The worlds of traditional art and crypto are getting closer and closer, this time thanks to the extraordinary works of Japanese artist Yayoi Kusama.
CryptoArt.Ai, Asia’s largest NFT marketplace, has signed an agreement with Shanghai Jiahe Auction Co. to offer the NFTs of two historic works at auction on 23 July: “Infinite Net” (1959, c1979) and “Infinite Net” (MGPP).
The project revolves around the concept of authenticity and value of the information and documentation related to the two masterpieces, initiating a new type of “enhanced NFT”.
Behind every artwork, there is a story, a path that involves the artist, together with galleries, collectors, auction houses, fairs and museums, not to mention as many professionals in the management and valorization of the works.
In Asia, the traditional process of the authenticity of artworks is based on what is known as “centralized recognition”, which relies on the subjects involved in the life of the artwork, followed by the process of analysis of the work with evaluation of the style of work, the possible presence of signatures, historical materials (sources, authoritative documents, exhibition catalogues, records of past transactions, etc.) and technical analysis.
Today, and far too often for works of art by the great artists of the past, all this information is forgotten, sometimes lost, or even omitted, making the procedure of authentication, attribution and evaluation of artworks complex, and also affecting their cultural and economic value.
In this sense, blockchain, applied as a protocol for exchanging and verifying information, such as on the Art Rights platform, comes to support the traditional art valuation process.
And this is how it has been put into practice for the works by Yayoi Kusama now available with CryptoArt.Ai and on the Shanghai Jiahe Auction Co. auction house: representing one of the most significant periods of his artistic research, they disappeared for over 20 years, kept hidden in the artist’s studio only to reappear and be certified as originals by Kusama’s studio.
Now the CryptoArt.Ai platform and the Shanghai Jiahe Auction Co. auction house have chosen to bind all of the certified documentation to NFTs on Blockchain, including circulation documents, exhibition materials, publication catalogues and certificates, encrypted in the form known as “NFT + Art”, which is coined in a more comprehensive and enhanced NFT.
The information gathered in this way along with the images is then stored and decentralized in the IPFS or InterPlanetary File System, a decentralized system that seeks to ensure security, privacy and permanence of the data.
When Yayoi Kusama’s works are sold by the auction house at the moment with an estimate on request, the NFT of the work after the transaction will also be delivered, recorded and confirmed in each subsequent circulation.