Sygnum Bank set to release soccer-themed sculptures as AST’s
Digital asset institution Sygnum Bank has announced a collaborative partnership with highly-accredited Swiss-born artistic sculptor, David Pflugi to issue 6,000 Art Security Tokens, or ASTs, via his new project, Victory Works.
Orientated around the final of three international competitions: 2010 FIFA World Cup hosted by South Africa; 2014 FIFA World Cup hosted by Brazil; and the 2018 FIFA World Cup hosted by Russia, the artwork immortalizes the achievements of legendary players such as Oliver Kahn, Lionel Messi, Ronaldinho, and Zinédine Zidane, among others, with the display of their written signature.
With an estimated collective valuation of CHF 6 million, equivalent to $6.525 million USD, the three assets will be exclusively offered to professional and institutional clientele of Sygnum Bank via an auction sale commencing in April this year. Holders of the AST’s will receive a proportional share of the sale in relation to their holding amount.
According to the official announcement, Victory Works intend to reserve around half of the ASTs for future endeavours, in addition to pledging twenty percent of the overall proceeds to charitable foundations supporting the livelihoods of children in developing nations.
Cointelegraph reached out to Victory Works to learn more the company’s vision for utilizing the retained 50% of AST's, and whether they have identified any specific children's charities, or causes which to donate the 20% net proceeds too.
They stated that: “Once the final sale by auction of the tokenized works of art has been concluded, each token holder will receive a share of the proceeds of this sale in accordance with the number of tokens that they own. The tokens, having thus completed their lifecycle, will then be
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