The auction mechanics play a crucial role in generating the art piece, which reflects the auction’s highest bid.
The Art Value initiative, a perennial art project, exploring the concept of ‘numbers as art’, has started selling NFTs (non-fungible tokens) via a unique-concept auction, where the highest bid becomes the content of the token. The artwork’s price becomes the subject matter of the piece, making each work one of a kind.
During a typical NFT auction, once the reserved price for a piece is reached, the auction continues until the highest bidder acquires the asset. However, the artists behind the Art Value project have coined up a slightly different approach; before the auction occurs, technically, there is no artwork to bid on, as it is created after the event itself.
Each unique auction begins with empty Art Value tokens—depicting a question mark (“?”)—being offered for sale. As the proposed auction bids change, with each offer outbidding the previous price, so does the content of the artwork. The auction is won by the highest bidder, whose proposed price gets tokenized, meaning, the exact price of the winning bid will be inscribed in the token.
For instance, if the bidder has won the auction with a 1000 euro bid, s/he will acquire the number 1000 depicting NFT token. Each NFT piece can later be modified in a specifically designed virtual reality platform.
The Art Value project’s virtual gallery
“The idea challenges the concept of value through money and art, as, in this case, the value is not a predetermined aspect. I believe the project could become a real trendsetter in the art world, transforming long-standing user experiences through the synergy of art and economy,” noted Das Vegas, the artist leading the initiative. “This could be an invaluable gift for the aspiring art collectors, which have wanted to start collecting digital art, as they could acquire a unique asset while simultaneously supporting the independent artist-driven initiative, aiming to expand the current boundaries in art.”
The first number tokens of the project have already been minted and are available for purchase in the Art Value NFT marketplace. The auction launches on December 21st and will, at this time, offer 100 unique tokens. The bidding for the NFT tokens starts at 500 USD, however, later the starting price will increase.
About Art Value project:
Launched in 2009, Art Value is an enduring art project consisting of performances, exhibitions, installations, interventions, artwork production, critical designs, evocative experiences, network building, and interactions. Its latest initiative focuses on selling NFT art via a blockchain-based online marketplace. Led by the artist Das Vegas, Art Value is one of the first crypto art projects in the world, seeking to set new standards regarding art creation and production.
Learn more: https://artvalue.org