Over 300 Years Old Stradivarius Violin Tokenized by Galaxy Digital by Novogratz
Michael Novogratz’s Galaxy Digital announced that it has tokenized the over 300-year-old Stradivarius violin owned by Yat Siu, co-founder of Animoca Brands. Perhaps the most high-profile tokenization on record.
The violin, made in 1708 and valued at about $9 million, previously belonged to Catherine the Great of Russia, according to the statement.
According to Galaxy Digital, “The tokenization of this iconic instrument, known for its unrivaled craftsmanship and historic provenance, represents a significant advance in applying blockchain technology to unlock the value of unique real-world assets.” “I do,” he said.
Siu is using tokenized violins “as collateral for financing facilitated by Galaxy’s global marketplace business,” the statement also said.
“By tokenizing this Stradivarius violin, we are not only preserving the legacy of one of the world’s most precious instruments, but also setting a precedent for how the potential value of real assets can be accessed and leveraged,” Novogratz said. . The founder and CEO of Galaxy Digital said in his statement: “Starting with high-end assets like this violin, we are creating a process that will transform the way all assets are managed, valued and traded in the digital economy.”
Siu also celebrated the tokenization of the violin.
“We are excited to help pioneer this new economic model for this unique asset while preserving and sharing a piece of history as well as an incredibly rare and valuable tool,” Siu said.
Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.
© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
About the author
RT Watson is a senior reporter at The Block, covering a variety of topics including US-based companies, blockchain games, NFTs, and more. He previously covered entertainment for The Wall Street Journal, writing about Disney, Netflix, Warner Bros. and the creator economy, focusing primarily on technological disruption across media. Previously, she covered corporate, economic and political news in Brazil at Bloomberg. She interviewed a wide range of figures for RT, including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers, and convicted criminals. She holds a Master’s degree in Digital Sociology.
