![]() If museums have tepidly embraced NFTs, art dealers have been racing ahead. The institution is in the process of figuring out future preservation of the NFT and the rocket. “We hand-held them and taught them everything, and then we launched the rocket on the LACMA campus,” Sachs said. In November, the artist helped the Los Angeles County Museum of Art initiate its acquisition of an NFT from “Rocket Factory,” guiding the museum through the process. He has also tried to convince dealers and institutions to embrace the new technology. “We just hired someone named CoolCat who - I don’t know her real name - has a key to the studio.” “We have our development team in Portugal, which has contractors in South Africa and Germany,” he explained. He has sold hundreds of rockets to art collectors and is working at breakneck pace trying to get everything completed. Sachs described the project as turning his studio into a “trans-dimensional manufacturing plant” where he is fabricating 1,000 rockets. After it’s recovered, the replica is shipped to its owner in a custom display box and the online version is updated with metadata from the launch. Forsaking his furniture design and museum exhibitions, the artist Tom Sachs has a pet art project called “Rocket Factory” where users can purchase three separate stages of a digital NFT rocket ship once the ship parts are combined, the artist launches a physical replica into the sky. ![]() Oftentimes, the admitted goal is to convert the crypto riche into art connoisseurs. Many artists have moved into the metaverse with projects that straddle digital and physical elements. (In December, Sun said that he would retire from TRON to promote blockchain and crypto use in Latin America.) Xiong said that the foundation is now considering minting Giacometti and Picasso NFTs on the TRON blockchain, a cryptocurrency platform also created by Sun. ![]() More than 30 people now work for the foundation, which has plans to exhibit its physical and digital collection in Shanghai. In November, APENFT Foundation started a $100 million fund to cultivate the talents of digital artists. “I tried to educate him and let him know how important the lot was and why we should have it.” “Before the auction, he didn’t know anything about Giacometti,” explained Xiong, who said the pair discussed the artist for three hours before placing a bid. Xiong has helped the crypto billionaire assemble a collection of traditional and NFT artworks for his APENFT Foundation, a platform she has said will bridge the gap between the art world and metaverse. It was Sun’s art adviser, Sydney Xiong, who handled the transaction by phone. In November, he continued his buying spree at Sotheby’s with a $78.4 million purchase of a 1947 Giacometti sculpture, “Le Nez.” Xu is among the increasing number of NFT collectors looking to invest their cryptocurrency in something tangible: a traditional art collection, starting with the painting he bought in January by Renqian Yang, a Chinese artist living in New York.Īn early convert from the NFT community, Justin Sun, the tech entrepreneur and founder of the cryptocurrency platform TRON, bought a $20 million Picasso at a Christie’s auction last year. “I was really amazed with all the sculptures and paintings,” Xu said in an interview, crediting the fair with expanding his interest from blue-chip modernists like Picasso toward living artists like Nigel Cooke and Jessie Makinson. ![]() He was looking for an education they were looking for a sale. So in December, Xu, a founder and chief executive of the start-ups Arpa and Bella Protocol, ventured through the gallery booths of Art Basel Miami Beach, where dealers from David Zwirner and Pace Gallery tried bending his ear toward the contemporary art market. His budget stretches toward $500,000 and he is already on the wait-list for in-demand artists who use paint and moving brushes like Zhang Zipiao. But there is a hole burning in his crypto wallet that he would like to fill with real paintings. Today, Xu, a 29-year-old Chinese tech executive, has more than 3,000 blockchain-based collectibles. Felix Xu started his NFT art collection by purchasing a Chromie Squiggle, generated by an algorithm. ![]()
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