Andy Warhol’s artwork is sold as a non-fungible token (NFT) at this week’s Art Basel Miami Beach Fair. This is the latest merger of crypto and art, as dealers, artists and collectors aim to monetize and trade their work with blockchain technology.
NFTs are digital collectibles that can be traded like any other cryptocurrency. Take ownership of your work, including songs, video clips, tweets, works of art, and game tokens. NFTs are blockchain-based platforms such as OpenSea and Solana that can also be auctioned or traded using various cryptocurrencies as currencies.
According to DappRadar, the NFT market is growing rapidly and is worth $ 10.7 billion in the third quarter alone.Cryptographic exchange
(Ticker: COIN) is developing an NFT marketplace and is joining other companies to generate revenue from the fast-growing market.
Trading volumes and prices for some NFTs are skyrocketing. Bored Ape and Cyberpunk’s digital art pieces (two of the most popular and most expensive NFTs) have each earned over $ 400,000. Some NFTs sell for millions of dollars, including a record $ 69 million paid for artist Beeple’s work in May 2021.
Of course, Warhol was a pioneer who transformed commercial icons like Campbell’s Soup Can into art and duplicated hundreds of works in a studio known as the “Factory.” Given that cryptocurrencies are transforming into a new medium for the commercialization and trading of art, it is appropriate that his work is now tokenized.
At least three of Warhol’s works will be sold as NFTs through the Budja.io site from December 4th. One is
Silk screen printing on 1982 T-shirts. The price is $ 125,000. The other is the 1980 “Art” T-shirt, which costs $ 95,000. The third is the silk screen
Beetle on canvas from 1977, priced at $ 600,000.
“We are creating tokens that represent real art,” said Rudolf Budja, an Austrian gallery owner who sells NFTs. “We want to make an NFT for every work of art.”
However, if the buyer buys an NFT or collects all the NFTs for sale, he will not own a complete Warhol. Each NFT represents part of the ownership and is equivalent to 1/1000 of the piece. Budja sells 499 tokens, holds 501 of each piece, and qualifies to master ownership of the work with a 51% stake.
Most NFTs use ETH tokens as currency to launch and trade on the Ethereum blockchain network. Budja uses the Cardano network, prices are quoted in Cardano tokens, and have recently traded at $ 1.73 each. He states that Cardano’s transaction fees are lower than those of Ethereum, and the cost of buyers for each transaction is lower.
One NFT for soup costs 85 Cardano tokens, or about $ 147 at a recent price. The “Art” T-shirt NFT has 65 Cardano tokens and the Volkswagen Silkscreen has 415 Cardano tokens per NFT.
Still, according to Budja, tokens grant some rights to display art online.
Feed or Instagram site. “Collectors can put their work in a virtual room, much like a’metaverse’where they can have their own gallery,” says Buja.
Other NFTs are also sold at Art Basel Miami Beach and include one project that allows visitors to create their own tokens based on the Tezos blockchain. Another group of artists has auctioned the holographic “Ocean Drop NFT” to raise funds for marine conservation and climate change control. According to CoinDesk, Warren Buffett’s granddaughter Nicole Buffett is also involved in the project.
Warhol NFT buyers cannot legally claim to own genuine works by the King of Pop Art. However, even the slightest digital bit may ultimately be worth more than the amount they pay if the NFT epidemic is just beginning. Warhol probably approved.
Write a letter to Daren Fonda at [email protected]