NFTs, are all the frenzy at the Art Basel fair in Switzerland, where the world of digital assets is taking off.
Artist Jeff Koons plans to send 125 miniature sculptures to the moon with multi-billionaire Elon Musk’s company SpaceX.
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The sculptures are set to be installed 384,400 kilometers (238,855 miles) apart from their owners and will be sold as NFTs, which work like certificates of ownership.
The “Moon Phases” sculptures come with a photo of their lunar location. The buyers will likewise be able to take home a sculpture with a gemstone marking their extra-terrestrial counterpart’s place on the moon.
Pace gallery director Marc Glimcher mentioned that they were also seeing it for the first time, he unveiled a moon-shaped sculpture about the size of a beach ball at his stand in Basel.
In addition, at Art Basel, Turkish artist Ozgur Kar’s LCD display of a man surrounded by skeletons is being traded by the French gallery Edouard Montassut.
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The Vive Arts platform, proposes a dive into digital art with the support of augmented reality glasses, presenting an avatar of the German artist Albert Oehlen in a 3D universe.
The fair, which ran from June 16-19, also featured a host of non-digital works from an installation by Franco-Chinese artist Huang Yong Ping representing a kitchen spread with giant cockroaches, to a series of portraits sculpted in wood by Franco-Cameroonian artist Barthelemy Toguo.
A spider sculpture by the French-American sculptor Louise Bourgeois snatched $40 million.
With the sales of yachts, luxury cars, watches, and jewelry, the art market recovered strongly in 2021 after the fright of the pandemic in 2020.
The stock market bounced sharply last year, surging the coffers of the ultra-rich and inflation is giving affluent collectors yet another excuse to splash out on a multi-million-dollar painting.
“Pace” is one of the few prominent galleries to have embarked into the field of NFTs. According to Clare McAndrew, author of an art market report for Art Basel, only 6 percent of galleries sold NFTs in 2021.
Since the rise in August 2021, NFTs have descended. While art-related NFT sales volumes skyrocketed to $945 million in August, they fell to $366 million in January and then to $101 million in May, as per McAndrew’s records.
Although, these ups and downs don’t bother the owner of the Pace gallery though, who thinks that NFTs represents a new method for distributing digital art.
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Conduct thorough research before you start with NFT trading.