The British Museum is taking advantage of the NFT boom by offering 20 paintings by JMW Turner in digital form for sale.
Artworks will be sold as non-fungible tokens (NFTs), which are unique digital tokens encrypted with an artist’s signature verifying their ownership and authenticity and are permanently attached to the piece.
However, those who buy the digital tokens at next month’s auction will not have physical ownership of the paintings and will not be allowed to touch them.
The 20 paintings by Joseph Mallord William Turner come from a collection left at the museum by Robert Wylie Lloyd, former director of the Christie’s auction house, who died in 1958.
The British Museum is taking advantage of the NFT boom by offering 20 paintings by JMW Turner in digital form for sale. Pictured: Trafalgar painting by James Mallord William Turner
Conway Castle, North Wales, a painting by JMW Turner was left in the museum by Robert Wylie Lloyd, former manager of the Christie’s auction house, who died in 1958
In his bequest, according to the museum, Lloyd said the paintings could only be exhibited for two weeks in February and that “none of his drawings and watercolors could be loaned to exhibitions outside the British Museum”.
Paintings rarely exhibited at auction next month include A Storm (Shipwreck), completed in 1823, Gentlemen of the Travelers, from 1829, and The Colosseum.
JMW Turner was born in 1775 and died in 1851. He was known as “the painter of light”, due to his interest in colors in his landscapes and seascapes.
His works included watercolors, oils and prints, and his use of watercolor was considered by some to be the “most inventive and varied” ever conceived for the medium.
The British Museum will sell NFTs of artwork in collaboration with LaCollection, a French start-up providing a platform to buy NFTs of artwork from museums.
In September, they collaborated on the sale of NFT paintings by Japanese artist Katsushika Hokusai which drew audiences from over 120 countries.
The latest collection of 20 works of art will be sold on three levels.
There are nine in the ultra rare category, in which two NFTs have been created – one being kept by the British Museum and the other going to the buyer. Seven will be Super Rare, where ten NFTs have been created, and four will be Open Edition, with a maximum of 99 NFTs to sell.
LaCollection said single editions will start from € 4,999, with open edition prices starting at € 799.
The first ultra rare and open NFT editions will be available for those who have previously purchased an NFT Hokusai in a private sale starting February 8 and ending February 9. General market sales will then open on February 9 and close on March 4.
NFT sales surged in August, according to the largest platform for the burgeoning digital asset class, as speculators bet that growing interest in the worlds of art, sports and media would keep prices up.
The niche crypto asset exploded in popularity in early 2021, especially with successes from viral cryptocurrencies like Dogecoin and Bitcoin, leaving many puzzled as to why so much money was being spent on items that no longer needed. ‘do not exist physically.
The frenzy has now reached new heights. Sales volumes on the largest NFT trading platform, OpenSea, reached $ 3.4 billion in August last year, from $ 148 million in March. In January 2021, the monthly volume recorded on the platform was just over $ 8 million.
A self-portrait of JMW Turner painted circa 1754. A collection of his works will be sold as non-fungible tokens (NFTs), which are unique digital tokens encrypted with an artist’s signature verifying their ownership and authenticity and are attached to permanently piece
On average, more than $ 10 million worth of NFT transactions were taking place daily at the end of 2021, according to the DappRadar website.
Chris Torres, creator of Nyan Cat, sold his iconic meme for around $ 590,000 earlier this year and ultimately got the artwork’s award – which he says was a big factor in the reason he first researched NFTs.
Bad Luck Brian, the meme in Kyle Craven’s hilarious yearbook photo, sold for over $ 45,000.
Success Kid, the photo of then-photographer Laney Griner, her 11-month-old son Sam, sold as NFT for around $ 35,000. Sam is almost 15 years old.
Overly Attached Girlfriend, born from a YouTube video by Laina Morris satirically showing her love for Justin Bieber, sold for $ 459,260.
And in March, Twitter boss Jack Dorsey’s first tweet – “Just set up my twttr” – was sold to Sina Estavi, CEO of Malaysia-based blockchain company Bridge Oracle as NFT for a little over $ 2.9 million.
What are NFTs?
What is an NFT?
A non-fungible token (NFT) is a unique digital token encrypted with an artist’s signature that verifies its ownership and authenticity and is permanently attached to the coin.
What do they look like?
Most NFTs include digital artwork, such as photos, videos, GIFs, and music. Theoretically, anything digital could be turned into NFT.
Where do you buy them?
Currently, NFTs are most commonly sold in so-called “drops,” timed online sales by blockchain-backed markets like Nifty Gateway, Opensea, and Rarible.
Why would I want to own one?
There are an array of reasons why someone may want to buy an NFT. For some, the reason may be an emotional value, as DFTs are considered collectibles. For others, they are seen as an investment opportunity similar to cryptocurrencies, as the value could increase.
When were the NFTs created?
Writer and podcaster Andrew Steinwold traced the origins of NFTs back to 2012, with the creation of the Colored Coins cryptocurrency. But NFTs didn’t enter the mainstream until five years later, when blockchain game CryptoKitties started selling virtual chats in 2017.