_techcabalSource.webp?alt=media&token=4b6cd358-191f-4075-9582-ef73adbb93dd)
ARTSPLIT is betting it can get you to collect, co-own, care about African art
ARTSPLIT is an art investment platform that aims to make artworks and music more accessible to everyday people while helping artists earn money from their creations. The platform allows users to co-own rare and valuable African artworks by purchasing digital fractions called "Splits" with as little as $3. By breaking down the cost of an artwork into Splits, ARTSPLIT lowers the entry barrier for investing in art.
Users can acquire Splits through auctions where multiple people can co-own a Split, or through the "Lease Auction" where they can win physical custody of split artworks for a two-year period. The platform also offers an "Open Market" where collectors can buy inexpensive artworks and introduce emerging artists to a wider audience. After an auction, the income generated goes to the artist, with ARTSPLIT receiving a commission.
Although investing in art can be volatile and considered a long-term investment, ARTSPLIT's business model of splitting ownership is not entirely new. However, the platform distinguishes itself by focusing specifically on African art and artists. While ARTSPLIT claims to have over 50,000 users, co-ownership of artworks may not be considered a viable proposition by everyone, particularly in Africa where quick money investment options are sought after.
In addition to artworks, ARTSPLIT also offers a product called MusicSplit, allowing fans to buy shares of songs by Afrobeats artists and earn part of their royalties. The platform aims to support independent artists by providing them with access to funds from their music. However, the success of such investments in music may depend on the popularity of the artists and their ability to generate streaming numbers.
ARTSPLIT has raised significant funding, expanding beyond Nigeria to Ghana and South Africa. The company plans to focus on scaling its technology and making strategic investments within the art space to drive its growth. The ultimate goal is to create a thriving economy for African art and establish ARTSPLIT as a go-to platform for investment-grade works.
Read more on TechCabal
