Updated: October 21, 2022 12:49 p.m IS
New Delhi [India]Oct. 21 (ANI/BusinessWire India): For the first-of-its-kind “phygital” auction for the work of an Indian artist, Hefty.art, “the web 3.0’s most sophisticated art space,” powered by eDao, will partner with Sotheby’s, the world’s leading destination for art and luxury auctions, offers “Fury” by legendary artist MF Husain.
The collaboration will see both the physical painting created by Husain in 2000, as well as an NFT of the piece as part of Sotheby’s Modern and Contemporary South Asian Auction, which ends October 25.
The work, valued at over $120,000, will be sold online as a single lot to coincide with the live auction at Sotheby’s in London, with cryptocurrency payments being accepted.
Kanishq Chhabria – Co-Founder Hefty.art, commented, “Hefty Art is a curated drop factory. We leverage the strength of our legendary artists like MF Husain and the diverse styles and genres of our curators to provide a platform that will consistently deliver well thought out, bespoke collections peppered with utility where applicable Hefty.art had and what makes us different from other marketplaces is the idea that content is not scarce but quality content. At Hefty Art, we have been very agnostic in our curator selection, a purposeful construct that blends the traditional art space with the digital native world. With this in mind, Hefty Art, along with the strong curators and creators, cements its position as the most sophisticated art space on the web3. “
As an investment partner, eDAO supports Hefty.art in setting up its technology platform for artists and collectors.
Commenting on the auction, Anand Venkateswaran, Co-Founder and CEO of eDao, “At eDao, we have focused on giving artists a new horizon of opportunities to showcase their work on a global scale like never before, giving creators the opportunity to give growth. With this first-ever ‘Phygital’ auction of India’s greatest modern artist, eDAO is redefining the future of entertainment with HEFTY.art. At eDAO, we support the growth of the Hefty ecosystem and are focused on enabling users to interact and interact with their favorite stars and artists in a meaningful way. As web3 continues to gain momentum, we will continue to expand our portfolio and bring more experiences to our users.”
The physical sale of Fury is a fitting start for HEFTY.art’s new platform, a business that gives artists a voice and space, allowing them to thrive both creatively and financially. MF Husain completed “Fury” in 2000, the year that marked the infamous “dot-com era” crash fueled by the rise and fall of tech stocks.
In the two decades since then, the advancement and adoption of the internet and technology in all walks of life, including the art world, has taken place around the world. The sale of Fury marks the first of many NFTs of artworks published by HEFTY.art, created by some of the most respected curators and artists from around the world.
By leading India into the world of NFTs, HEFTY.art aims to give creators the freedom and authority they seek while ensuring that collectors, when acquiring an artwork, become the rightful owners of a unique digital asset. NFTs remove many barriers and make the relationship between art, artists and collectors transparent.
They are digital assets made possible by blockchain technology. So when you buy an NFT, it is backed by a smart contract on the blockchain that can automatically process transactions, distribute royalties, and add other features/utilities to an artwork. In short, NFTs allow the commercial art world to benefit from many aspects of blockchain, including security, transparency, immutability, and traceability.
HEFTY.art is a platform for NFT curators, creators and collectors founded by Polygon – the leading platform for Ethereum scaling and infrastructure development – and eDAO, a creator economy-focused DAO to bring global art, games , media and entertainment IPs and communities at scale, to the world of Web3. eDAO will create unique experiences for the widest range of cultures through the beach – a dynamic access pass, free to create forever.
Since launching its first NFT sale in 2021, Sotheby’s has experienced a meteoric rise in this category with around $100 million in sales and several benchmarks set, including the record for a single CryptoPunk ($11.8 million) and a single Bored Ape ($3.4 million). Million). Last year, Sotheby’s also launched The Metaverse – a unique NFT marketplace designed to serve as a destination for additional NFT sales.
It offers a sophisticated viewing experience that combines Sotheby’s renowned curatorial eye with cutting-edge Web3 technology, introducing a unique marketplace for rare and important works. Offered in a single online format, Fury forms an important bridge between the physical and digital artistic realms and appeals to a wide range of art lovers.
For more information, please visit
Sotheby’s online auction: https://www.sothebys.com/en/buy/auction/2022/mf-husain-fury-2/fury/bid
Kanishq Chhabria: [email protected]
Vigorous Art: https://hefty.art/
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