Mark Cuban-backed Mintable Auctioning A 96-Year-Old Painting of an Avant-garde Artist as NFT
The NFT marketplace founder and CEO, who is an early Bitcoin, defines Ethereum as the internet which powers decentralized applications and is “very, very bullish” on digital collectibles.
“A Historic Moment for NFTs,” tweets Mintable as it announces the auction of a 96-year old original painting of Wladimir Davidovich Baranoff-Rossine along with a non-fungible token.
A community-controlled and billionaire investor Mark Cuban-backed NFT marketplace, Mintable shared the news last week when it announced that it would be, for the first time in history, using an NFT for backing and providing provenance for a 100+-year-old avant-garde artist.
Wladimir Baranoff-Rossine was a Russian and French painter who has his work in 9 permanent installations around the world, one permanent piece in the Museum Modern Art, and 8 others in galleries and museums around the world. Baranoff-Rossine did exhibitions with Picasso in the 20s.
His “Adam and Eve” sold at auction in 2008 for 5.3 million USD at the time. Now, for the first time ever in NFTs.
Mintable is hosting an exclusive original 96-year-old physical painting titled “Abstract Composition and a digital NFT”. The NFT based collection also consists of three purely digital auctions and six open editions, as per the marketplace.
The auction will go live on March 25 and is expected to attract interest from not just the digital art collectors but also fine art connoisseurs. Zach Burks, CEO of Mintable said,
“As a man who straddled the art and technology worlds with such finesse, we could think of nobody better than Baranoff-Rossiné to immortalize with our NFTs. In working together with his family, we are delighted to be showcasing his works to a new generation of art lovers and collectors while exemplifying the promise of a new alternative medium.”
In a recent interview with CNBC, the 28-year-old founder of the NFT marketplace said, while Bitcoin is a store of value BTC -4.21% Bitcoin / USD BTCUSD $ 49,201.37
-$2,071.38-4.21% Volume 56.37 b Change -$2,071.38 Open $49,201.37 Circulating 18.71 m Market Cap 920.59 b 29 min 70% Bitcoin Mining Pools Give Signal to Taproot’s Second Attempt 51 min Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital 1 h Aker ASA Considering Accepting Bitcoin as Payment; Elon Musk’s Remarks Change Nothing , Ethereum is like the internet ETH -5.91% Ethereum / USD ETHUSD $ 3,882.54
-$229.46-5.91% Volume 43.08 b Change -$229.46 Open $3,882.54 Circulating 115.88 m Market Cap 449.93 b 51 min Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital 21 h Diginex's Crypto Custodial Arm Digivault Bags Approval From UK FCA 21 h Square CFO: “No Plans” to Buy More Bitcoin At This Time After Losing $20M Due to Price Drop , which powers decentralized applications. He also told the publication that he bought his first Bitcoin in 2021 at $5.50, saying,
“I actually have the email confirming my first bitcoin buy. I printed it out, and it’s framed, I bought bitcoin so early.”
Burks founded Mintable in 2018, and in March, it landed an investment from Cuban as a result of a “cold email.”
— Mark Cuban (@mcuban) March 21, 2021
Because of the gas fees involved in NFT, the Mintable team launched gasless minting, which turned out to be “a huge game-changer, and we’ve skyrocketed.”
The marketplace currently has about 50,000 accounts, and in just the past one month, they had around 650,000 users and over 100,000 NFTs made. In the first three months of 2021 alone, it generated roughly $300,000 in sales. Commenting on people calling NFT a bubble, he said,
“Each type of NFT is a different asset class, so if one asset class within the market is a bubble, that does not mean every asset within the market is as well.”
Burks is “very, very bullish” on NFTs in the long term and sees a massive opportunity in them for the younger demographic. “They’re not going to go away. They’re just going to grow,” he said.