Yumi.io, a fully on-chain non-fungible token (NFT) marketplace, has confirmed the sale of Julian Opie’s “Suzanne Walking in Leather Skirt 3” in the form of individual pieces of NFTs. The sale was made possible by leveraging ORIGYN Foundation’s certification platform. This enables artists to generate a digital certificate of their physical artworks for authenticity, provenance, and preservation.
Each fraction of the work by Julian Opie is linked to a specific portion of the physical object, meaning the NFT holders become co-owners of the artwork. The buyers are now entitled to ownership and governance rights within a decentralised autonomous organisation (DAO). It makes decisions regarding the management and care of the piece. This is a significant leap in the world of NFTs and the broader artistic sphere.
Making NFTs accessible to all collectors
With the newfound utility of NFTs to fractionalise such pieces, this alternative asset class is now within reach for collectors of all types.
On this occasion, Melissa Song, head of growth for Yumi NFT marketplace, said:
“We believe that the rapid sale – under three weeks – and reached the targeted value of $150k is a major advancement in the NFT world. This is an indication of the growing appetite among art collectors and enthusiasts to own, control and manage their personal pieces.
“One of Yumi’s core focus areas is to help empower both creators and collectors. We want to help them participate in art culture and contribute to the broader art economy in a safe and secure environment. We are proud to leverage the IC’s scalability and transparency to bring our vision for the future of NFTs to fruition.”
Building on Dfinity Foundation’s Internet Computer
Yumi.io is an on-chain marketplace built on Dfinity Foundation’s Internet Computer (IC), the public blockchain that offers end-to-end decentralisation and uses no centralised cloud nodes. It is tamperproof and can host small social networks to large enterprise systems. All the while, it gives its users full control over their own data and reducing the possibility of theft or breaches.
The IC also enables Yumi to offer free minting and transaction cost-free creating. This further cements the marketplace’s commitment to putting artists first.
Dominic Williams, founder and chief scientist of the Dfinity Foundation, added:
“At Dfinity, we are committed to improving the reach of today’s blockchain ecosystem and increasing its utility across all sectors. We worked closely with Yumi to bring their innovative vision to life. Together, we’re crafting a seamless and private marketplace. There, artists can broaden their work’s impact through NFTs and buyers can experience a secure, democratised and incredibly efficient system.
“We look forward to continuing our partnership with Yumi to ensure everyone can participate in the art economy. All the while, having their personal and financial information safe and protected.”
One for all
Founded in 2021, Yumi is a fully decentralised Web3 marketplace for NFTs and digital goods. Its goal is to provide a low-cost NFT marketplace for creators and collectors. It recognises the need for low fees to make it easy for collectors to discover and purchase unique artwork. Yumi is committed to keeping the platform free for creators and charging low commission. In turn, facilitating an enjoyable user experience for artists and collectors alike.