In cooperation with the Dubai 10X initiative and Dubai Future Foundation, Emirates Today publishes the most prominent projects participating in the initiative, which was directed by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, to all government agencies in Dubai To apply today what the cities of the world will apply after 10 years, Dubai 10X seeks, in cooperation with the relevant authorities in the Dubai government, to adopt new models for future governments, by bringing about a comprehensive change in the governmental work system, and setting future plans that restore the government’s role in serving societies and making the future.
The Dubai Culture and Arts Authority launched the "Dubai Art Bank" project with the aim of supporting creativity and creativity, and linking art galleries with businesses, artists, and investors through smart trading and advanced services that are consistent with the directions of the City of the Future.
The authority emphasized that the project comes within the framework of strengthening the position of Dubai as a cultural, digital and artistic pioneering destination in the world, with the aim of supporting creativity and creators, linking art galleries with businesses and artists, and assisting investors in acquiring artworks through smart trading and advanced services that are consistent with the directions of the future city, This is part of the first phase of the "Dubai 10X" initiative adopted by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai and Chairman of the Executive Council, and supervised by the Dubai Future Foundation.
The project offers a new innovative model for managing artistic collections and dealing in the field of creativity and the arts to serve as tradable assets. Dubai Art Bank allows to conduct transactions in artistic holdings similar to traditional banking transactions such as depositing and withdrawing artistic holdings and accounts for managing artistic collections and selling and transferring ownership of artistic holdings Account management and investment services in technical acquisitions.
Through this project, Dubai will be able to achieve a proactive step that enables it to lead the countries of the world in the field of creativity and artistic innovation thanks to the availability of the infrastructure that enables it to change the art industry globally, stimulate talent and attract the most important art and innovation companies around the world through a relationship dependent on the integration between developments Technology and developments in the arts financing sector worldwide.
Over time, the Art Bank of Dubai will provide a huge database for the arts sector regionally and globally, and the platform will use artificial intelligence to help people choose businesses and form several partnerships during the implementation phase with famous banks, investment companies and smart solution providers.
Consequently, Dubai Art Bank will create a positive change in the sector by promoting innovation and focusing on digital art, establishing a clear monetary model that enables artists to achieve sustainable returns based on their talents, and providing a platform to bring together workers and those interested in the field to find a network of creative talents It can work through a digital portal that focuses on emerging talent and professional artists.
The project contributes to enhancing Dubai World's position in competitive indicators, such as the National Culture Index, cultural experience, private and public art galleries, public museums, the number of international cultural events held, and the number of museums on the Global Cities Index.
Art markets
There are many global initiatives similar to "Dubai Art Bank", and it aims to serve artistic markets through modern technologies, but most of them are based on providing a registration and documentation service, and not creating an integrated electronic market for trade, storage, documentation, registration and promotion of artworks, such as the platform « Veresart »which provides the ability to verify and certify artworks using Blockchain technology to combine transparency, anonymity and security to protect the records of construction and ownership.
Verisart builds a proven infrastructure for artwork and holdings that can be verified by anyone, and records are encrypted and given a time stamp by a trusted decentralized record.
Likewise, the company "Mykinas" which is based in Singapore, it uses a cryptocurrency based on "Block Chain" to sell artwork shares, and in July of 2018, the company signed a partnership agreement with Dadiani Gallery to make its first sale deal worth $ 5.6 million .
Features
The project is an innovative model for managing artistic groups and dealing in the field of creativity.
A proactive step that enables Dubai to lead the countries of the world in the field of creativity and artistic innovation.
- Promote Dubai's global position in the competitive indicators in the cultural and artistic fields.
The availability of an infrastructure to change the art industry globally.
Performing technical acquisitions similar to traditional banking.
Create a network of creative talents that can work through a digital portal.
Dubai Art Bank provides a huge database for the sector regionally and globally.
The «Art Bank» links art galleries with businesses, artists and investors.