The Tezos Foundation, a Swiss non-profit organization of the Tezos blockchain, has announced that it will spend £ 1m on creating a permanent collection of non-fungible token (NFT) art created on the platform.
Launched this summer and in the form of a digital art gallery hosted on the Foundation’s website, the collection was initially managed by British photographer Misan Hariman, chairman of the Southbank Center in London. According to the press release, he will focus on acquiring works by “up-and-coming” artists from “underrated” regions in Africa and Asia, the NFT community. In 2020, Harriman became the first black photographer to shoot the cover of British epidemic..
“The Tezos Foundation Permanent Collection will support and celebrate a new generation of artists who have taken the path of smart contract support as their true self,” says Harriman. “As the first curator of this collection, we want the world to see the diverse voices that make truly amazing works of crypto art. We will be the managers of this new creative community.”
With access to around £ 1 billion in funding, the Tezos Foundation was founded in 2017, a year before the launch of the Tezos Network, an open source blockchain that can support smart contracts like Ethereum. At the time of issuance, one unit of the native cryptocurrency tez (XTZ) is worth $ 1.7 and has a 24-hour trading volume of $ 141.9 million, according to crypto.com... For comparison, one unit of Ethereum (ETH), the most widely used cryptocurrency for trading NFT art, is currently valued at $ 1,909.
Last year, Tezos collaborated with German digital artist Mario Klingemann on the latest edition of Art Basel in Miami Beach to bring the world of art to its platform. This summer, we will be the official blockchain partner for both Art Basel and Art Basel Fairs in Hong Kong.
However, the launch of its NFT collection has come at a time of widespread concern about the future of the complex cryptocurrency market, which has recently plummeted in value and has fallen to levels never seen since it began to surge in late 2020.Last month, almost said, a trillion dollars value was wiped out of the market Forbes.. In the last 24 hours alone, the value of Ethereum has plummeted by 22%.
Strong crypto and NFT supporters argue that market volatility is expected, but point out that the wider stock market has also plummeted due to the effects of global interest rate hikes and Russia’s invasion of Ukraine. I am. But others are now warning about the “spillover” caused by this extreme volatility that could turn the blockchain industry into a tank.
Nonetheless, Tezos is confident that NFTs will break down significant barriers in the art world. Reed Jaeger, Global Director of Tezos Communications, talks about the challenges NFT creators are currently facing in many Asian and African countries, including India and China, where the government imposes restrictive legislation on cryptocurrency transactions. It states as follows. “The NFT Art Movement has lowered the barriers to entry for artists and other creatives around the world and brought a new medium to the world of art, but there are still hurdles to adoption, such as regulatory and usability concerns, and NFTs. Access to cryptocurrencies to strengthen is fragmented. “
“But rest assured. Artists around the world are free to create, create and sell NFTs, thanks to a unique community of artists who support each other at the grassroots level and actively support each other. Things. Others navigating this new media. “