Freeport clears SEC Reg A review for tokenized art offerings
It appears that the SEC has exempted NFT art tokenization from registration as security offerings. On March 29, nonfungible tokens startup Freeport announced that it had passed a Regulation A review by the U.S. Securities and Exchange Commission to launch its Blockchain platform for crowd-ownership of a four-piece collection of Andy Warhol prints. Each piece consists of 10,000 shares, with a minimum purchase of 10 per individual, allowing a maximum of 1,000 individuals to own a piece of the Warhol art. The underlying pieces are prints of iconic blue-chip Warhol works, including Marilyn (1967) , Double Mickey (1981) , Mick Jagger (1975) , and Rebel Without a Cause (James Dean) (1985) . Current Andy Warhol paintings on the market can fetch anywhere between $6 to $195,040,000 apiece, according to MutualArt. As told by Freeport, the SEC clearance allows retail investors to gain fractional ownership of the fine arts market, which is typically exclusive to high-net-worth individuals due...