Saatchi Art: NFT Collection Sold Out in 20 Minutes
This week, Saatchi Art, one of the largest online art galleries, launched the 'The Other Avatars' NFT (Non-Fungible Token) project. The public auction began on January 24. The NFTs, of course, sold out in less than 20 minutes. There were 2,500 non-generative art avatars in the collection. Vincent van Gogh's self-portraits served as inspiration. More than 150 up-and-coming artists competed for the chance to design one. On marketplaces like OpenSea, the collection is now available on the secondary market. The artworks were also among the top three most popular NFTs on Ethereum. Over 100,000 young artists from over 100 countries are represented in the Saatchi Art online gallery, which sells unique paintings, drawings, sculptures, and photography. The Leaf Group, the owner of Saatchi Art, and a consumer internet company collaborated on the NFT sales campaign. A legal battle is presently raging over who has the right to use the Saatchi name. It's well worth your time to keep up with the drama. Saatchi Art’s Physical and Digital Blend If making quick money selling NFTs wasn't enough, Saatchi Art will start selling real paintings in February. These were created during the avatar creation procedure. Saatchi Art's long-term goal is to create the first online art gallery that sells both NFTs and tangible pieces in a curated environment. Wayne Chang, General Manager of Saatchi Art, was expectedly excited about the sale.
“We’re so pleased with the outcome of our first NFT project. It was an incredible process working with artists, both new and experienced in this space. Following the success of ‘The Other Avatars,’ we’re currently working on new NFT projects for 2022. The team is excited to present new drops to our buyers with innovative features and themes that stay true to Saatchi Art’s mission of democratizing the art world.”
The NFT art space, according to Sean Moriarty, CEO of Leaf Group, is quite congested. Unless your name is Saatchi.
“We’re excited to continue to explore this fast-growing space and see a number of possibilities across our Leaf Group portfolio of media and commerce brands.”
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