The British Museum is taking advantage of the NFT boom by selling 20 JMW Turner paintings in digital format.
Artwork is sold as a non-fungible token (NFT). This is a unique digital token encrypted with the artist’s signature that proves ownership and credibility and is permanently attached to your work.
However, those who buy digital tokens at next month’s auction do not have physical ownership of the paintings and will not be able to touch them.
Joseph Maraud William Turner’s 20 paintings are from a collection left in the museum by Robert Wylie Lloyd, a former director of the auction house Christie’s, who died in 1958.
The British Museum is taking advantage of the NFT boom by selling 20 JMW Turner paintings in digital format.Photo: Trafalgar’s painting by James Mallord William Turner
A painting by JMW Turner, Conwy Castle in North Wales, was left in the museum by Robert Wylie Lloyd, a former director of the auction house Christie’s, who died in 1958.
According to the museum, Lloyd was a bequest, and the paintings could only be exhibited for two weeks in February, “you can’t lend his paintings or watercolors to an exhibition outside the British Museum.”
Paintings that are rarely put up for auction next month include A Storm (Shipwreck), completed in 1823, Messieurs les voyageurs from 1829, and The Colosseum.
JMW Turner was born in 1775 and died in 1851. He was known as a “painter of light” because he was interested in landscapes and the colors of the sea.
His work includes watercolors, oils and prints, and the use of watercolors has been considered by some to be the “most original and diverse” ever devised for the medium. rice field.
The British Museum will sell artwork NFTs in collaboration with La Collection, a French start-up that provides a platform for purchasing artwork NFTs from museums.
In September, we cooperated in the sale of NFT paintings by Japanese artist Katsushika Hokusai, who attracted audiences from more than 120 countries.
The latest collection of 20 artworks will be sold in three levels.
There are nine in the ultra-rare category, and two NFTs have been created. One is held at the British Museum and the other is given to the purchaser. Seven are very rare, ten NFTs will be created, four will be open editions, and up to 99 NFTs will be sold.
According to the La Collection, the unique edition starts at € 4,999 and the open edition starts at € 799.
The first ultra-rare, open-edition NFT is available to those who purchased the Hokusai NFT on a private sale from February 8th to February 9th. After that, general market sales will start on February 9th and end on March 4th.
According to the largest platform in the fast-growing digital asset class, NFT sales surged in August. This is because speculators continue to raise prices by betting on growing interest in the arts, sports and media worlds.
Niche crypto assets exploded in popularity in early 2021 and many people wonder why so much money was spent on items that didn’t physically exist, especially in the hits of cryptocurrencies of viruses like Dogecoin and Bitcoin. Was confused.
The frenzy is now reaching new highs. Recorded sales volume on OpenSea, the largest NFT trading platform, reached $ 3.4 billion in August last year, compared to $ 148 million in March. In January 2021, the monthly volume recorded on the platform was just over $ 8 million.
Self-portrait of JMW Turner drawn around 1754. His collection of works will be sold as a non-fungible token (NFT). This is a unique digital token encrypted with the artist’s signature that proves ownership and credibility and is permanently attached to your work.
By the end of 2021, the website DappRadar had an average of over $ 10 million in NFT transactions every day.
Nyan Cat’s creator, Chris Torres, sold his iconic meme for about $ 590,000 earlier this year and eventually acquired the artwork’s attribution. He said this was a major factor in his initial search for NFTs.
Kyle Craven’s cheerful and bad yearbook photo meme, Bad Luck Brian, sold for over $ 45,000.
Success Kid, a photo of 11-month-old son Sam photographer Laney Griner, sells as an NFT for about $ 35,000. Sam is almost 15 years old.
Born from a YouTube video of Rina Morris, who satirically shows her love for Justin Bieber, her overly attached girlfriend sold for $ 459,260.
And in March, Twitter boss Jack Dorsey’s first tweet- “just set up my twttr”-to Sina Estavi, CEO of Malaysia-based blockchain company Bridge Oracle, as an NFT for just over $ 2.9 million. It was sold.
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 people 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 traces the origins of NFTs back to 2012 with the creation of the Colored Coins cryptocurrency. However, NFTs did not become mainstream until five years after the blockchain game CryptoKitties began selling virtual cats in 2017.