What are NFTs? Behind the crypto trend revolutionizing the art world - Toronto Star | Canada News Media
Connect with us

Art

What are NFTs? Behind the crypto trend revolutionizing the art world – Toronto Star

Published

 on


The cherub looks like it’s ready to strike. Hovering idly in outer space, it points a hooked spear at the earth below and steadies its hand.

Grimes, the Canadian musician and visual artist, posted this unsettling image to an art auctioning site earlier in February. It’s part of a broader collection of digital artwork, called “WarNymphs,” that she codesigned with her brother.

Within hours of posting it online, hundreds of copies of the supersized demon baby had sold for $7,500 (U.S.) each. Total sales from her collection reached closer to $6 million.

At first, the frenzy may seem confounding. The image exists solely online. It’s not a physical painting or a photo. Those who bought it could easily have taken a screen grab and made it their desktop background for free.

Why spend all that money on a digital picture?

In short, the answer lies in a newly popular acronym: NFT.

Otherwise known as nonfungible tokens, NFTs are unique computer codes used to identify the authenticity of a digital item — often an image, animation or a video. The code is attached to the item to verify its originality, indicating which item is the original and which is a duplicate.

Items containing NFTs are bought and sold using blockchain, an online technology that records monetary transactions made in cryptocurrency.

To make this easier on the brain, think of “non-fungible” in terms of physical objects. A postcard of Vincent van Gogh’s “Starry Night,” for example, is fungible: swap it for another identical postcard and you have the exact same thing. The original “Starry Night,” however, is non-fungible: swap it for a replica and you no longer have the original.

The NFT distinguishes the real from the fake. How value is assigned to the original items is just as subjective as any other form of art.

“If you visit my living room, you’ll see original-sized pictures of Monet paintings. They’re really nice, and really fancy, but they’re clearly not actual Monet paintings,” explains Andreas Park, an associate professor of finance at the University of Toronto who researches cryptocurrency.

“If I could have the original, I’d be thrilled.”

In effect, the NFT has introduced the concept of originality to the online world.

For artists whose work exists solely in the digital world, it’s an opportunity to attach a monetary value to their work. For buyers, it’s an opportunity to support artists they like, and hold artwork as assets — hoping the value of the artwork goes up so it can be sold for a profit.

The trend has also benefited from the internet’s typical eccentricity. A clip of LeBron James dunking a basketball sold for $99,999. Pink socks sold for $60,000. An image of beans, scooped in a ladle, sold for $469. The proud new owners of these items can brag about holding the originals.

It’s also being taken seriously by companies hoping to get in on the trend. Christie’s, the famed British auction house, recently became the first major auctioneer to sell a digital, NFT-based artwork. The featured artist, a popular digital designer known as Beeple, made $3.5 million in a single weekend from Christie’s sales.

More recently, Kings of Leon announced their new album will be released as an NFT in partnership with a tech startup called Yellowheart.

Nike, meanwhile, holds a patent for “blockchain-based NFT-sneakers,” called Cryptokicks (a sentence that, as confusing as it is now, would be completely indecipherable to anyone 10 years ago).

In the art world, the rise of NFTs and crypto art has sprouted a wide array of new platforms and online marketplaces where people can buy and sell art as they please.

Grimes’ latest collection premiered on a website called Nifty Gateway, owned by serial entrepreneurs Tyler and Cameron Winklevoss (of “The Social Network” fame), which functions as an online marketplace where users can sell they art they’ve bought at a higher price. Not sure if they’re selling the original image? Check for an NFT.

Loading…

Loading…Loading…Loading…Loading…Loading…

Park, who’s followed the rise of blockchain and NFTs for the past several years, says the token is here to stay, though some of the recent excitement is likely temporary.

“Right now, there’s a sense of novelty that’s driving the appeal for NFT artwork. It’s like Beanie Babies: they were popular for a while, because people liked them, and then it died out,” he said.

“But, more broadly, this is a very useful record-keeping technology. It’s easy to imagine NFTs being used as proof of ownership for a variety of things in the future.”

Let’s block ads! (Why?)



Source link

Continue Reading

Art

Calvin Lucyshyn: Vancouver Island Art Dealer Faces Fraud Charges After Police Seize Millions in Artwork

Published

 on

In a case that has sent shockwaves through the Vancouver Island art community, a local art dealer has been charged with one count of fraud over $5,000. Calvin Lucyshyn, the former operator of the now-closed Winchester Galleries in Oak Bay, faces the charge after police seized hundreds of artworks, valued in the tens of millions of dollars, from various storage sites in the Greater Victoria area.

Alleged Fraud Scheme

Police allege that Lucyshyn had been taking valuable art from members of the public under the guise of appraising or consigning the pieces for sale, only to cut off all communication with the owners. This investigation began in April 2022, when police received a complaint from an individual who had provided four paintings to Lucyshyn, including three works by renowned British Columbia artist Emily Carr, and had not received any updates on their sale.

Further investigation by the Saanich Police Department revealed that this was not an isolated incident. Detectives found other alleged victims who had similar experiences with Winchester Galleries, leading police to execute search warrants at three separate storage locations across Greater Victoria.

Massive Seizure of Artworks

In what has become one of the largest art fraud investigations in recent Canadian history, authorities seized approximately 1,100 pieces of art, including more than 600 pieces from a storage site in Saanich, over 300 in Langford, and more than 100 in Oak Bay. Some of the more valuable pieces, according to police, were estimated to be worth $85,000 each.

Lucyshyn was arrested on April 21, 2022, but was later released from custody. In May 2024, a fraud charge was formally laid against him.

Artwork Returned, but Some Remain Unclaimed

In a statement released on Monday, the Saanich Police Department confirmed that 1,050 of the seized artworks have been returned to their rightful owners. However, several pieces remain unclaimed, and police continue their efforts to track down the owners of these works.

Court Proceedings Ongoing

The criminal charge against Lucyshyn has not yet been tested in court, and he has publicly stated his intention to defend himself against any pending allegations. His next court appearance is scheduled for September 10, 2024.

Impact on the Local Art Community

The news of Lucyshyn’s alleged fraud has deeply affected Vancouver Island’s art community, particularly collectors, galleries, and artists who may have been impacted by the gallery’s operations. With high-value pieces from artists like Emily Carr involved, the case underscores the vulnerabilities that can exist in art transactions.

For many art collectors, the investigation has raised concerns about the potential for fraud in the art world, particularly when it comes to dealing with private galleries and dealers. The seizure of such a vast collection of artworks has also led to questions about the management and oversight of valuable art pieces, as well as the importance of transparency and trust in the industry.

As the case continues to unfold in court, it will likely serve as a cautionary tale for collectors and galleries alike, highlighting the need for due diligence in the sale and appraisal of high-value artworks.

While much of the seized artwork has been returned, the full scale of the alleged fraud is still being unraveled. Lucyshyn’s upcoming court appearances will be closely watched, not only by the legal community but also by the wider art world, as it navigates the fallout from one of Canada’s most significant art fraud cases in recent memory.

Art collectors and individuals who believe they may have been affected by this case are encouraged to contact the Saanich Police Department to inquire about any unclaimed pieces. Additionally, the case serves as a reminder for anyone involved in high-value art transactions to work with reputable dealers and to keep thorough documentation of all transactions.

As with any investment, whether in art or other ventures, it is crucial to be cautious and informed. Art fraud can devastate personal collections and finances, but by taking steps to verify authenticity, provenance, and the reputation of dealers, collectors can help safeguard their valuable pieces.

Continue Reading

Art

Ukrainian sells art in Essex while stuck in a warzone – BBC.com

Published

 on


[unable to retrieve full-text content]

Ukrainian sells art in Essex while stuck in a warzone  BBC.com



Source link

Continue Reading

Art

Somerset House Fire: Courtauld Gallery Reopens, Rest of Landmark Closed

Published

 on

The Courtauld Gallery at Somerset House has reopened its doors to the public after a fire swept through the historic building in central London. While the gallery has resumed operations, the rest of the iconic site remains closed “until further notice.”

On Saturday, approximately 125 firefighters were called to the scene to battle the blaze, which sent smoke billowing across the city. Fortunately, the fire occurred in a part of the building not housing valuable artworks, and no injuries were reported. Authorities are still investigating the cause of the fire.

Despite the disruption, art lovers queued outside the gallery before it reopened at 10:00 BST on Sunday. One visitor expressed his relief, saying, “I was sad to see the fire, but I’m relieved the art is safe.”

The Clark family, visiting London from Washington state, USA, had a unique perspective on the incident. While sightseeing on the London Eye, they watched as firefighters tackled the flames. Paul Clark, accompanied by his wife Jiorgia and their four children, shared their concern for the safety of the artwork inside Somerset House. “It was sad to see,” Mr. Clark told the BBC. As a fan of Vincent Van Gogh, he was particularly relieved to learn that the painter’s famous Self-Portrait with Bandaged Ear had not been affected by the fire.

Blaze in the West Wing

The fire broke out around midday on Saturday in the west wing of Somerset House, a section of the building primarily used for offices and storage. Jonathan Reekie, director of Somerset House Trust, assured the public that “no valuable artefacts or artworks” were located in that part of the building. By Sunday, fire engines were still stationed outside as investigations into the fire’s origin continued.

About Somerset House

Located on the Strand in central London, Somerset House is a prominent arts venue with a rich history dating back to the Georgian era. Built on the site of a former Tudor palace, the complex is known for its iconic courtyard and is home to the Courtauld Gallery. The gallery houses a prestigious collection from the Samuel Courtauld Trust, showcasing masterpieces from the Middle Ages to the 20th century. Among the notable works are pieces by impressionist legends such as Edouard Manet, Claude Monet, Paul Cézanne, and Vincent Van Gogh.

Somerset House regularly hosts cultural exhibitions and public events, including its popular winter ice skating sessions in the courtyard. However, for now, the venue remains partially closed as authorities ensure the safety of the site following the fire.

Art lovers and the Somerset House community can take solace in knowing that the invaluable collection remains unharmed, and the Courtauld Gallery continues to welcome visitors, offering a reprieve amid the disruption.

Source link

Continue Reading

Trending

Exit mobile version