American pop artist Jeff Koons sends 125 miniature sculptures to the moon with the help of billions of Elon Musk SpaceX companies.
The “Moon Phase” statue will be sold as an NFT, and the purchaser will receive a photo of the moon’s position and a sculpture with a jewel that indicates the position of the other’s moon outside the globe.
They are for sale at the Art Basel Fair in Switzerland. This is a contemporary art event where non-fungible tokens (NFTs) are all the rage this year.
NFTs are digital assets that act like ownership certificates, built using blockchain, and each has its own digital signature.
The sculpture will be installed 384,400 kilometers (238,855 miles) away from the owner.
“We’re seeing it for the first time,” said Marc Glimcher, director of Pace Gallery, at a stand in Basel when he unveiled a moon-shaped statue about the size of a beach ball.
Jeff Koons’s “Moon Phases” statue (pictured) will be sold as an NFT and will be installed on the moon with the help of the SpaceX rocket.
A total of 125 miniature sculptures will be on sale and will be blown up 384,400 km to the surface of the moon.
NFT buyers can bring back a small version of the sculpture with a jewel that indicates the position of the moon.
One of Elon Musk’s SpaceX rockets transports 125 sculptures and places them on the moon.
Artist Jeff Koons is famous for his works such as “Rabbit” (pictured) and “Balloon Dog”, which sold for $ 91.1 million.
Jeff Koons is best known for his shiny stainless steel engraving inspired by a child’s inflatable toy called Rabbit (1986), which sold for $ 91.1 million in 2019.
The second wealthiest artist in the world still holds the record for the highest prices paid at auctions for the works of living artists.
“Moon Phases” is the first NFT project by a polarized artist and is “rooted in humanitarian and philosophical thinking,” he said.
“Being able to touch the meaning means being human.”
“American Kitchen and Chinese Cockroaches” by Chinese artist Huang Yong Ping (2019)
The artwork “Spider” by French-American artist Louise Bourgeois is on display at the international art show Art Basel and sells for $ 40 million.
Cameroonian artist Barthelemy Togo poses for his artwork “Bilongue” on Art Basel’s preview day
Many virtual art works (NFTs) are for sale at the Swiss Art Fair.
Visitors pass by Leonardo Drews artwork “No. 341”
What is an NFT?
What is an NFT? A non-fungible token (NFT) is a unique digital token that is encrypted with the artist’s signature, verifies the ownership and credibility of the artist, and is permanently attached to the work.
What do they look like? Most NFTs include digital artwork such as photos, videos, GIFs and music. In theory, all digital can be converted to NFT.
Where do you buy it? Today, NFTs are most commonly sold in so-called “drop” timed online sales through blockchain-backed marketplaces such as Nifty Gateway, Opensea, and Rarible.
Why do I want to own it? There are many reasons why someone wants to buy an NFT. NFTs are considered collector’s items, so for some, the reason may be emotional value. For others, it is considered an investment opportunity similar to cryptocurrencies, as it can be valuable.
When was the NFT created? Writer and podcaster Andrew Steinwold dates back the origins of NFTs to 2012 by creating the Colored Coins cryptocurrency. NFT did not become mainstream until five years after the blockchain game CryptoKitties began selling virtual cats in 2017.
The fair, which will be held from June 16th to 19th, will feature many non-digital works, from installations by Franco Chinese artist Huang Young Ping to a series of portraits of Franco’s wood carvings depicting a kitchen with a huge Cameroon. It is on display. -Cameroon artist Barthelemy Toguo.
The spider sculpture by French-American sculptor Louise Bourgeois has earned $ 40 million.
In 2021, the art market recovered strongly after being hit by the 2020 pandemic, in addition to selling yachts, luxury cars, watches and jewelery.
The stock market recovered sharply last year, expanding the financial resources of the ultra-rich. And inflation gives wealthy collectors yet another reason to splatter millions of dollars in painting.
Pace is one of the few major galleries that have entered the field of NFTs. According to Clare McAndrew, author of the Art Basel Art Market Report, only 6% of galleries sold NFTs in 2021.
The NFT market grew dramatically from 2020 to 2021, with NFT transactions in 2021 exceeding $ 17 billion, an increase of 21,000% from a total of $ 82 million in 2020.
Since peaking in August 2021, NFTs have plummeted. According to McAndrew’s record, art-related NFT sales surged to $ 945 million in August, but fell to $ 366 million in January and $ 101 million in May. did.
Cryptocurrencies, which are closely related to NFTs, have plummeted in value in recent months.
Popular Bitcoin has fallen by about 28% since Friday, more than half its value this year, down 70% from its all-time high in November.
Overall, blockchain-based currencies have fallen by about 59% in 2022, and ethereum-backed ethereum, a rival cryptocurrency, has fallen by 73%.
These ups and downs of cryptocurrencies and NFTs do not mislead the owners of pace galleries, who believe that NFTs represent “a new methodology for distributing digital art.”