Non-fungible token (NFT) startup Freeport has received regulatory clearance from the US Securities and Exchange Commission (SEC) to launch its blockchain platform for crowd-ownership of a four-piece collection of Andy Warhol prints. The platform will allow retail investors to gain fractional ownership of the fine arts market, which is typically exclusive to high-net-worth individuals due to pricing. Each piece consists of 10,000 shares, with a minimum purchase of 10 per individual, allowing up to 1,000 individuals to own a piece of the Warhol art. Freeport's CEO and co-founder, Colin Johnson, believes that as more value moves on-chain, fractionalized art is increasingly being sought after by a younger, less financially flexible class of investors. The SEC clearance allows Freeport to raise $20 million in 12 months in a Tier 1 offering or $75 million in 12 months in the more stringent Tier 2 offering, under the Regulation A exemption.

(By ZHIYUAN SUN)