NFT Digital Art That Changes With Bitcoin Price Volatility Sold for Record $101,000
Matt Kane’s “Right Place & Right Time,” a non-fungible token (NFT) digital artwork that changes every day with the bitcoin price volatility, claims the artist, has been sold for a record 262 ether or $101,100 on blockchain platform Async Art.
According to a description of the artwork on Async Art’s website, a new composition for the master is generated independently each day based on BTC’s volatility and price action from the previous 24 hours.
The work is composed of what the platform calls “layers”. Kane’s piece has 24 of these. Each hour’s price programmatically controls rotation, scale, and position of a correlating layer, it says. Viewers can surmise the day’s price volatility by examining the artwork. However, it appears that the artist himself might have some influence on the variations.
“It’s humbling. I’m most excited I’ve helped open price levels for other digital artists to have their work taken seriously and begin making a living from art sales,” said Chicago-born Kane, in a statement shared with news.Bitcoin.com.
“Until we could prove provenance and scarcity on the blockchain, how we sold digital art was prehistoric by comparison,” added the artist, who wrote the code, which generates the daily image changes.
Token Angels, a crypto-focussed angel investor, and art collector, bought Kane’s piece. Variations of the artwork will be minted over the next 10 years and the artist will periodically put an NFT digital art on market to represent an important day in the life of Bitcoin. This NFT will also grant its token holder the right to purchase a physical print.
“As a nod to Bitcoin’s 21 million fixed supply, the collector receives 21% revenue share of the individual NFT and print sales and there will only be 210 NFTs minted,” said Matt Kane. The artistic experiment will run as a creative counterpart to Bitcoin, using visualized volatility to aid the artist in mining 210 NFTs, he explained, adding:
I’ll be investigating what a decentralized artwork can evolve into, as proof-of-work necessitates increasing challenges over time. But just like Bitcoin, the passage of time will be required in order to observe the grander masterpiece that is at work.
Async Art says more than $2.3 million has changed hands on the platform since launch in February 2020. Artist sales have totaled over $400,000, it says.
Built on the Ethereum blockchain, the platform specializes in something called programmable art – “digital paintings split into ‘layers’, which you use to affect the overall image.”
More than $109 million worth of NFTs has been sold throughout the world since such sales started a few years ago, according to data from nonfungible.com. That’s from 4.82 million pieces sold at an average price of $22.65.
What do you think about Matt Kane’s bitcoin-based NFT? Let us know in the comments section below.
Image Credits: Shutterstock, Pixabay, Wiki Commons, Matt Kane, Async Art
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