digital and Siu approve its release.
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This violin has a rich history, as documented by auction house Tarisio. Initially It was purchased by the Russian Ambassador to Venice for Empress Elisabeth Petrovna. He ruled the Russian Empire from 1741 to 1762. After her death, the violin It was passed down to Catherine II, also known as Catherine the Great.
Yat Siu bought a violin. More than $9 million At auction in 2023.
Thomas Cowan, Vice President of Tokenization at Galaxy, emphasized: The possibility to tokenize physical assets could significantly transform cryptocurrency lending. He pointed out that digital assets are highly volatile and therefore typically have high collateral requirements. But by tokenizing physical assets like this violin, larger loans can be provided.
Using a historic Stradivarius violin as collateral for a loan highlights the adaptability of NFTs and points to a future where more physical assets are integrated into the cryptocurrency economy.
In other news, soccer star Cristiano Ronaldo recently launched his fourth NFT collection, showcasing key moments from his career.
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