Tokenised artwork & how blockchain is reshaping art ownership

The global art market generates tens of billions of dollars in sales each year [1], yet investing in art has traditionally been difficult. High purchase prices, limited liquidity, and complex ownership arrangements mean that most valuable artworks remain out of reach for many investors.

Tokenisation is changing that. By representing ownership rights through digital tokens on a blockchain, artwork may be divided into smaller investment interests that are easier to buy, hold, and transfer.

While still an emerging market, Tokenised artwork is helping bridge the gap between traditional art ownership and digital finance. It allows investors to gain exposure to artwork in new ways while giving artists, collectors, and galleries additional options for managing and monetising their collections, though, as with any alternative asset, it comes with its own set of risks that are worth understanding before investing.

• Tokenised artwork may convert ownership rights in an artwork into digital tokens recorded on a blockchain.
• Investors could possibly gain exposure to artworks without purchasing an entire piece.
• Blockchain intends to creates a shared, verifiable record of ownership and transactions.
• Tokenisation is expanding access to art investments and introducing new ways to manage and transfer ownership, alongside liquidity, valuation, legal, regulatory, and platform-specific risks investors should weigh.

Tokenisation is the process of converting ownership interests in a real-world asset into digital tokens on a blockchain.

The concept is being applied across a wide range of assets, including real estate, bonds, private funds, commodities, and collectibles. Each token represents a defined ownership interest or economic right linked to the underlying asset. However, the rights represented by tokenization depend on the applicable legal and contractual structure of the underlying asset.

Rather than relying on paper certificates or manual recordkeeping, ownership information is stored digitally on a blockchain. This creates a shared digital record that authorised participants can view and verify; an improvement on paper-based recordkeeping, though the degree of public visibility depends on whether the underlying ledger is public or permissioned.

For assets that have traditionally been difficult to transfer or divide, Tokenisation offers a new way to structure ownership.

Tokenised artwork is an artwork whose ownership rights, economic rights, or both are represented by digital tokens on a blockchain.

Instead of one buyer purchasing an entire painting or sculpture, ownership can be divided into smaller units. Investors may evaluate purchasing these units and gain exposure to the artwork without needing to acquire it outright. However, the exact scope and validity of the rights often depends on the contractual, legal, and regulatory status of the product.

For example, a hypothetical CHF 2 million artwork could be represented by 20,000 digital tokens. Investors may purchase a portion of those tokens based on the structure and minimum investment requirements of the offering.

It’s important to understand that buying a token does not always mean owning the physical artwork itself. The rights attached to the tokens depend on how the investment is structured. In some cases, investors may own a share of the asset. In others, they may hold rights linked to the asset’s value or future sale proceeds. Or in some cases there may not be any rights passed at all, depending on the origin, structure of the token, and other regulatory aspects.

For this reason, the legal framework behind a Tokenised artwork is just as important as the technology used to support it ; and it’s worth confirming exactly what rights a token confers before investing.

Art Tokenisation combines traditional ownership structures with blockchain infrastructure.

Step 1: Selection and valuation An artwork is identified and independently valued. Its authenticity, ownership history, and condition are typically reviewed before Tokenisation begins.

Step 2: Legal structuring A legal structure may be created to define what investors are purchasing and what rights are attached to the tokens backed by secure custody . This may include ownership rights, revenue-sharing arrangements, or other economic interests.

Step 3: Token creation Digital tokens are issued on a blockchain. Each token may represent a defined portion of the artwork or the economic interest associated with it.

Step 4: Investor participation Investors may evaluate purchasing tokens through an approved platform. Ownership records are then updated on the blockchain.

Step 5: Ongoing administration The artwork remains professionally managed while token ownership records are maintained digitally. Any future transfer of ownership interests can be recorded on-chain.

The blockchain itself does not hold the artwork. Instead, it acts as a recordkeeping system that tracks token ownership and transaction history.

Historically, art has been viewed as a specialised asset class. Purchasing valuable pieces often required significant capital, industry knowledge, and access to the right networks.

Tokenisation changes how investors can participate. Instead of committing a large amount of capital to a single artwork, investors may be able to spread their interest across multiple pieces, artists, or collections.

For investors interested in alternative assets, Tokenised artwork sits alongside areas such as private equity, real estate, and collectibles. These assets carry different risk and liquidity profiles than traditional investments, and correlations between them can shift over time.

Tokenisation does not change the underlying value of the artwork. What it changes is how ownership can be structured and accessed.

For investors

• Access to high-value art: Many artworks are simply too expensive for individual investors to purchase outright. Tokenisation makes it possible to gain exposure without acquiring the entire asset.
• Smaller investment requirements: Because ownership can be divided into smaller units, investors may not need the same level of capital typically associated with collecting fine art.
• Clearer ownership records: Blockchain technology provides a visible record of token ownership and transfers among authorised participants. This can help improve transparency compared with traditional ownership processes that often rely on multiple intermediaries.

For artists and collectors

• Funding opportunities: Tokenisation may provide a new way to raise capital without requiring the complete sale of an artwork.
• Investor reach: Digital investment structures may connect artworks with investors beyond traditional gallery and auction networks.
• Simplified ownership administration: Blockchain-based records may make ownership management more efficient by creating a single source of ownership information.
• Potential market expansion: As Tokenisation becomes more widely adopted, it may create new pathways for bringing artwork to a larger audience.

Risks to Weigh

Tokenised artwork also carries risks that are important to understand before investing:

• Liquidity risk: Secondary markets for art tokens can be thin, meaning it may be difficult to sell a position quickly or at the expected price.
• Valuation risk: Art valuations are inherently subjective and can be volatile, and a token’s value ultimately depends on the underlying artwork’s market value.
• Platform and custody risk: Investors are exposed not only to the artwork but to the platform, custodian, and legal structure administering the tokens; a failure at any of those levels can affect an investor’s position.
• Regulatory uncertainty: The treatment of Tokenised real-world assets varies by jurisdiction and continues to evolve, which can affect investor protections and how tokens may be bought, held, or transferred. Legal and regulatory risks exist with how the tokenization is structured and performed as well.
• Rights clarity: As noted above, owning a token does not always mean owning a share of the physical artwork; investors should confirm exactly what rights are attached before investing.

A blockchain can record ownership, but it cannot automatically access information from the outside world. This is where oracle networks become important.

An oracle network is infrastructure that helps bring external, real-world data onto a blockchain, acting as a bridge between off-chain information and blockchain-based applications. Chainlink is one  example of a decentralised oracle network.

In Tokenised artwork, this kind of infrastructure could support functions such as:

• Providing valuation data
• Verifying ownership information
• Updating asset-related information
• Supplying information required by smart contracts

As with any infrastructure a Tokenised offering depends on, the accuracy and availability of this external data introduces its own operational risk; inaccurate, delayed, or manipulated data feeds could affect valuations or actions tied to the underlying artwork. As Tokenised real-world assets continue to grow, the quality, reliability, and resilience of the oracle networks they depend on will matter as much as the blockchain infrastructure itself.

The earliest examples of blockchain-based art appeared in the years following the launch of Ethereum.

Projects such as CryptoPunks, launched in 2017, demonstrated that digital artwork could have verifiable ownership recorded on a blockchain. This introduced a new way of thinking about digital assets and proving ownership of unique digital items.

The concept gained further attention as NFT marketplaces emerged and artists began creating works designed specifically for blockchain networks.

Over time, the idea evolved beyond digital-only art. Companies and platforms started applying the same principles to physical artworks, including paintings, photography collections, and sculptures. This marked the beginning of Tokenised artwork as a broader asset category.

Today, Tokenised art includes both digital and physical works, reflecting a wider trend of bringing real-world assets onto blockchain infrastructure.

Tokenised artwork combines traditional art ownership with blockchain technology. By representing ownership rights through digital tokens, it may create new ways to buy, hold, and transfer interests in artwork.

The technology does not change what gives an artwork value. Instead, it changes how ownership can be structured and managed. Investors may evalaute an asset class that has historically been difficult to enter; though, as with any alternative investment, Tokenised art carries liquidity, valuation, legal, regulatory, and platform-specific risks that should be weighed carefully. For artists and collectors, it offers new ways to reach investors and manage valuable collections.

As Tokenisation continues to expand across asset classes, artwork is emerging as one of the examples of how blockchain can be applied to real-world assets.

How can Tokenised artwork make fine art investments accessible to a wider range of investors?

Tokenised artwork allows a single piece of art to be divided into smaller digital ownership units, enabling investors to participate with lower capital requirements. This can make access to fine art more accessible compared to traditional art investments, which often require significant upfront investment.

How does fractional ownership through artwork Tokenisation change the traditional art investment model?

Fractional ownership enables multiple investors to own a share of a single artwork rather than requiring one buyer to purchase the entire piece. This may lower barriers to entry, , and broaden participation in the art market.

Why are custody and regulatory oversight important when investing in Tokenised artwork?

Custody solutions help safeguard ownership records and digital assets, while regulatory oversight may provide additional transparency and governance. Together, they may help reduce operational risks and support greater confidence in Tokenised investments.

Can Tokenised artwork improve liquidity, transparency, and investor access compared to conventional art ownership?

Tokenised artwork has the potential to improve access by lowering investment thresholds and enabling fractional ownership. Blockchain-based records can also enhance transparency around ownership and transactions, while secondary market trading may create additional liquidity opportunities, subject to  overall risks, market availability and regulatory requirements.

Disclaimer, Research and Educational Content

This document has been prepared by AMINA Bank AG (“AMINA”). AMINA is a Swiss licensed bank and securities dealer with its head office and legal domicile in Switzerland. It is authorised and regulated by the Swiss Financial Market Supervisory Authority (“FINMA”).

This document is published solely for educational purposes; it is not an advertisement nor a solicitation or an offer to buy or sell any financial investment or to participate in any particular investment strategy. This document is for publication only on AMINA website, blog, and AMINA social media accounts as permitted by applicable law. It is not directed to, or intended for distribution to or use by, any person or entity who is a citizen or resident of or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation or would subject AMINA to any registration or licensing requirement within such jurisdiction.

Research will initiate, update and cease coverage solely at the discretion of AMINA. This document is based on various sources, incl. AMINA ones. In preparing this document, AMINA may have made limited use of artificial intelligence enabled tools to assist with research, summarisation, and drafting, with all content subject to human review and validation.

No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this document, except with respect to information concerning AMINA. The information is not intended to be a complete statement or summary of the subjects alluded to in the document, whereas general information, financial investments, markets or developments. AMINA does not undertake to update or keep current information. Any statements contained in this document attributed to a third party represent AMINA’s interpretation of the data, information and/or opinions provided by that third party either publicly or through a subscription service, and such use and interpretation have not been reviewed by the third party.

Any formulas, equations, or prices stated in this document are for informational or explanatory purposes only and do not represent valuations for individual investments. There is no representation that any transaction can or could have been affected at those formulas, equations, or prices, and any formula(s), equation(s), or price(s) do not necessarily reflect AMINA’s internal books and records or theoretical model based valuations and may be based on certain assumptions. Different assumptions by AMINA or any other source may yield substantially different results.

Nothing in this document constitutes a representation that any investment strategy or investment is suitable or appropriate to an investor’s individual circumstances or otherwise constitutes a personal recommendation. Investments involve risks, and investors should exercise prudence and their own judgment in making their investment decisions. Financial investments described in the document may not be eligible for sale in all jurisdictions or to certain categories of investors. Certain services and products are subject to legal restrictions and cannot be offered on an unrestricted basis to certain investors. Recipients are therefore asked to consult the restrictions relating to investments, products or services for further information. Furthermore, recipients may consult their legal/tax advisors should they require any clarifications.

At any time, investment decisions (including, among others, deposit, buy, sell or hold investments) made by AMINA and its employees may differ from or be contrary to the opinions expressed in AMINA research publications.

This document may not be reproduced, or copies circulated without prior authority of AMINA. Unless otherwise agreed in writing, AMINA expressly prohibits the distribution and transfer of this document to third parties for any reason. AMINA accepts no liability whatsoever for any claims or lawsuits from any third parties arising from the use or distribution of this document.

©2026 AMINA, Kolinplatz 15, 6300 Zug