Own Andy Warhol Art Through Fragmented NFTs

The Andy Warhol Foundation began launching its first digital art collections with the launch of “Andy Warhol: A Retrospective” in December 2018. The foundation will be issuing a series of digital assets, each one representing an artwork from the collection and tied to proof-of-ownership on Ethereum’s blockchain and distributed ledger platform.

The “pop art paintings” is a famous Andy Warhol artwork that has been fragmented into NFTs. The painting was originally sold for $15 million in May 2017, and the NFTs were released on July 1st of this year.

The work of Andy Warhol, a pioneer in the field of visual art, is being dismantled into 961 NFTs. The sculpture in question is named ‘Portraits of the Artist 1.7,’ and it’s a horizontally stacked collection of ten multi-colored polyurethane cube-style portrait prints.

Owners of a Portraits of the Artist 1.7 NFT will get a 1/961 NFT replica of the actual artwork when they purchase it. The importance of authenticity in ownership is underscored by the fact that each NFT will be accompanied with signed release rights from Cubic, the current owners and dealers of the physical artwork. 

Each of the fractured 961NFTs cost roughly $55 to mint, therefore if all of them are sold, the total income will be around $53,000. 

The initiative exemplifies how blockchain technology is democratizing the pleasures of owning actual works of art. When Cubic announced the idea, a business spokeswoman said, “Collecting art is no longer a luxury of the chosen few.” The history of art, as well as the market for it, has been molded by blockchain. By becoming a member of Cubic, you will become a part of a community that will enable the decentralization of traditional artistic activities.”

The project’s release date is currently unknown, however you may join the whitelist here.

 

Related Tags

  • what is nft art
  • how did andy warhol die
  • pop art

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