The First Distributed Art Auction - Put Ya Lighters Up (Falko Fantastic)
How we are changing art ownership and why we chose Falko Fantastic to be the first
What does it mean to own art?
People always talk about owning a piece of art as some bragging right or status symbol, and question if NFTs are really valuable because they are digital rather than oil on a canvas. But what does it mean to own art? A painting can be replicated almost to perfect precision, what art ownership really represents isn’t necessarily about the image but the story behind it. For this reason NFTs are no different to a painting or a sculpture as what makes it valuable is the unique ownership of the original and the story that is attached to that one-of-a-kind original, not the ownership of the image.
Open Source Art
We chose Falko Fantastic as the artist we wanted to be the first to trial a Distributed Art Auction. The mural “Put Ya Lighters Up” had been chosen to be tokenized into an NFT, then wrapped into a distributed DAO to ultimatelly become the first Distributed Art Auction, being able to be owned by a community because that’s what Falko’s work’s about. Falko Fantastic is a highly recognized graffiti street artist, whose art is enjoyed and appreciated for free by the rich and poor alike, open source art. This fits perfectly with what makes Crypto what it is, a technology to open access to everyone.
The first piece which has been chosen to be the pioneering piece is “Put Ya Lighters Up“, an object inclusive mural that incorporates a building light into the design, sparking the flame for a lighter. Ethereum was designed for interoperability and bringing concepts together, so the environment and art’s interaction couldn’t fit better.
Distributed Art Auction
This piece will be tokenized as a DAO (Decentralized Autonomous Organisation), which allows the fragmentation of the piece into many tokens which represent the rights to vote in the DAO which owns the piece as to the price for the piece if the DAO wishes to resell later for a higher value, wishes to use it as collateral for loans to invest in further art or otherwise communally control the art piece’s ownership. By tokenizing the NFT the community can collectively own the piece, with many smaller holders (or large investors) owning a stake in the unique art piece. This allows high value art and the art space generally to open access to all who want to participate, small and large investors alike.
The sale will be conducted as a Dutch Auction, which allows everyone who participates to get the best rate for their bid, as well as allowing bidders to bid early with no penalty. The model starts at a set price and slowly goes down in price until time runs out or until all the tokens have been committed to. When the final tokens have been committed to, no further bids may happen as all tokens have buyers, and the final price which the last bidder was willing to pay is used for all bidders, allowing everyone the best rate and allowing for the seller to price the asset at the optimal market rate at which all tokens can be sold.
So what’s next?
The auction will start on April 11 (12pm EST) and run for 1 week until April 18, starting price will be 0.001 ETH per token (valuing the piece at $2million for the 1,000,000 tokens). The auction will be announced on Twitter and Discord as well as in this article when released. Come be a part of the very first Distributed Art Piece in history.
Come join the discussion
Falko Fantastic’s Instagram
https://www.instagram.com/falko1graffiti
Alchemy
https://twitter.com/AlchemyDAO
Discord
Substack
https://alchemydao.substack.com/