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| Artist Ely Buendia and Marvin Agustin of Artifract during the contact signing. |
The initial tokenization and fractionalization platform in the nation, Artifract, has increased its
partnership with Pinoy Rock Icon Ely Buendia to allow fans and music enthusiasts to own bits of the latter's music and artistry via the blockchain. collection of works of art and music.
To bring Buendia's musical collection into the metaverse, Artifract joined forces with WEU Event Management Services, Dvent Productions, and Buendia. As part of this partnership, Buendia will release his original song "Hele" as well as his exclusive musical NFT named "Flamed Lullaby."
The artwork was influenced by the final Eraserhead reunion concert in 2008, where Artifract developed a platform for legendary creators to digitize their works and to democratize access to it. "We're thrilled to enable Ely Buendia and many more artists, brands, and creators to build stronger relationships and connections with their audiences using the technology we developed at Artifract and UBX," said Rico Dela Cruz, the founder of Artifract. "Sticker Happy Piano was burned and smashed during their final performance of "Ang Huling El Bimbo." Artifract's project owner remarked.
At a base price of P50,000 per fractional NFT, with exclusive royalties rights and a printed replica of the artwork plus a Certificate of Authenticity, not more than 1,000 NFT owners will be able to listen to and enjoy this never-before-released musical work of art.
Once the 1,000 pieces have been sold out, authenticity and trade for the secondary NFT market are also important.
"We are eager to collaborate with Artifract. We now have the chance to investigate more methods of metaverse music sharing thanks to this new relationship. We're excited to select a unique collection of musical works for our upcoming Web3 project," said Ely Buendia.
Jointly developed by Unit 256 Ventures Inc. and UBX, the top open finance platform in the Philippines, Artifract makes use of a proprietary "token factory technology" that tokenizes physical or digital assets.
An asset can be converted into several digital grids by fractionalizing, the technique of dividing the NFT into smaller pieces. Each digital grid may have several proprietors. Trading transactions are expedited because the tokens can establish a reliable framework for tracking and settling assets. The technology provides digital transaction security without the requirement for middlemen or third-party institutions.
"Exclusive fractionalized musical arts will be accessible to and appreciated by our users. Most significantly, consumers will have a blockchain-based ownership stake in Ely's musical creations, according to Marvin Agustin, co-founder of Artifract.
About UBX
Originally the financial technology venture studio and fund of UnionBank of the Philippines, UBX is
now the Philippines' leading Open Finance platform. UBX is predicated on a future where financial services are invisible: seamlessly embedded into the experiences and activities that truly matter
to businesses and people. For partnerships, email us at hello@ubx.ph.
For more information about the company and this article, please visit www.ubx.ph
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