Victor Ugochukwu · Oct 22, 2020 . 5min read
NFTs going mainstream with BLOCK 21 auction to happen on Christie’s New York
The BLOCK 21 sale has been listed on Christie's New York website and will be auctioned between the $12,000 to $18,000 on 7th October 2020.
By Victor Ugochukwu · Oct 6, 2020 . 6min read
A historic event is about to take place with the auctioning of BLOCK 21, an art piece and a growing part of the blockchain industry NFTs on Christie’s New York.
The sale has been listed on Christie’s New York official website and will be auctioned between the ranges of $12,000 to $18,000 on Wednesday, 7th October 2020. BLOCK 21 is a rare art collection and NFTs from Portrait of a Mind representing the finite supply of Bitcoin. BLOCK 21 a 24-carat gold leaf, suspended pigment and acrylic on canvas laid down on panel, and NFT (Non-Fungible Token). And as an NFT as it is, it represents a tokenized work of art with metadata secured on the blockchain.
Additionally, the qualities of NFTs are that they are unique, rare and indivisible. Hence, once the auction for BLOCK 21 is complete by Wednesday, it will vanish from the public into private collections alongside other rare art pieces.
On the other hand, Christie’s New York reputation precedes it. It’s a place for extraordinary art, unparalleled service, expertise and global reach founded in 1766 by James Christie. The organization conducts high profile auction annually, some of which has the price range from $200 to over $100 million.
Why is BLOCK 21 auction on Christie’s New York significant?
We are already seeing the adoption drums beating for NFTs loudly recently. Crypto collectibles as they are also called are making waves even with institutional funding pouring in. As at press time, NFT industry all-time sales volume is now $115,025,588.32. Anyone familiar with the concept of NFTs already knows CryptoKitties was the most popular of NFT then whose heightened activities slowed down Ethereum network. Even then, one of the cat breeds in the game, Dragon was sold for 600 ETH, approximately $170,000 back then.
No doubt we have marketplaces for NFTs like OpenSea, especially for virtual NFTs. However, conducting an auction on Christie’s New York is a remarkable feat for the industry as a whole. This auction places Satoshi’s codebase alongside masterpieces by Picasso, Cezanne, Rothko, Jackson Pollock and Warhol.
Summarily, NFTs can also help to fuel the continued mainstream adoption goal for the blockchain as a disruptive technology.
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Komal Joshi · Oct 22, 2020 . 5min read