Novogratz’s Galaxy Digital has recently tokenized a Stradivarius violin that is over 300 years old, making it perhaps the most prominent tokenization effort to date. The instrument, crafted in 1708 and estimated to be worth roughly $9 million, formerly belonged to Catherine the Great of Russia.
In a statement, Galaxy Digital remarked that the tokenization of this renowned violin, renowned for its exceptional artistry and prestigious history, represents a significant step forward in utilizing blockchain technology to unlock the value of distinctive real-world assets. Additionally, Animoca Brands co-founder Yat Siu, the current owner of the violin, plans to employ the tokenized instrument as collateral for financing, a service facilitated by Galaxy’s Global Markets division.