Official announcement |First global auction empowering billion level physical artworks

The term of NFT has amazed the international art circle overnight since Beeple’s Everydays in March: The First 5000 Days was auctioned off for $69 million as the highest record in Christie’s auction. Major galleries, art institutions, and artists are aboard the NFT Art express. In the past few months, physical NFT artworks have been thriving, but most cases may face risk of infringement, and few reached the essence of NFT (Non-Fungible Tokens). How to achieve cross-border cooperation with real art works and real art market has aroused concerns of the industry.

Asia’s largest NFT digital art platform CryptoArt.Ai, and Shanghai Jiahe Auction Co., Ltd., will co-host a auction forum where two of the most iconic series of “Infinite Nets” of global contemporary artist Yayoi Kusama, — — Infinite Nets (1959, c1979), and Infinite Network (MGPP) will be displayed. In the way of NFT enabling physical artworks, the authentication and record data of physical art are encrypted by blockchain, hoping to open the new cooperation ideas for NFT, physical art and the artwork market.

As we are often aware that authenticity identification of traditional artworks has always been a major difficulty in the circulation process of artworks. Whether it is traditional domestic appraisal methods or international one, its core still lies in centralized appraisal mode. The object relied on by “centralized appraisal” is people, and the corresponding appraisal techniques are often based on the following processes: analysis of work style — analysis and signature — analysis of historical materials (sources, authoritative documents, exhibition records, past transaction records, etc.) — technical analysis and testing report, etc. However, the accompanying historical document of artworks’ is not easy to take care of over a long period of time, which causes the problem to authentication. The emergence of blockchain ERC721 protocol can change the recording and retention way in the process of traditional art identification through the technology of blockchain encryption, and thus set off an innovation in the field of art authenticity identification.

As the most iconic series in the beginning of the early creation by Yayoi Kusama, Infinite Nets has positioned Yayoi into the western art world as well as represents the most difficult and historic moment of his life.

In 1957, Yayoi Kusama traveled to Seattle in USA alone at the age of 28 after separation with his mother, and he held a solo exhibition at the Zoe Dusanne (1884–1972) in Sitatu Gallery. A year later, he moved to New York to begin creation “Infinite Nets” where he met Donald Judd. As a lifelong friend of Yayoi’s, Donald Judd not only highly praised his creative talent, but also was the first one to appreciate the “Infinite Nets” series. He also helped Yayoi, who had just arrived in New York, to make many creative attempts.

In 1959, Infinite Nets was first exhibited in the Braza Gallery in New York and it did make much noise in the industry with nearly $200 for a single piece of artwork, which was amazing at the time. The New York Times commented on the artwork: “with amazing power” and “intriguing”.

Infinite Nets (1959, c1979) was created in 1959. She presented one of her artworks to a friend in the most important period of his life, Tian Yuko. Unfortunately, for some reason, he lost contact with this friend, so the work was kept in the studio until 20 years later in 1979, when it was truly completed. The studio produced a certificate and included it in the collection, and the number was registered as: NO.0271.

Today, this artwork and its story behind together with another work “Infinite Nets (MGPP)”, appear in the public sight in the form of “NFT + art”. The encryption process of all the authentication materials of the two works includes circulation records, exhibition materials, publication atlas, certificates and so on, casting a complete NFT on the blockchain. This practice is undoubtedly of epoch-making significance! NFT enables authentication with rich information, and video data are permanently stored in the IPFS distributed server node. This will be the first case of NFT “enabling” physical art worldwide. The NFT will be transferred to new collectors with circulation and transaction records on the blockchain.

In order to highlight the special significance of this practice, Shanghai Jiahe Auction Co.,Ltd. specially opened an independent briefing for Infinite Nets where two artworks will be combined into one NFT for auction. This is both a very innovative attempt for the current secondary market and the NFT art market! On this occasion, CryptoArt.Ai x Shanghai Jiahe Auction Co., Ltd. will hold a special press conference ‘Read the eternity Yayoi Kusama Infinite Nets and Blockchain Digital Storage in Shanghai Himalayan Art Museum’ on July 15 to witness this moment. On the day of the press conference, we invited guests and scholars from different fields in the industry to take a open forum with themed on “Value Consensus of Digital Encryption” for a industry discussion of “cooperation” or “creation” between physical art and NFT technology. For more of the forum is as below.

Theme of the briefing: Read the eternity Yayoi Kusama Infinite Nets and Blockchain Digital Storage

Time: 14: 00, July 15, 2021

Theme of the forum: “Consensus on the Value of Digital Encryption” Round-table

Time: 15: 00–0–17: 00 pm July 15, 2021 for 15 minutes (with a 15 minute tea break)

Location: 3F Treasure Place of Shanghai Himalayan Art Museum

Participants:

Xie Xiaodong: Founder and curator of Yi App

Gu Zhenqing: The curator

Lu Rongzhi: The earliest Chinese female curator

Chen Xu: Founder of Hong Kong Banshan Think Tank, Chief Consultant of NFT China, co-founder of Zhongfu Culture Blockchain 40-person Forum, cryptoart and NFT collectors

Yu Xiaowei: General Manager of Modern and Contemporary Art Department of Shanghai Jiahe Auction Co.,Ltd

Qin Jianxin: Co-founder of CryptoArt.Ai

Special Auction

Special auction:Read the eternity Yayoi Kusama Infinite Nets and Blockchain Digital Storage

Pre-exhibition time: July 20–23 9: 00–18: 00

Auction time: Start at 21: 30th on July 23rd

Location: Hundred banquet hall and banquet hall on the second floor of Shanghai Baohua Marriott Hotel

Media

Artnet Hi Art-Ba-Ba

BlockBeats ChainNews Cointelegraph

About CryptoArt.Ai

CryptoArt.Ai is the largest decentralized NFT marketplace in Asia, including NFT creation, sell, auctions, collect, and transfer. CryptoArt.Ai has strict standards for potential artists: artists submit the application to the council and only verified original author can show NFT artworks.

In the future, CryptoArt.Ai will be featuring music, movies, photography, and so on, along with bidding rewards, Defi+NFT,collaborations, Dao, and other innovative modules. CryptoArt.Ai relies on global artists and collectors to accelerate the growth of NFT market. Based current artists’ count, auction closing rate, and total sales, CryptoArt.Ai ranks #1 in Asia since launched in Oct. 2020.

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