News & Press
Sale of stake in 360X Art and development of token platform for investors by subsidiary ArtXX AG
21 Nov. 2022 / Pressemitteilungen
Weng Fine Art AG's (WFA) management has decided to focus mainly on "utility tokens" in the field of Blockchain and to operate this business via its subsidiary ArtXX AG (ArtXX) in the future. In this context, the investment in 360X Art AG was sold for a price of EUR 2.41 million. WFA does not intend to participate in the creation or trading of NFTs in the form of digital or fractionalized art for the foreseeable future.
The WFA management is convinced that art is not only valued by collectors, but can also develop into an attractive asset class in the financial market going forward. Therefore, its Swiss subsidiary ArtXX is currently building a digital art investment platform, which will launch for investors in Q1 2023. Part of this service will be a trading platform where utility tokens of important editions can be traded. With the token, buyers acquire 100 percent ownership of a physical work of art and do not have to handle usual logistics involved in art transactions, nor do they have to bear additional costs (commission, storage, transport and insurance costs). Furthermore, payments for VAT and import sales tax are largely eliminated. In addition, buyers have the option of having the physical work of art delivered to them in exchange for the token, so that they can enjoy the work of art in its original form. The token itself (and thus the physical artwork) will also be resalable via the ArtXX trading platform.
WFA expects revenues from the token business as early as Q1 2023. ArtXX needs only a fraction from the proceeds of the sale of its stake in 360X Art for developing the token business on its own account.