lobus Raises $6 Million for Blockchain Art Management Platform

Blockchain Technology and the Future of Art Ownership

The application of blockchain technology to verify ownership in the fine art market represents a particularly clear and compelling real-world use case. Recent advancements, including the adoption of NFTs by leading auction houses and experimentation by prominent artists, have brought this future into sharper focus.

Lobus: Bridging the Gap Between NFTs and Physical Art

Lobus, founded by a team with experience from Christie’s and Sotheby’s, is developing an asset management platform designed to simplify the integration of blockchain technology. Their aim is to extend creator-friendly features, commonly found on NFT marketplaces like SuperRare, to the realm of physical artwork.

This platform will enable art owners to retain partial ownership of pieces they sell, allowing them to participate in the financial benefits of subsequent transactions. Traditionally, sellers of physical art relinquish complete ownership upon sale, missing out on future value appreciation. Lobus seeks to change this dynamic.

“Our core mission is empowering artists through ownership,” explains Lobus co-CEO Sarah Wendell Sherrill to TechCrunch. “We are harnessing the strengths of NFT ownership models and exploring how to establish novel ownership structures within this asset class.”

A Comprehensive Art Asset Management Platform

Lobus is building a comprehensive platform that aims to supersede existing, outdated software solutions currently used in the art market.

By combining robust ownership verification with features like a CRM, analytics tools, and dynamic pricing capabilities, co-CEOs Wendell Sherrill and Lori Hotz envision a platform akin to Carta, but specifically tailored for the art world and accessible to a broader audience.

Recent Funding and Partnerships

Lobus has successfully secured $6 million in funding from investors including Upside Partnership, 8VC, Franklin Templeton, Dream Machine, Weekend Fund, and BoostVC. Notable angel investors participating in the round include Rob Hayes, Troy Carter, Suzy Ryoo, Rebecca and Cal Henderson, Henry Ward, and Lex Sokolin.

Simplifying Blockchain for the Art World

A key objective for Lobus is to abstract away the technical complexities of blockchain technology, focusing instead on the tangible benefits it delivers to art owners.

While the recent surge in NFT sales has generated billions in revenue, Lobus is working to integrate the underlying mechanics of crypto art with the broader global art market, creating a more equitable system for all stakeholders.

Lobus currently collaborates with approximately 300 active artists and has also secured platform subscriptions from collectors, artist estates, and asset managers.

Significant Asset Value Managed

Currently, Lobus’s database contains information on around 45,000 art objects, representing a total asset value of approximately $5.4 billion, encompassing both physical and digital artworks.