Invictus NFT Lab Blazes Trail for a New Fine Art Paradigm
In our view, blockchain technology and non-fungible tokens (NFTs) present a perfect tool to revolutionize the traditional Fine Art industry, to the
adopting NFTs to serve as transferable certificates of ownership for physical Fine Art can provide key benefitsfor both artists and collectors. This is the approach we are taking with the Out of Africa collection.The first improvement relates to driving down costs and improving industry efficiency. Galleries and auction houses provide valuable services to industry participants, however, these premium businesses come with high overheads — necessitating large middlemen costs on art transactions. These are often charged to both the purchaser and seller. Delivery costs can also add to a buyers’ final price — even if the artwork is purchased as an investment, with no desire to display the art.Read more: Bitcoin News »
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. However, adopting NFTs to serve as transferable certificates of ownership for physical Fine Art can provide key benefits for both artists and collectors. This is the approach we are taking with the Out of Africa collection. The first improvement relates to driving down costs and improving industry efficiency. Galleries and auction houses provide valuable services to industry participants, however, these premium businesses come with high overheads — necessitating large middlemen costs on art transactions. These are often charged to both the purchaser and seller. Delivery costs can also add to a buyers’ final price — even if the artwork is purchased as an investment, with no desire to display the art. Blockchain provides an opportunity to aggressively drive down these costs, while preserving sufficient margins for traditional galleries and auction houses to continue operating. For secondary market sales of NFTs in the Out of Africa collection , a total of 10% of the sales price is taken by the protocol, however, instead of finding its way into the sales platforms’ hands, the distribution is far more equitable — with the community and artists sharing in these spoils . Taking delivery is also not required if you’re holding the NFT purely as a speculative investment, and the NFT can be sold on to a new owner who can then elect to take delivery (or not). The second addressable issue is opacity and concerns around provenance. With over half of all art sales private transactions, it becomes difficult to get a sense of what a fair market valuation for an artwork may be, as it’s not possible to see the sales history in many cases. Furthermore, even in public sales such as auctions, bidders’ identities are often not revealed — leaving onlookers to question the that can drive exploding valuations for artists. Another area that NFT technology can improve upon concerns authenticity and provenance. Adopting the blockchain to track art transactions helps solve these issues. Aside from these issues, other benefits include allowing for a royalty-driven revenue model for physical fine art, as well as unlocking truly global demand and helping eliminate unnecessary transport costs. This translates into greater demand and improved outcomes for artists. In the case of the Out of Africa collection, these artworks are stored securely on behalf of the NFT holder and delivery costs do not need to be incurred by the owner if they are holding for speculative purposes and do not have a need to take custody. “The Out of Africa Collection is made up of 118 unique NFTs on the Ethereum blockchain and is the first time many of the artists have worked in the NFT space. This collection is a triumph for these artists and represents some of the finest new, upcoming and established talent.” – Marelize van Zyl, curator for the Out of Africa collection While it’s clear that the art world is ripe for disruption, legal frameworks are still playing catch up. The Out of Africa collection is hoping to blaze a trail towards widespread acceptance of the utility that NFT technology can provide outside of digital art — and hopes to kickstart an industry revolt against unfair and inefficient practices. If you would like to stay up to date with ongoing developments, sign up to our newsletter and follow us on our social media channels. If you’d like to learn more about how the project works, including the sales process and innovative community features (including a series of 1770 deflationary poster NFTs that you can own for free!) check out our previous