The work of art changes and transforms into a different piece every 24 hours. The work turns Bitcoin’s price into art, but its buyers paid for it with Ether.
Through a collectible token that an artist from Chicago designed, it is now possible to understand the variations in the price of Bitcoin (BTC) in its esthetic aspect.
The work is a non-fungible token (NFT) of Ethereum, a unique and unrepeatable digital piece of a series called “Right Place & Right Time”. Artist Matt Kane programmed this work, which collects data on Bitcoin’s price, to compose a 24-layer image. The work assumes a new shape every day since it records an image synchronized with the volatility of Bitcoin every hour.
“As a nod to the fixed supply of 21 million Bitcoin, the collector receives 21% of individual NFT sales and printing,” said Matt Kane, referring to a copy of the token printed in physical form. Kane said that he is “interested in exploring historical esthetics with code, that is, doing with geometry what great painters did with oils.”
The artist expects this project to last 10 years, during which he will create 210 works as NFTs through Ethereum smart contracts. He will dedicate 21 NFT pieces to commemorating achievements in the history of Bitcoin. Other 21 works will allow the buyer to select the date of their interest related to the milestones of Bitcoin (no date could appear repeated in another work).
There will be an auction of other NFT pieces in the genesis series, starting at USD 210, in different sales stages, which may include other platforms, sales protocols, and prices. Even 21 of the auctioned copies will have an attached print (replica of the token in physical form), starting at USD 2,100.
The first of these works was part of the collection of a gallery specialized in digital art. However, TokenAngels, a group dedicated to investing in the development of blockchain projects and a collector of crypto art or non-fungible collectibles (NFT), acquired it in a few hours.
They bought the work for 262 ETH, equivalent to USD 100,000, through the programmable art gallery Async.
NFT Tokens and Royalties for Collectors
Another curiosity about this first serial work of art is that it already had a buyer before its auction. According to Matt Kane, the first version of this work had reached the hands of TokenAngels, who wrote an e-mail to the artist requesting the date of the Async auction and the tentative price of the piece.
Kane said that, in the e-mails that he held with TokenAngels, several artists expressed concern about establishing a small rate for collectors on secondary sales, on all platforms that are supporting the connection between the art world and emerging blockchain technologies.
Collectible works of art, like NFT tokens, have the property of symbolically turning a collector into a partner, in the view of Matt Kane and TokenAngels. They state that the best proof of a collector’s interest in a work is when they invest 262 ETH in the piece that gave birth to a collectible token project.
By Alexander Salazar
