Dubai To Introduce Art Bank And Art Cryptocurrency

Feb 13,2018

As Dubai considers the future, the importance of a healthy Arts and Culture sector is being valued more than ever. The value being ascribed to the Arts is increasingly being translated into innovative projects and structural innovations. These innovations are crucial to the strengthening and growth of the creative sector.

For "regular" creative individuals, what this will mean in real terms, is an increase in opportunities, funding, educational initiatives, and a healthy competitive environment. These opportunities will support the development of individuals, and the Arts as a whole.

Dubai's fast-paced and rapidly growing Art and Culture sector have seen some key announcements in the last week.

His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, has directed the launch of the UAE Cultural Development Fund, which will be overseen by the Ministry of Culture and Knowledge Development.

The aim of this fund is to support and develop cultural activities while emphasizing the importance of inclusion for all groups living in the UAE. They seek to engage the youth of Dubai in the Arts, as a way to celebrate and preserve the culture of the UAE, and as a way to harness and direct the energy of young people positively.

An important and exciting development is the announcement to work on the launch of the Creative Industries Contributions Index. Through this initiative the economic return of Culture activities can be measured, highlighted and attract additional funding, promoting further growth.

This year at the ongoing World Government Summit the Dubai Future Foundation initiative - Dubai10X announced a number of ground-breaking plans.

Among those were the introduction of the Art Bank and Art Cryptocurrency initiatives. The Art Bank will aim to provide an innovative model through which art collections can be managed using cryptocurrency in place of cash, this will provide a valuable platform for the art economy to develop further.

The Dubai Art Cryptocurrency will seek to facilitate higher returns for creative assets through curation, valuation, and storage, as well as a legal framework governing ownership and fractional ownership. The Cryptocurrency initiative will also seek to provide trading access through online and offline platforms.

As the UAE government gradually positions itself at the forefront of innovative technology, these developments are significant to local creative community and its rapid growth.

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