NFT Drop by Norman O'Flynn

WORLDART FIRST SA GALLERY TO MARKET WITH NFT ART PIECE

A few weeks ago, Nyan Cat, a meme of an animated flying cat with a Pop-Tart body leaving a rainbow trail, was sold for roughly $580 000. More recently Christie’s, one of the most established and respected auction houses in the world, sold a digital artwork only viewable on a single digital device at an astounding $69m.

How did this happen? The magic word is NFT and it is the latest buzzword in the art world. NFT – Non-Fungible Token – is a solution for artists, graphic designers and photographers that proves ownership of a digital artwork and ensures a 10% royalty fee to artists every time it is sold. This information is stored online and protected with blockchain coding.

Blockchain technology provides the mechanism for NFTs to be digitally authenticated by attaching a permanent signature and established provenance to a digital artwork. So a GIF, JPEG or other digital item created by an artist gets embedded with a code and the owner of this file can then trade it further on a market place. The value of the work is the price it was sold for and the seller can accept or decline higher or lower offers by potential buyers.

Art gallery WORLDART in Cape Town is the first South African institution to go to market with an NFT artwork. Internationally recognised artist Norman O’Flynn’s GIF Da bomb will be on auction on Opensea.io till 16 April 2021. The GIF is based on the latest painting from his esteemed Timekeeper series.

The highest bidder will not only be the owner of the digital artwork’s NFT but will also receive the original painting – a 150cm X 100cm Timekeeper portrait painted on plexi-glass, which retails for $5 000 at the gallery. Any secondary market purchases will not necessarily include the original painting. The owner of the digital work is free to offer it for resale on the secondary market whenever they feel the time is right.

“This is a ground-breaking development in the art world. I am particularly thrilled that this mechanism guarantees artists royalties when their artworks are resold,” says gallery owner Charl Bezuidenhout. “Also, acquiring this artwork by Norman O’Flynn presents a unique opportunity for collectors to own an entry in the blockchain itself, created by an exciting and collectable artist.”

The preferred currency is Etherium but certain market places allow you to purchase with credit card. Bidding will start at $5 000 and can be done at https://opensea.io/assets/0x495f947276749ce646f68ac8c248420045cb7b5e/32937540047611475413418485194459740690344322899889264380216498892895045025793

More information: Charl Bezuidenhout | charl@worldart.co.za | +27 21 423 3075