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NFT Marketplace YUMI Completes Sale of Fractionalised Individual Pieces of Physical Artwork on ICP

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  • Yumi.io is an on-chain marketplace built on Dfinity Foundation’s Internet Computer (IC), a fully decentralised blockchain
  • The IC gives its users full control and ownership of their own data, reducing the possibility of theft or breaches

LONDON, UK, January 20, 2023: Yumi.io, a fully on-chain Non-Fungible Token (NFT) marketplace, today confirmed the sale of Julian Opie’s stunning “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 that enables artists to generate a digital certificate of their physical artworks for authenticity, provenance, and preservation. 

Each fraction of Opie’s work 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) that makes decisions regarding the management and care of the piece, a significant leap in the world of NFTs and the broader artistic sphere. 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, said: We believe that the rapid sale – under 3 weeks – and reached the targeted value of US$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 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 unrivalled scalability and transparency to bring our vision for the future of NFTs to fruition.”

Yumi.io is an on-chain marketplace built on Dfinity Foundation’s Internet Computer (IC), the only public blockchain in the world 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, while giving 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, which further cements the marketplace’s commitment to putting artists first. 

Dominic Williams, Founder & 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, crafting a seamless and private marketplace where 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, while having their personal and financial information safe and protected.

About Yumi

Founded in 2021, Yumi is the first fully decentralised Web3 marketplace for NFTs and digital goods. Their goal is to provide a low-cost NFT marketplace for creators and collectors, and they recognise 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, facilitating an excellent user experience for artists and collectors alike. 

About Dfinity Foundation

The DFINITY Foundation is the not-for-profit developing the Internet Computer — the world’s first web-speed, internet-scale public blockchain. DFINITY currently operates research centers in Zurich and California, and remote teams in locations all over the world. It has a global team of more than 200 people, which includes numerous famous computer science researchers, engineers and cryptographers. It runs the largest R&D operation in the crypto industry. 

About the Internet Computer

The Internet Computer is the world’s first web-speed, internet-scale public blockchain, developed by the DFINITY Foundation. 

The Internet Computer overcomes the limitations of traditional blockchains and smart contracts for better speed, storage costs, security, and scalability, offering Web2 performance on an infinite Web3 platform. As a 100% trustless network, the Internet Computer is the only public blockchain in the world that offers end-to-end decentralisation and uses no centralised cloud nodes. Furthering its decentraliation, the Internet Computer is governed by the Network Nervous System (NNS), a protocol-integrated DAO where token holders have the power to vote on the future of the network. 

The Internet Computer mainnet was launched in May 2021, following years of strategic research and development, by a team of more than 200 world-renowned cryptographers, distributed systems engineers, and programming language experts at the DFINITY Foundation. https://internetcomputer.org/

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