Sotheby’s Unveil Blockchain Powered Program to Support Generic Artists June 29, 2023 June 29, 2023 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJune 29, 2023 by Kelly Cromley

Sotheby’s Unveil Blockchain Powered Program to Support Generic Artists

Sotheby’s, the auction house specializing in antiquities, has announced the launch of an innovative blockchain-based initiative designed to cater to the specific needs of generative artists. The Gen Art Program, created by Sotheby’s, introduces a platform that facilitates the development of generative assets. The primary objective of this program is to showcase the artistic achievements of two to three generative artists annually. To facilitate this endeavor, Sotheby’s has exclusively opted to host an on-chain auction utilizing the Art Bloks engine.

The inaugural auction for the Gen Art Program is scheduled to occur on July 26. During this event, Sotheby’s will present a collection of 500 artworks created by the renowned generative artist, Vera Molnar. Molnar, an esteemed individual at the age of 99, has been actively exploring algorithms and generative functions since the 1960s.

According to Michael Bohanna, the Head of Digital Art and NFTs at Sotheby’s, generative art has played a pivotal role in advancing the field of digital art. In his email statement to The Block, Bohanna emphasized the significance of the Gen Art auction held in April 2022, which featured notable digital art pieces, including Vera Molnar’s inaugural NFT. The implementation of the Gen Art Program presents an opportunity for Sotheby’s to showcase and support esteemed generative artists actively working in the industry. This involves presenting exclusive collections of their latest creations and engaging collectors while promoting artists through various channels.

The entire transaction process will be conducted on-chain through Sotheby’s Metaverse, the meticulously curated NFT platform of the auction house. Therefore, Sotheby’s explicitly requests that all payments be made exclusively in ETH.

Sotheby’s has recently achieved a significant milestone in the realm of generative art with the successful sale of “The Goose,” a highly coveted non-fungible token (NFT) created by the esteemed generative artist Dmitri Chernyak. In the previous month, the auction house facilitated the sale of this particular NFT for an impressive sum of $6.2 million. The NFT was previously owned by Three Arrows Capital (3AC), a now-defunct cryptocurrency hedge fund, which acquired it for $5.8 million.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.