Galaxy Digital Tokenizes 300-Year-Old Stradivarius Violin

Michael Novogratz’s Galaxy Digital announced the tokenization of a Stradivarius violin, crafted in 1708 for Russian Empress Catherine the Great.

According to the firm, the musical instrument is owned by Animoca Brands co-founder Yat Siu and is valued at approximately $9 million.

Galaxy will store both the tokenized version of the violin as an NFT and its physical counterpart in a Hong Kong vault.

“The tokenization of this iconic musical instrument, renowned for its unparalleled quality and legendary provenance, marks a significant advancement in applying blockchain technology to unlock the value of unique RWAs,” the company noted.

Siu is using the tokenized violin “as collateral to finance a credit position with Galaxy Global Markets,” the announcement stated.

In an interview with Bloomberg, the Animoca Brands co-founder revealed that he uses the proceeds to invest in new crypto-related projects or art.

He aims to allow others to purchase rights to the tokenized violin through a process of “fractionalization,” although this idea is still in development.

Speaking with journalists, Galaxy’s Vice President of Tokenization, Thomas Cowan, suggested that blockchain capabilities in the RWA sector might soon expand to include real estate as collateral.

In April, Bitfinex Securities announced the issuance of tokenized debt obligations for the construction of a Hampton by Hilton hotel complex at El Salvador’s international airport.

In May, Messari analysts reported that the RWA token segment had grown to $8 billion, driven by “market preference for high-yield debt investments.”