Valuart, a recently-formed blockchain company focused on non-fungible tokens (NFTs), said today it is preparing its first launch inspired by Banksy’s Spike art piece.
The digital artwork will be auctioned as a 1:1 NFT by Valuart, a startup that mint licensed inspired by the original artwork. Valuart was co-founded by Vittorio Grigolo, a famous Italian operatic tenor, who is in the possession of Banksy’s artwork Spike.
The NFT, created as a CGI artwork, will be auctioned by Grigolo with 50% of sales intended for charity. Spike will mark the first launch for the NFT startup with plans in place to continue transforming original and famous artwork from physical to digital.
“I’m thrilled to participate in this project and use my voice to create a magical atmosphere for the rebirth of this extraordinary piece of art I discovered more than a decade ago. I cannot wait to share this amazing creation with the public.”Vittorio Grigolo
Valuart, which was founded in March this year, is also looking to partner with new artists and institutions to create more digital artwork. The company has already agreed to create a digital close of the Giubilar Mantle worn by Papa Giovanni Paolo II in 1999.
This doesn’t come as a surprise given that NFT sales topped $2.5 billion in the first half of this year as more retail and institutional investors and collectors see the NFT market as an emerging asset class. Just yesterday, an NFT representing the moment Scottish tennis star Andy Murray won Wimbledon in 2013 sold for $177,777 at auction.
“I’m still learning about NFTs but it feels like an exciting area and one I’m sure more athletes and content creators will be getting involved in,”Murray told Reuters.
For Valuart, the process starts with a certification that the artwork in question is authentic before the piece gets its digital twin, the so-called “Digital Original.” A high focus is placed on the latter achieving a high standard required for the NFT artwork
Given that Banksy created Spike in Palestine in 2005, Valuart intends to use 50% of the auction proceeds to support people and communities suffering from conflicts across the globe.
Valuart’s long-term goal is to become a market leader in the art digitization/NFT sector. The blockchain startup has already raised CHF1.5 million from private investors to fuel its growth.