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05.13.22



 

EDITOR'S NOTE 

NFTs are leveraged extensively due to their unique use cases, especially in the domain of art where, this week, brings a host of NFT exhibitions, further illustrating how traditional art institutions are continuing to embrace blockchain technology. This surge is not limited to art but involves a mix of different industries that are unlocking new paradigms by spurring innovation through NFTs. Here's our take on how NFTs have impacted art and commerce this past week.

— Juhi Mirza
Content & Community Manager


Reach out to us with NFT-related tips or stories for potential coverage in our upcoming editions.

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THE BIG STORY


What's fueling the NFT conversation

Image: Daniel Arsham, “Eroding and Reforming Bust of Rome (One Year)”

FOUNDAZIONE PALAZZO STROZZI LAUNCHES ITS FIRST DIGITAL ART EXHIBITION

WHAT HAPPENED: From May 18 to July 31, Florence's Fondazione Palazzo Strozzi is presenting Let's Get Digital!, its first digital art presentation. The exhibition is set to feature digital works by notable artists such as Refik Anadol, Anyma, Daniel Arsham, Beeple, Krista Kim, and Andrés Reisinger in digital installations and multimedia experiences. 

WHY IT MATTERS: Palazzo Strozzi's foray into the digital world demonstrates how traditional art institutions are slowly but steadily embracing digital art, especially in the wake of the NFT market boom.  In particular, the Strozzi is joining other Italian institutions — from Milan’s Ambrosiana Library to Rome’s Vatican City — in launching digital art projects, further signaling how the Web3 space has taken root in the country’s cultural sector.

 

THE NFT DROP TO KNOW


The release shaking up NFT commerce

Image: @AzukiOfficial on Twitter

THE DROP:  Azuki Beanz by Azuki

THE LAUNCH:  Dubbed the "sidekick" of widely popular Azuki NFTs, the Azuki Beanz collection comprises 19,944 unique NFTs that were first air-dropped to Azuki holders on April 1. A brand new addition to the Azuki ecosystem, the drop of these multi-colored beans took the community by surprise and has evolved into a standalone NFT collection, which dropped on May 5, promising its holders special access to a Discord community.

THE RECEPTION: The Azuki Beanz collection raked in nearly 9760 ETH ($23,304,830) on its opening day. According to OpenSea, Azuki Beanz's sales skyrocketed on May 5, registering an increase of 853.61 percent before a gradual slowdown at the time of publishing. Currently, the floor price of Azuki Beanz sits at 5.88 ETH ($14,000). 

WHY IT MATTERS: Billed as a collection that holders could pair with their existing Azuki NFTs, Beanz offers a value-add for current holders while illustrating how an NFT brand could leverage its popularity and presence to gain more momentum within the crypto space.

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THE WEEK'S NFT RANKINGS

In partnership with  

                                                                          Last 7d Sales                   Last 7d Changes
 1  Otherdeed                                                   $115,187,618                          ▼ 84.87%
 2  Azuki                                                            $96,724,318                          ▲ 213.78%
 3  Beanz                                                           $72,701,595                          ▲ 144.28%
 4  projectPXN                                                  $62,754,948                          ▲ 72.30%   
 5   Bored Ape Yacht Club                               $50,863,821                          ▼ 69.14%
 6   Mutant Ape Yacht Club                             $39,749,407                           ▼ 71.52%
 7  Doodles                                                        $28,901,530                          ▼ 29.38%
 8  Moonbirds                                                   $21,958,904                           ▼ 39.84%
 9  Okay Bears                                                  $21,114,621                           ▼ 46.55%
 10  Mindblowon                                               $19,438,296                          ▲ 0.00%
For the week ending 5/12/22. Source: Cryptoslam.io
IN THE STATS
 
Image: ART+TECH Report 2022


WHY ARE TRADITIONAL COLLECTORS DIVING INTO NFTS?
The Berlin-based independent research initiative ART+TECH has released its 2022 report focused on how the traditional art market has responded to NFTs. Chiefly, the survey with 306 respondents found that NFT buyers were most drawn to the artistic concept of digital art (88 percent), with a similarly large majority purchasing NFTs to support crypto artists and to “foster a new cultural paradigm.”

For these NFT art buyers, too, incentives and returns on investment are less of a priority, as are pieces produced by big-name artists. Still, roadblocks remain, with respondents listing factors like technical complexity, the speculative nature of NFTs, and environmental concerns as obstacles to making their first NFT purchase 

NFTS IN THE NEWS

Image: Casabatllo.es

“CASA BATLLÓ: LIVING ARCHITECTURE” BY REFIK ANADOL
Prolific digital artist Refik Anadol has unveiled an in-situ art installation titled "Casa Batlló: Living Architecture" at Rockefeller Plaza in New York. Inspired by the real-life facade of the Gaudi-designed Casa Batlló in Barcelona, the work reimagines the iconic building through generative AI. The art installation is set to be auctioned off at Christie's on May 10, with 10 percent of the proceeds benefiting non-profit organizations.


ETHEREUM NAME SERVICE NFTS
Last week, Ethereum launched its sale of domain names touted as universal and decentralized usernames for all things Web3, including cryptocurrency wallets Ethereum Name Service NFTs, are unique machine-generated three to four-digit codes that end with “.eth,” each also representing an NFT. As of May 10, ENS NFTs are trending at an average floor price of 6.5 ETH ($18,850), while managing to surpass Bored Ape Yacht Club in terms of daily trade volume


JAMES JEAN X OUTLAND PFP COLLECTION
Taiwanese-American visual artist James Jean has teamed up with digital platform Outland to introduce a PFP collection dubbed FRAGMENTS. Launched on April 28, the collection comprises 7,000 stained-glass NFTs based on the artist’s physical handcrafted sculpture, ​​Pagoda. The PFP project follows James’ previous NFT drops, Slingshot and Woodcutter Awakening.


 
Image: K11 Musea

METAVISION AT K11 MUSEA
Until June 15, Hong Kong’s K11 Musea will present Metavision, an exhibition showcasing some 200 NFT works by 30 digital artists including Takashi Murakami, Tom Sachs, Joan Cornellà, and Art Blocks. The works are displayed throughout all nine floors of the retail complex, with some available for purchase.


LEOPOLD MUSEUM X LACOLLECTION
On May 6, LaCollection, a leading NFT marketplace with an existing partnership with the British Museum, launched an exclusive NFT collection honoring the works of Austrian painter Egon Schiele, in collaboration with the Leopold Museum. The collection comprises 24 NFTs minted from his renowned artworks, including a newly recovered 1907 painting created by the teenage Schiele.


THE GENESIS COLLECTION BY MCLAREN AUTOMOTIVE
Lamborghini is not the only automotive company with a Web3 presence. McLaren Automotive hasn’t just announced its own metaverse, McLaren Special Operations (MSO), but is also gearing up to launch NFTs inspired by its P1 supercar and track-only P1 GTR. The Genesis Collection will drop on May 11 and comes with perks for its holders including access to the MSO Labs exclusive online community.

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EVENT SPOTLIGHT


Upcoming NFT events to watch

M1NTED | JUNE 4 - 5 | KUALA LUMPUR
Malaysia’s first NFT conference will explore how NFTs are making waves in art and gaming, featuring a line-up of guest speakers and local talents. LEARN MORE


NFT ART DAY ZRH | JUNE 12 | ZURICH
Aiming to spotlight crypto art through the lens of digital art history, the event will feature NFT luminaries from Kevin Abosch to Refik Anadol. LEARN MORE


METAVERSE EXPO | JUNE 15 | SEOUL
A metaverse-centered event that is set to explore new applications and technologies (AR, XR) through product presentations and conferences. LEARN MORE

THIS WEEK IN LUXURY NFTS


Brought to you by 

Image: Hypebae

AMBUSH X MONKEY KINGDOM NFT HINTS AT CHINESE CULTURE’S GROWING GLOBAL INFLUENCE

WHAT HAPPENED: AMBUSH has joined forces with Monkey Kingdom for an exclusive collaboration, which features a co-branded T-shirt and an NFT collectible. The token collectible available through a Metamask wallet for 100 $PEACH, also offers access to digital outfits and physical goods, alongside the option to dress their avatars in The Kingdom metaverse in AMBUSH clothing. 

WHY IT MATTERS: The announcement comes ahead of the reveal of the Gen 3 version of Monkey Kingdom — Monkey Legends; a collection of 10,000 3D avatars based on the legendary mythical figure, Sun Wukong. It also shows the growing influence of Chinese mythology on popular youth culture as seen in Disney+’s new show, American Born Chinese, which is based on the graphic novel of the same name by Gene Luen Yang. 

WHY IT WORKS: Even brands labeled as avant-garde, such as AMBUSH, are not missing the opportunity to be associated with the dynamic NFT sector. Collaborations with established NFT projects such as the Monkey Kingdom are a guaranteed way to create status in the virtual realm. As we have witnessed already, bundling digital collectibles with physical goods helps brands market their real-world products to a new demographic.

ON OUR RADAR


What's on the NFT horizon

Image: @RTKFTstudios on Twitter

RTFKT X NIKE UNVEIL MORE VIRTUAL FASHION
Soon after the launch of their warmly received CryptoKicks, RTFKT and Nike have teased an upcoming clothing range that will be available in both virtual and physical formats. An RTFKT x Nike AR Genesis Hoodie has already been revealed and will be soon available for purchase.


THE STARBUCKS TO SERVE NFTS
Coffee giant Starbucks is all set to add NFTs to its growing list of offerings. The Starbucks loyalty program will now feature digital collectibles, created in collaboration with digital artists. The company further intends to build its Web3 presence on an environmentally sustainable platform before it launches its NFT project later this year.

IN CASE YOU MISSED IT


Catch up on Jing's NFT coverage

“[Blockchain technology offers] a layer of thoughts and ideas, but it’s also a layer of property.”



— Renzo Martens, Founder, Human Activities.”


The NFT Project That’s (Re)Claiming A Museum Object
In May, a Congolese collective will drop NFTs minted from a sacred statue once owned by the community, now held by the VMFA.

Gucci Puts Other Luxury Brands on Notice by Accepting Crypto
Gucci’s move into crypto shows that it pays to constantly push the envelope and play to win. What can other brands learn from the brand’s bold strategy?

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