Invictus NFT Lab Blazes Trail for a New Fine Art Paradigm
adopting NFTs to serve as transferable certificates of ownership for physical Fine Art can provide key benefits
The first improvement relates to driving down costs and improving industry efficiency. Galleries and auction houses provide valuable services to industry participants, however, these premium businesses come with high overheads — necessitating large middlemen costs on art transactions. These are often charged to both the purchaser and seller. Delivery costs can also add to a buyers’ final price — even if the artwork is purchased as an investment, with no desire to display the art.
The second addressable issue is opacity and concerns around provenance. With over half of all art sales private transactions, it becomes difficult to get a sense of what a fair market valuation for an artwork may be, as it’s not possible to see the sales history in many cases.
“The Out of Africa Collection is made up of 118 unique NFTs on the Ethereum blockchain and is the first time many of the artists have worked in the NFT space. This collection is a triumph for these artists and represents some of the finest new, upcoming and established talent.” – Marelize van Zyl, curator for the Out of Africa collection
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