The Dubai ArtBank, the world’s first digital bank for art launched by the Dubai Culture & Arts Authority (Dubai Culture), reinforces the emirate’s growing role as a global art hub and establishes it as a pioneer in using technology to promote the growth of the creative economy, said Vice Chairman of Dubai Culture Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum.
Launched during the 12th edition of Art Dubai held in March, the Dubai ArtBank introduces an innovative new model for managing art collections and transacting in creativity and art as bankable assets through a new Dubai Art Cryptocurrency. The initiative is Dubai Culture’s response to the ‘Dubai 10X’ initiative, which seeks to implement today what other cities around the world will be implementing 10 years from now.
Her Highness Sheikha Latifa bint Mohammed said that Dubai’s aspirations to be ten years ahead of other cities requires collaborations with a wide range of players to adopt the latest technologies necessary to develop various sectors including art and culture.
“The Dubai ArtBank initiative marks out Dubai as a pioneer in using technology to extend the reach and impact of art. This is yet another example of Dubai taking the lead in adopting advanced technologies to enhance excellence in various spheres of life. I am confident that the initiative will help integrate the art industry more closely into the digital world and inspire the growth of a thriving creative ecosystem based out of Dubai.”
“The initiative reflects the vision of Vice President and Prime Minister of the UAE and Ruler of Dubai His Highness Sheikh Mohammed bin Rashid Al Maktoum to be a global leader in the field of art and culture. Dubai’s leadership firmly believes that art and creativity can make key contributions to enhancing the happiness of society and encouraging a culture of innovation,” Her Highness said.
Dubai ArtBank forms part of the Dubai Culture’s strategic objective of exploring technological solutions to address the needs of artists and the broader creative community, Sheikha Latifa further said. The rapid growth and vibrancy of Dubai’s art community encouraged Dubai Culture to launch a platform that enables art content to be shared. Through the initiative, it also seeks to create a focal point for various players in the art ecosystem to connect with each other and explore opportunities for collaboration.
The ArtBank will enable art collections to be managed using cryptocurrency instead of cash, providing an impetus to the sustainable development of the art sector. The Dubai Art Cryptocurrency will also facilitate higher returns for creative assets.