Valuart, a new NFT Platform, is making a splash in the crypto art space. For its maiden offering, the platform is auctioning off a 1:1 NFT based on Banksy’s original artwork called “Spike.”
Valuart NFT Platform
Valuart aims to differentiate itself from other NFT platforms by helping artists sell their works while retaining their true value. To achieve this, Valuart will reinterpret some of the world’s most distinguished artworks and give collectors a chance to buy a piece of creative history. Valuart promises an exciting line-up of leading artists, institutions and celebrities.
The approach of Valuart is to partner with the creator of the physical asset. Afterward, it will verify its authenticity and then produce a digital version of that piece. In addition, the platform will weave in a unique story to the digital work.
Additionally, Valuart supports artistic crossovers among artists. These collaborations can generate “Licensed NFTs” or “Enhanced NFTs” to revalue the context of the piece. The platform also provides a marketing tool to perform social media outreach and full PR campaign for the artworks. This extra marketing push can generate hype and attract more attention to the auctions.
Banksy’s Spike
The first piece to receive a Valuart treatment is the original artwork created by clandestine street artist Banksy in Palestine. The physical piece is now in possession of Vittorio Grigolo. The world-famous tenor and Valuart co-founder have elected to auction a digital original version of the “Spike.” For this release, “Spike” is recreated as a CGI artwork combined with a breathtaking aria performed by Vittorio Grigòlo himself.
According to Valuart, Spike is seen floating across the universe until it is eventually returned to its rightful place on earth, to emerge as a newly minted non-fungible token.
“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,” Grigolo said in a statement.
Valuart decided to donate 50% of the revenues from the auction.
Competitive Space
Valuart platform can potentially attract traditional and conservative investors who only feel secured with physical art pieces. The NFT component would actually give them more value. Hence, Valuart would be directly competing with traditional auction houses Sotheby’s and Christie’s. However, the NFT platform has an edge in terms of driving up the price because NFTs are speculative assets.
In order to compete, Valuart needs to level up because other NFT Platforms are beefing up their arsenal. Mintable, the Mark Cuban-backed NFT Marketplace, ended its Series A Round with $13 Million fresh funds. Meanwhile, Rarible NFT Marketplace raised $14.2 Million in its own funding round.
Aside from Grigolo, the founding members also include crypto investor and art collector, Michele Fiscalini. Rounding up the trio is Etan Genini as CEO and marketing lead.
The auction begins on July 22 at 10:22 PM CEST.
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