Blockchain investment firm Pantera Capital will next week make an investment in the token crowdsale of centralized art gallery Maecenas. The two companies are already working together to develop the marketplace.
Founded in 2013, Pantera Capital is a bitcoin investment firm that has invested in Zcash, Ripple, South Korean bitcoin exchange Korbit, and blockchain-based remittance service Abra.
Maecenas’ crowdsale begins at 5 p.m. CES on Sept. 7. The minimum sale threshold is $3 million, the milestone target is $10 million, and the hard cap $20 million. Supporters can participate with Ethereum.
“Tokenizing existing asset classes that are currently illiquid is a great application of blockchain tech,” Pantera co-CIO Joey Krug said. “The art market is a perfect one to tackle first because it has extremely high fees on both sides (approaching 50 per cent of the artwork if you combine them), very little liquidity, high barriers to entry, and less implementation issues than say tokenizing real estate.”