Place/Date: Vilnius, Lithuania - November 10th, 2021 at 9:21 pm UTC · 4 min read
Contact: Vytautas Kašėta, Source: SUPER HOW?
In an upcoming NFT auction taking place at November 12th, the oil painting “Head with Legs” by the prominent nonconformist Russian artist and painter of the post-war period, Oleg Tselkov, is being auctioned with a corresponding NFT.
Another painting by the artist, albeit a smaller one, will soon be auctioned by Sotheby’s and already has a starting bid of 110,000 GBP. While the previous post-war and contemporary Russian art September auction showed us that art investors are willing to pay higher prices than estimated price for Oleg Tselkov’s work. At this time there are just 2 days left to claim the painting, the bids here are still open until the 12th of November.
As inflation is hitting record highs and crypto investments are still viewed with a fear of volatility, alternative investments such as art, wine, and NFT’s are booming. This auction highlights the unification of two trending investment asset classes – a long-time performer – fine art and the new, explosive NFT class.
Fine art as an asset class is renowned for its high risk and reward ratio. An art asset such as Oleg Tselkov’s painting being auctioned as an NFT may provide the ability to enjoy an exciting value proposition for a whole new investor class.
During the auction, superhow.ART are hosting an experimental competition between big investors and the enthusiast community to see who has more power in their hands.
Organizers have introduced two bidding sides: Whales and Shrimps. All bids placed by the Shrimps are accumulated into a pool, which will compete with the Whales’ individual bids. If a Whale wins, they get the physical painting, and the corresponding NFT is assigned to them.
If the Shrimps win, the NFT will be split into multiple parts that correspond to the Shrimp bids and assigned to their wallet addresses. The painting will remain in the gallery but will become co-owned.
“We want to check if whales are stronger than the community. Maybe the community will show that small market players with joint forces can win and become fractional owners of this beautiful investment asset,” explains Vytautas Kašėta, the CEO of superhow.ART.
This type of auction format, Whales vs. Shrimps, is the first of its kind; thus, it remains to be seen how it performs.
The project has been developed by long time blockchain development experts at SUPER HOW? who previously worked with the National bank of Lithuania and other high profile blockchain projects.
As Ethereum gas fees are high, it remains to be seen if it will become a competition only for “whales” who want to own the whole NFT and are less concerned with the gas prices or if “shrimps” see the value proposition and will band together to win against the big players.
In the digital world, where everything can be copied, the rightful ownership and authenticity of the artwork as well as the NFTs certificate defines the great success. A single piece of artwork, when bonded with an NFT, is unique and metadata can’t be misused without notice and transparency. Digital certificate must be approved and signed off by fine art industry experts, like Arty Cube gallery for Oleg Tselkov in the case of “Head with Legs” fractional NFTs.
Super HOW is a Lithuanian private research and development lab that is Focused on Blockchain and Distributed ledger technologies. Previous work includes working with the central bank of Lithuania to develop LBCOIN the world’s first blockchain-based digital collector coin.