London, UK – 24 February 2022 – A prized trumpet belonging to superstar DJ Timmy Trumpet played in front of millions of fans and insured for $1,000,000 is being auctioned as a Non-Fungible Token (NFT) , bound with a Mattereum Asset Passport for bullet proof provenance. An antique violin valued at $1.6m is next for Mattereum.
With Timmy’s Trumpet’s Million Dollar Trumpet, Mattereum bridges the chasm between physical memorabilia and the world of NFTs. The instrument itself is securely stored in a vault, whilst the NFT is available for trading between collectors in the crypto world.
Mattereum uses Trustable NFTs, which are digital tokens that denote ownership of physical goods and are backed by a Mattereum Asset Passport. This guarantees the accuracy of information about underlying physical assets through a system of warranties. Trustable NFTs are paired with Mattereum’s smart contracts, creating a framework that enables legally enforceable warranties and true digital and physical ownership with confidence.
The trumpet is the first of Mattereum’s growing portfolio of high value musical instruments, cementing Mattereum’s leading role as the most trusted platform for artists, investors and collectors to trade physical goods in the digital marketplace using blockchain NFT technology.
The auction will provide proof of concept for the use and value of Trustable NFT’s in the fine instrument trade. A museum level approach is coupled with distributed ledger technology for preservation of important provenance, conservation, and performance information. The archival and financial value of the object is uniquely increased with this approach.
The first stringed instrument to be offered as a Trustable NFT is a rare 17th century Italian violin by Joseph Guarneri, filius Andrea of Cremona, provisionally valued at $1.6million. This wonderful instrument will be the first asset in Mattereum’s developing practice dedicated to high value and culturally significant assets.
Mattereum CEO Vinay Gupta says: “Mattereum has been built from the ground up to support the curators and custodians of beautiful things. We make trust in trade possible by embedding the full history of an asset in the legal documents, signed on the blockchain. As you can see in the fantastic Timmy Trumpet NFT, the full history of the physical item is embedded right into the Mattereum Asset Passport .
This gives excellent protection to buyers and all future owners. Conservation events, like repairs and routine maintenance, can be stored in the same general format. Over time this will make fine instruments and other irreplaceable parts of humanity’s shared cultural heritage accessible to a wider range of buyers because the provenance is clearly established and documented.
We will use best-in-class legal structures for governance of the culturally significant heritage assets which we are documenting and helping owners bring to market.”
Other sought-after high value assets to make use of Mattereum’s technology to date include an original 14k gold Mood Stone Ring, which recently sold for $65,000, and a colour screenprint Trustable NFT of Alexander the Great produced and signed by legendary pop-artist Andy Warhol, valued at $200,000.
“Mattereum has been built from the ground up to support the curators and custodians of beautiful things. We make trust in trade possible by embedding the full history of an asset in the legal documents, signed on the blockchain.”