The Department of culture and art Dubai (Dubai Culture) has launched a unique blockchain-project in the field of art, according to Arabian Business.

ArtBank will be the first digital Bank in the world that uses cryptocurrency for the funding of works of art. His goal is to make Dubai the international centre for the arts.

The project is part of initiatives by 10X Dubai, which aims to promote government structure of Dubai forward by 10 years compared with the whole world and in all sectors.

Saeed al Naboodah, acting Director General of the Department of culture and arts of Dubai, said: “We wanted to reach out into the sphere of art, where creativity meets technology.”

“The local arts there are many missed opportunities, especially considering that artists don’t have enough space and to share the art of non-transparent and too elitist art market”, — he added, “the Platform will launch the world’s first cryptocurrency for creativity, and that will grow in value and strengthen the Dubai economy via the growth of the ecosystem”.

“Over time, ArtBank will form a database of international and regional art, in which artificial intelligence will help users to navigate and interact. At the stage of implementation will be established several partnerships, including well-known banks, investment firm, and suppliers of intelligent solutions,” added Saeed al Naboodah.