LONDON--(BUSINESS WIRE)--IOGINALITY, the first art NFT platform aimed at emerging galleries, today announced its launch to allow galleries and collectors a seamless and fully compliant platform to transact and benefit from the potential of tokenised art.
Providing emerging galleries with equitable access to resources
With a target of becoming the go-to platform for art market stakeholders worldwide, IOGINALITY’s initial focus is on bringing legal and technical support and resources to young galleries transitioning to the Web3 world, by offering an ecosystem solution and proven legal structure to accelerate new market entrants globally.
IOGINALITY exclusively permits galleries to mint NFTs, guaranteeing that customers deal only with compliant sellers and verified art. In the same vein, IOGINALITY also provides access to trusted buyers by using automated Know-Your-Customer and Know-Your-Business checks, to allow galleries to connect with collectors confidently and provide a trustworthy solution for the financial and legal security of customers’ deals, in line with the ever-evolving regulatory landscape across jurisdictions.
Simplified fee structure for all stakeholders
Powered by smart contracts, IOGINALITY facilitates instantaneous and straightforward transactions for galleries, artists, and art dealers. At the moment of minting, the NFTs’ selling prices and royalties are immediately aligned across all stakeholders, circumventing the costs, obscurities, and delays that often impede innovation. More importantly, the IOGINALITY platform offers the possibility of appointing an unlimited number of receivers involved in the transaction.
Formed under a partnership with Midas Investments, a major international crypto fund based in Hong Kong, IOGINALITY is co-founded by internationally-renowned lawyers Ekaterina Smirnova, and Yuriy Brisov. Together, they bring extensive experience in digital markets, delivering legal, economic and strategic consulting services, as well as a critical awareness of crypto, NFT and securities regulations.
Commenting on the launch, Ekaterina Smirnova, Founder and CEO, said: “IOGINALITY was established as a direct remedy to the common issues facing the NFT market surrounding a lack of transparency, susceptibility to fraud and laundering as well as equitable access to forward-looking legal support resources. As hype around NFTs fades and the professionals remain, the industry is ripe for fundamental transformation. Emerging galleries are repeatedly expressing a keen desire to embrace Web3 and it is important that the industry creates the necessary hand railings to enable their adoption, while setting the standard for accessibility, professionalism, security and trust. IOGINALITY addresses this by levelling the playing field to allow more galleries to join the digital revolution, ushering in a new world order characterised by greater representation.”
Participation from global emerging galleries
At launch, IOGINALITY will first feature collections from Alisa Gallery, a contemporary art gallery in Dubai, imnotART, Chicago’s first NFT art gallery, as well as Web3 creative studio, Wizara. These partnerships allow IOGINALITY to accelerate the market entry of galleries globally, as part of its core mission to enrich an asymmetrical and closed world with quality digital art from all corners of the world. This global presence will be further facilitated by IOGINALITY’s growing network of NFT art ambassadors, who will drive new partnerships between art institutions, brands, and advertisers.
Adham Hafez, Co-founder, Creative Director, and Curator of Wizara added: “As a theorist and a curator, I have been interested in the fact that many legal scholars have moved to study Web3 and engage with how its potentials will radically not only change our understanding of art, but of society and how it manifests itself legally, artistically, politically, and culturally in general. Wizara sees in IOGINALITY a perfect partner in how it straddles an interest in practice as well as in theory, the way it equally invests in not only supporting artists to break through the market, but equally to assist them in understanding the contractual and legal matters of a world governed by Smart-contracts and blockchain-based agreements that will redefine art economy, and many of the gallerist-artists relations in our art worlds today.”
In line with its public launch, IOGINALITY has also launched an open source page ‘NFT Nightmares: Lessons Learned’. Hosted on the IOGINALITY website, the page features key takeaways from high-profile cases of Web3 fraud and malpractice including the stealing of Banksy’s Morons in 2021, and the infamous Hermes vs Rothschld lawsuit, which have deterred many collectors and galleries from exploring this realm. Open for all to participate in and submit personal experiences to feature in the case library, IOGINALITY’s comprehensive platform serves to contribute to the development and betterment of the Web3 community by increasing transparency and awareness of potential pitfalls.
In the long-term, IOGINALITY intends to expand its project and leverage its cross-industry expertise across art, culture, finance, technology, law and project management to implement NFT solutions across markets covering assets such as gems, collectible wines and real estate.
IOGINALITY is a digital art marketplace that combines the convenience of the Web3 world with the safety of art dealerships from top galleries and curators to allow artists, institutions, and collectors to transact and benefit from the potential of tokenised art on an accessible, seamless, and fully compliant platform. Through its focus on professionalism and artistic value, IOGINALITY’s platform serves to provide an ecosystem solution to industry concerns around legal, financial and technological facets.
Designed to facilitate greater representation of emerging galleries, IOGINALITY is reimagining the NFT art sector to become the go-to platform for art institutions and stakeholders worldwide to launch digital exhibitions and create NFT collections.