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01.14.22



 

EDITOR'S NOTE 

NFTs had nothing short of a stellar year in 2021, their spectacular arrival on the art market culminating with total sales of some $25 billion. Sensing opportunity, brands and creators alike have sat up, if not actively participated in the space, driving the mainstreaming of crypto collectibles in a way that will mark 2022. Proof is already in this edition of Jing Culture & Crypto, which takes in adidas’ smashing NFT debut, Italy’s first crypto art exhibition, and a host of fresh projects from Balmain x Barbie NFTs to Tristan Eaton’s G.E.M.M.A.

If you have a NFT-related tip to share, reach out for potential coverage in our upcoming issues.
LACOLLECTION PRESENTS ITS LATEST COLLECTION OF J.M.W. TURNER NFTS



On the heels of their successful Katsushika Hokusai drop,
LaCollection and the British Museum have teamed up for their next NFT sale, drawn from 20 paintings by J.M.W. Turner. The works by one of Britain's best-loved Romantic artists will be sold across three scarcity levels: 
  • 9 paintings will be Ultra Rare (in two editions, one of which will be retained by the British Museum)
  • 7 will be Super Rare (ten editions, one of which will be retained by the British Museum)
  • 4 will be Open Edition (a maximum of 99 editions will be sold over a 24 to 48-hour period and the final edition number will be set at the end of the sales window).
A private sale will commence on February 8, before general market sales run from February 9 to March 4. LaCollection will make the first Ultra Rare and Open Edition Turner NFTs exclusively available to buyers of the earlier Hokusai NFTs, as part of its goal of building and rewarding its existing community. LEARN MORE
 
Sponsored by

THE BIG STORY


What's fueling the NFT art conversation

Image: Seattle NFT Museum

THE FIRST NFT MUSEUM OPENS IN SEATTLE

WHAT HAPPENED: Today, Seattle’s first museum to be exclusively dedicated to crypto art opens to the public. The Seattle NFT Museum (SNFTM) will be exhibiting NFT art, but additionally, aims to educate visitors about NFTs and support the local crypto art community. As Co-Founder Peter Hamilton told Jing Culture & Commerce, “We want the experience of visiting the SNFTM to provoke thought, discourse, and interpretation for this type of art form.”  

SNFTM will open with a showcase of NFTs by creators including Robbie Trevino, Blake Kathryn, and Neon Saltwater, in addition to loans from collector Aaron Bird. The blockchain works are set to be physically displayed on Samsung’s The Frame screens, equipped with 4K QLED displays, with QR codes accompanying each artwork that will unlock access to online platforms, allowing for further virtual interactions with the work.

WHY IT MATTERS: While some museums have engaged with NFTs — whether as a commercial prospect or in educational programs — few have viewed the medium as worthy of artistic preservation or exhibition. Or as SNFTM Co-Founder Jennifer Wong put it, “Museums have done little to add to the dialogue on the progressive possibilities that NFTs provide for the art world.”  

With crypto art at its foundation, the SNFTM has no such qualms, aiming to not just spotlight NFT art, but situate it as part of a contemporary art lineage. And with its mission, the venue looks set to appeal to a new and international demographic of crypto collectors and consumers, in addition to conventional museum-goers. It’s a situation that will work toward onboarding current art patrons onto the crypto realm, while validating and drawing the existing NFT community into an institutional setting.

 

NFT DROP OF THE MONTH


The release shaking up NFT art commerce

Image: Gemma.art

ARTWORK: G.E.M.M.A. by Tristan Eaton

THE LAUNCH:
 Eaton is no stranger to crypto commerce: in October 2021, he released his debut NFT collection E.M.M.A. on the LGND platform, featuring four animated works. His latest drop on January 12 is entitled G.E.M.M.A. (abbreviated from Generative Electronic Museum of Metaverse Art) and represents a more comprehensive and ambitious NFT project by the street artist.

G.E.M.M.A. launched with 5,000 unique NFTs, centered on a headshot of a female painted by Eaton. With the application of collaborative software, the work emerges in randomly generated variations, each layered with diverse combinations of the artist’s psychedelic touches. 

The project was marketed with an offline campaign that saw five G.E.M.M.A. NFTs hidden in cereal boxes, which were then stashed at various grocery stores across five US cities including New York City and Detroit. To help fans locate the boxes, Eaton provided hints on Discord, activating some IRL hustle among the NFT community. According to Gemma.art, collaborations, exhibitions, and other giveaways are in the pipeline.

THE RECEPTION: Both the presale and public sale on January 12 saw the 5,000 NFTs sell out in mere minutes at 0.1ETH each. The secondary prices on OpenSea and LooksRare are now up to double the original, while audience interest behind the project remains healthy.

WHY IT MATTERS: Though modest by Beeple and Pak sales standards, G.E.M.M.A. is more remarkable for Eaton’s leveraging of the playful, generative aspects of NFTs — a model that’s proven successful for projects including CryptoPunks and Bored Apes. The project also appeals to Eaton’s existing fanbase (which has enthusiastically gathered on the project’s Discord), kindling their interest in the crypto art medium and building for the artist a new core of collectors. 

Further, the venture also represents how an artist, working in conventional forms, can capitalize on the crypto art space, not simply as a commercial endeavor, but as a bid to expand and enrich his practice. “In real life, I will only see one of these many possibilities realized into a final work of art,” Eaton noted in a press statement, whereas his G.E.M.M.A. NFTs offer a “multiverse of paintings.” Combining the NFT release with an offline activation further serves to connect his crypto works with the urban milieu that birthed him. 

THE MONTH'S TOP SELLING NFTS

In partnership with  

For the month ending 1/13. Source: Cryptoslam
WHAT'S TRENDING

Image: adidas Originals
ADIDAS ORIGINALS
By all accounts, adidas’ entry into the NFT market has been a smash. On December 17, the brand unveiled Into The Metaverse in partnership with Bored Ape Yacht Club, PUNKS Comic, and Gmoney. The single NFT drop on OpenSea featured variations of a figurine, each designed by the partners, decked out in luminous virtual fashions; 30,000 editions were minted with 29,620 sold at 0.2ETH each (380 editions were retained by the collaborators), making the company over $22 million in a few hours. 

The headline-making sale was enough to install adidas among the month’s top earners. While the number of transactions radically (and naturally) dipped in December 19, sales were still healthy as of a January 11 count, representing some $411,888 in daily volume. Resale prices on OpenSea have also continued to rise, averaging 0.883ETH over the past seven days. The success of adidas’ NFT debut bodes well for its forthcoming crypto projects (FYI: it owns a plot of virtual land in The Sandbox) and will likely serve as a blueprint for other brands as they game out their own crypto entries. 

Price history of adidas Originals' Into The Metaverse NFT from 12/17 to 1/10. Source: OpenSea
THE INNOVATIVE WAY TO MINT
Created by creators for creators, CXIP is an eco-friendly and standardized NFT minting solution that promises true provenance, identity, and security. The software mints NFTs with unbreakable URLs, permanently stores NFT metadata via IPFS + Arweave technology, and requires each NFT to be signed or authenticated by its artist. Provenance chains are tracked to flag counterfeits, and additional copyright registration with the US Copyright Office is offered. Its PA1D smart contract further allows creators minting with CXIP to collect royalties across marketplaces. LEARN MORE
Sponsored by
IN THE HEADLINES

Image: Dynamic Art Museum
ITALY’S FIRST NFT EXHIBITION
Italy’s Museo della Permanente is playing host to the country’s first major crypto art exhibition, 2121. Curated in collaboration with the Dynamic Art Museum and Wrong Theory, the show includes works by Kevin Abosch, Six N. Five, Bored Ape Yacht Club, Trevor Jones, and Beeple.
BORED APES STILL DOMINATE
Another month, another high note for one of the most popular NFT projects of all time. In between (yet more) celebrity participation and starring in an objectively hilarious NFT theft, Bored Ape Yacht Club, as part of its ongoing mainstreaming, continues to trade in stunning volumes that have seen its overall generated sales crack $1 billion.
RTFKT DROPS PODS
RTFKT, the virtual fashion platform recently acquired by Nike, unveiled its Space Pods in December, offering owners of its Clone X avatars interactive homes fit for the metaverse.

NFTS ENTER DUBAI
The Commercial Bank of Dubai has become the first financial institution in the Middle East to host a NFT art exhibition. Running at the Dubai International Financial Centre until February, the presentation features the work of UAE NFT artist Amrita Sethi, who has created an AR-enabled NFT collection for the occasion.
Image: Balmain
BALMAIN X BARBIE NFTS
Balmain, as part of its collaboration with Mattel, released three NFTs on mintNFT based on the pair’s collaborative Barbie and Ken dolls, which are decked out in the French brand's pink-hued designs. Each NFT came accompanied by a physical, doll-sized version of the outfit worn by the corresponding avatar.

OZZY OSBOURNE’S CRYPTOBATZ
The latest musician to enter crypto waters, Ozzy Osbourne is set to release 9,666 NFTs as part of his CryptoBatz collection (the name in reference to the one notorious episode in Osbourne’s career). And these batz have teeth: each CryptoBat can “bite” another user’s NFT, causing it to mutate and spawn a unique token.


“TUMBLR OF THE NFT SPACE”
The newly launched JPG offers its users a fresh way to interact with NFTs, inviting them to import, display, and effectively curate their own NFT galleries. Though still rudimentary in features, the platform, in its later iterations, hopes to fuel discourse around and appreciation for the art form.


JD.COM TO LAUNCH NFT MARKETPLACE
Never mind China’s ban on cryptocurrencies and side-eying of NFTs, Chinese e-commerce company JD.com is poised to launch its own digital collectibles platform, joining other tech giants including Alibaba, Tencent, and Baidu that have embarked on similar blockchain ventures.

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EVENT SPOTLIGHT


Upcoming NFT events to watch

SATELLITE | MARCH 9 - APRIL 3
Billed as the first major NFT art exhibition in Sydney, Satellite will take over Bondi Beach for an immersive showcase featuring 40 crypto artworks from leading local and international artists. FIND OUT MORE
NFT.NYC 2022 | JUNE 20 - 23
Hot off its sold-out 2021 edition, which featured more than 500 speakers, NFT.NYC is already gearing up for its 2022 event. For those eager to attend, early-bird registration opens on January 8, 2022. FIND OUT MORE

METAVERSE SUMMIT | JULY 16 - 17
Set to gather creators, entrepreneurs, and experts from the fields of gaming, 3D, VR, AR, Web3, and beyond, the two-day conference will explore how next-generation technologies are due to shape the future of virtual spaces. FIND OUT MORE

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ON OUR RADAR


What's on the NFT art horizon

Image: AP Photo/Emilio Morenatti
AP TO SELL PHOTOGRAPHY NFTS
In collaboration with blockchain provider Xooa, the Associated Press is inaugurating its NFT photography marketplace on January 31. Spotlighting the work of past and present AP photojournalists, the NFTs on offer will be minted on Polygon, and available to buy, sell, and trade in fiat or crypto.

SCIENJOY X HERR GALLERY NFT BLIND BOXES
Chinese tech company Scienjoy, which specializes in mobile livestreaming, has teamed up with the New York-based Herr Gallery for a NFT blind box project. Featuring the work of artist Julie Harvey, the collaboration will launch early this year alongside the gallery’s dedicated NFT marketplace. 


CADAF’S CRYPTO MARKETPLACE
The Contemporary & Digital Art Fair is readying the launch of its NFT marketplace, billed as a “complete ecosystem for artists, collectors, curators, and NFT lovers.” It’s set for a Spring 2022 release and a waitlist is currently open.


SAMSUNG IN DECENTRALAND
Samsung is going all in for crypto. Alongside the announcement of its upcoming NFT Platform app to support its smart TVs, the tech company has launched the Samsung 837X store in Decentraland. Open for a limited time, the virtual space is set to host a gamified NFT quest and a "metaverse mixed reality live dance party."

IN CASE YOU MISSED IT


Catch up on Jing's NFT coverage



Does NFT Art Have A Place In The Museum In 2022?
PAMM's virtual panel "NFTs: The Next 500 Years" presented considerations for museums looking toward a future with NFTs.

With The Morpheus Project, NFTs Are Going Holographic
Launched by Thai company Perception, the marketplace offers NFTs of artifacts that are designed to be viewed in 3D. 

What Opportunities Does the Metaverse Hold for Luxury Brands in 2022?
The convergence of our physical and digital worlds through metaverse platforms has quickly become an opportunity for luxury — one where China leads through innovation.

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