Over 300-year-old Stradivarius violin tokenized by Novogratz's Galaxy Digital
Quick Take
- Michael Novogratz’s Galaxy Digital has tokenized a Stradivarius violin made in 1708.
- The rare instrument, valued at around $9 million, is owned by Yat Siu, co-founder of Animoca Brands.
In perhaps the highest-profile tokenization on record, Michael Novogratz’s Galaxy Digital announced it has tokenized a more than 300-year-old Stradivarius violin owned by Animoca Brands co-founder Yat Siu.
The violin, made in 1708 and valued at about $9 million, used to belong to Russia's Catherine the Great, according to a statement.
"The tokenization of this iconic musical instrument, celebrated for its unmatched craftsmanship and storied provenance, marks a significant advancement in the application of blockchain technology to unlock the value of unique real-world assets," according to Galaxy Digital.
Siu is using the tokenized violin "as collateral for financing facilitated by Galaxy’s Global Markets business," the statement also said.
"By tokenizing this Stradivarius violin, we are not just preserving the legacy of one of the world's most precious musical instruments, but we are also setting a precedent for how the latent value of real-world assets can be accessed and utilized," Novogratz, Galaxy Digital's founder and CEO, said in the statement. "By starting with high-end assets like this violin, we’re creating a process that will transform how a whole range of assets are managed, valued, and traded in a digital economy.”
Siu also celebrated the tokenization of the violin.
"I am thrilled to help trailblaze this new economic model for unique assets while at the same time preserving and sharing not just a very rare and precious instrument, but also a piece of history," Siu said.
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