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Avant-garde Artist Baranoff-Rossine's Painting To Be Auctioned As An NFT

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NFT marketplace Mintable announced the auction of a selection of paintings from the 20th century avant-garde artist Vladimir Baranoff-Rossine's collection in the form of digital NFT (Non--Fungible Token).

A 96-year old original framed painting entitled "Abstract Composition" by the Ukrainian-born painter, sculptor and inventor will be auctioned as an NFT on March 25, 2021. This will be the first time an NFT will be backing and providing provenance for a more than 100 year-old artist.

The painting is signed by the artist 'WBR' on the bottom right hand corner. The painting will be mailed to the winner of this auction along with a NFT Certificate Of Authenticity, signed by the artist's son, Dimitri Baranoff-Rossine. It will be shipping worldwide with insurance for the full price of the pristine painting.

The artwork is being auctioned in its original frame signed by the artist and with the NFT certificate, which digitally verifies the origin and authenticity of the artwork using blockchain technology. The auction is expected to attract interest from digital art collectors, the NFT ecosystem, and fine art connoisseurs.

Additionally, exclusive NFT digital representations of a limited set of editions of Baranoff-Rossine's artworks will be auctioned through three auctions and six limited edition sales.

NFT is a crypto token, which is non-fungible, meaning that it can neither be transferred like money nor replaced with something else. This type of token is gaining popularity among artists and content creators as this can protect their pieces of art like painting, songs, videos, tweets, etc.

NFTs are pieces of tokenized content that are verifiably unique, with the authenticity, rarity, and scarcity, and are secured on blockchain. They are typically built of Ethereum, though other blockchains like TRON and NEO can be used. The NFT transaction is executed on blockchain using smart contracts to store and record their unique information.

When a person buys an NFT of a collectibles and rare items of art and music, he receives a token containing the same only and does not get ownership rights. NFTs are currently the hottest product in the digital asset space, with celebrities launching NFTs for their art and music collections as another revenue stream for their work.

On Monday, Twitter CEO Jack Dorsey sold his first-ever tweet as an NFT for $2.9 million in an auction for charity.. "Just setting up my twttr," the tweet from March 2006 reads.

Luxury electric car maker Tesla's CEO Elon Musk also announced plans to sell a video song about NFTs as an NFT itself. The auction is ongoing.

Earlier in March, Kings of Leon made history by becoming the first band to release their album "When You See Yourself" as an NFT.

Meanwhile, blockchain-based game F1 Delta Time conducts auctions for digital official Formula 1 or F1 team cars, with the cars being represented by F1 NFTs.

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