When Particle launched in December 2021 with the announcement of the tokenisation of Banksy's Love is in the Air, we announced a revolutionary new ownership model. This ownership model was underpinned by the thesis that the value of an artwork could not be both in NFTs and physically. The thesis was that the financial value of a physical artwork could be transmuted into NFTs (Particles) if the value of the physical artwork was "eviscerated" by placing it into a non-profit organisation i.e. a place where it would never be sold, and where any liquidation windfall would not be able to be redistributed.
The Particles for LIITA therefore do not represent financial interest in the underlying work of Art. They do however represent governance rights over the Art through the Foundation, to which the Art was donated. You can view more information about the Terms of Sale of the LIITA Particles here, and the donation of the Art to the Foundation here.
After having minted out 10,000 Particles of the LIITA, and after receiving feedback from the community as a whole, we decided to do things differently going forward. Starting with H.R. Giger's Necronom (Alien III), Particles now represent 100% of the legal title, and economic rights to the underlying Art –the new Terms of Sale can be found here.