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Unique NFT Auction: Community Will Battle Big Investors

CryptocurrencyOct 18, 2021 08:00AM ET
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Unique NFT Auction: Community Will Battle Big Investors

The hype of non-fungible tokens (NFT) is reaching new heights. In the first half of 2021 alone, NFT sales surged to $2.5 billion in value. This new technology bridges the gap between the physical and digital worlds by providing a solution that preserves the authenticity and ownership of art in the digital space. However, the skeptics question the actual financial and artistic value of .jpg images claimed to be worth millions.

superhow.ART is bringing a new standard to the NFT art market by launching a special auction where a genuine oil painting, “Head with Legs,” by one of the greatest Russian surrealist artists, Oleg Tselkov, will be auctioned together with the corresponding NFT.

The project is bringing back the essence of NFTs, leaving hype aside and bridging tangible world assets with the digital, encouraging the art community to invest in an authentic, genuine, and really valuable piece of art.

Traditionally, the art market is concentrated in the hands of big players. However, blockchain technology is empowering the community. During the auction, superhow.ART will accommodate an experimental competition between big investors and the community of enthusiasts to see who has more power in their hands.

Competition

The auction will launch on November 5, 2021, and will last for a week. The auction organizers will encourage a friendly competition of the art community by accommodating two bidding sides: Whales and Shrimps. This will make the auction open to both major and minor bidders.

"We are coming to the market with a challenge to see who will win. We want to check if whales are still here, whether they 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.

The organizers define the Whales as high stake bidders capable of bidding large amounts on the painting. Shrimps are the community of smaller bidders who can ally with other Shrimps to fight the Whales.

To win, Whales need to outbid the previous bids. All bids placed by the Shrimps are accumulated into a pool, which competes with the Whale’s bid. If a Whale wins, they get the actual painting, and the corresponding NFT is assigned to them.

If Shrimps win, the painting remains in the gallery but will become co-owned. An NFT for the artwork will be split into multiple parts, corresponding to the Shrimp bids and assigned to their wallet addresses.

If the Shrimps decide to unite and give their shares to one person, who reaches 75% of the entire bid, that Shrimp can claim the painting and take it home.

Artwork by a Significant Artist

Tselkov was a Russian post-war period surrealist. His prodigious career justifies the assertion of Simon Hewitt that “Tselkov is destined to be acknowledged as the greatest Russian artist of his era.”

The dominant aspect of Tselkov’s canvases is the challenging motifs. That’s why controversy became synonymous with the artist’s work.

His unique drawings and an unwillingness to alter his creative direction resulted in the aspiring artist’s expulsion from art schools in Moscow and Leningrad, and in 1977, Tselkov was exiled from Russia, allegedly on ideological grounds.

The end of the Cold War and the loosening of Russia’s attitude towards avant-garde and contemporary art resulted in a complete reappraisal of Tselkov’s work in the artist’s homeland and recognition of his impact on the development of contemporary painting.

Apart from prestigious awards, the painter’s work is held across many important collections, including famous museums and galleries and numerous private collections worldwide.

During the auction, the bidders will be competing for Tselkov’s influential piece, an oil on canvas painting named “Head with Legs” (2014), which currently resides in a private collection in Lithuania at the Arty Cube art gallery. The 130×195 cm painting features a disturbing yet gratifying rendering of a human body, facial expression, and bright contrasting colors.

"With an artwork of this rebellious artist, we are entering this world of digital artwork, bridging real and digital with this physical asset," notes Kašėta.

Committed to Innovation

SUPER HOW? is an innovative research and development company committed to harnessing the power of blockchain for the advancement of society with next-generation solutions.

The SUPER HOW? team strongly believes that blockchain in convergence with other technologies such as artificial intelligence is the backbone of almost all the prominent infrastructure with vast potential in many domains.

Blockchain technology is expected to be widely used in domains such as healthcare, government, finance, education, manufacturing, transportation, and logistics soon.

Entering the art world is the next step for the company to enhance the adoption of blockchain technology and define the future for NFTs. According to the team, it should be about art and culture, not hype and low-quality images.

"We hope that this experiment will be a success, and we continue bringing more artwork in the future, presenting superhow.ART as a platform for tokenizing the painting assets," says Vytautas Kašėta.

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Unique NFT Auction: Community Will Battle Big Investors
 

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