Phillips Auction House Offers Replicating NFTs
Phillips’ REPLICATOR will birth a new generation of non-fungible tokens (NFT) by producing new ones every 28 days. The concept is the first of its kind in the industry.
Every day, new groundbreaking innovations prove that the NFT scene is an untapped goldmine. The world recently witnessed Beeple’s “Everydays: The First 5000 Days” sell for $69 million. It was definitely one for the books, but unorthodox ideas have been springing up, signaling that there’s more to come.
Phillips has released its first NFT dubbed REPLICATOR. It partnered with Michah Dowbak a.k.a. Mad Dog Jones to create the masterpiece.
The NFT features an out-of-the-box concept. The REPLICATOR will create generational NFTs, according to the press release. It will create a new NFT based on the original every 28 days. This will birth seven new generations of artworks.
Phillips to auction REPLICATOR this month
Phillips set the REPLICATOR’s initial bid price at $100, but it expects the price will go much higher when bidding starts. The auction will be held from April 12 till April 23.
“Phillips is pleased to begin our NFT journey with such a hugely celebrated digital artist who has both shaped and transcended the crypto community. REPLICATOR is a first-of-its-kind work to appear at auction, redefining the expectations of a work of art as it draws a compelling relationship between medium and form. We look forward to bringing this exciting project to new audiences at Phillips and seeing its unique iterations and the future of this market unfold.”
The brain behind the NFT, Dowbak said:
“REPLICATOR is the story of a machine through time. It is a reflection on forms of past groundbreaking innovation and serves as a metaphor for modern technology’s continuum. Back in the day, photocopiers were revolutionary, and before that, fax machines. Look where we are today. I’m interested to see how collectors will respond as the work evolves and the NFTs in their possession continue to create new generations.” .
NFTs on a rollercoaster
The NFT scene is buzzing with activity. Interest is at its peak and platforms constantly direct efforts towards improving adoption.
Immutable X is one result of such effort. Immutable launched the service to lower entry barriers through the elimination of gas fees. It also presents users with the rare privilege of self-custody.
This came days after a glass-themed NFT house sold for $500,000.
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