Freeport clears SEC Reg A review for tokenized art offerings

On March 29, nonfungible tokens startup Freeport announced that it had passed a Regulation A reappraisal by the U.S. Securities and Exchange Commission to motorboat its blockchain level for crowd-ownership of a four-piece postulation of Andy Warhol prints. Each portion consists of 10,000 shares, with a minimum acquisition of 10 per individual, allowing a maximum of 1,000 individuals to ain a portion of the Warhol art. 

The underlying pieces are prints of iconic blue-chip Warhol works, including Marilyn (1967), Double Mickey (1981), Mick Jagger (1975), and Rebel Without a Cause (James Dean) (1985). Current Andy Warhol paintings connected the marketplace tin fetch anyplace betwixt $6 to $195,040,000 apiece, according to MutualArt. 

As told by Freeport, the SEC clearance allows retail investors to summation fractional ownership of the good arts market, which is typically exclusive to high-net-worth individuals owed to pricing. "Customers tin show their pieces successful a high-resolution idiosyncratic gallery, prime frames, and presumption different assemblage members' galleries with affluent societal interactions that see comments, likes, and more," wrote the Freeport team. Colin Johnson, CEO and Co-Founder of Freeport, commented:

"As much and much worth moves on-chain, fractionalized creation is progressively being sought aft by a younger, yet little financially flexible, people of investors."

Anyone offering securities successful the U.S. indispensable either registry with the SEC oregon question an exemption. The Regulation A exemption allows companies, chiefly startups, to rise $20 cardinal successful 12 months successful a Tier 1 offering oregon $75 cardinal successful 12 months successful the much stringent Tier 2 offering. On April 18, Gary Gensler, president of the SEC, will testify earlier the House Financial Services Committee connected regularisation towards crypto assets.

Andy Warhol's Marilyn Monroe Portrait | Source: Fine Art Studies