Binance NFT is entering the digital art space.
Story at a glance
NFTs, or nonfungible tokens, are units of data that appear on blockchains, a list of records and transactions linked together using cryptographic codes.
The technology is used for a range of purposes, including tracking and validating original art.
A new NFT marketplace is launching with works inspired by Andy Warhol and Salvador Dali.
There’s a new marketplace for NFTs, or nonfungible tokens, and they’re entering the growing space of digital art with some of the biggest names in the game: Andy Warhol and Salvador Dali.
"NFT technology has revolutionized the world of art for good, bringing the concept of digital ownership to life for the very first time. As a fitting tribute, we’re kicking off the launch of Binance NFT with a collection that brings together two of the most celebrated artists of all time," the company said in an announcement.
Because digital art can so easily be replicated and reproduced, digital artists have begun using NFTs to mark their original works, a tech-heavy definition that boils down to something similar in concept to a coded digital trademark, and preserve its value. The Binance NFT marketplace is opening up with an auction titled "Genesis" on June 24 featuring two big works as well as a series of "mystery boxes," which could contain anything from extremely rare, limited edition NFTs to more common collectibles and work from their “100 Creators” program featuring local artists, who receive a 1 percent lifetime royalty on their work.
"Warhol’s introduction of mass production techniques to visual art has foreshadowed today’s digital world, where content can be easily copied, downloaded and reshared. Just as Warhol changed the perception of value when it came to reproducible artwork, NFT technology has forever changed the way we assign value to digital art," said Binance about the Pop Art pioneer.
Warhol's "Three Self Portraits" is the inspiration for a community artist’s tribute, which goes up for auction Thursday morning with an exclusive run of 100 NFTs. The second is a digitally recreated version of "Divine Comedy: rebeget," a watercolor illustration by Salvador Dali commissioned by the Italian government in 1965 in honor of the 700th anniversary of poet Dante Alighieri’s birthday.
This year, on the 700th anniversary of Dante's death, Binance is auctioning off a digitally recreated version of the piece as an NFT. And if you zoom in close, you'll find blockchain elements hidden in the work, including the Bitcoin symbol, the Binance logo and the signature of the company's founder and CEO Changpeng Zhao, known as CZ.