Apart from digital art, non-fungible tokens (NFT) are also now being considered for featuring and converging traditional art as well as preserving masterpieces in fine art.
One of the latest adopters of this innovation is León Gallery, a Makati-based auction house that specializes in art, antiques, and collectibles. The gallery has recently teamed up with Union Bank of the Philippines (UnionBank) for a discussion to facilitate timely and relevant conversations on the convergence of traditional and NFT art. The talk between the two also includes aiding artists and collectors to navigate the emerging landscape much easier.
As part of their agreement, the gallery with the participation of UnionBank’s Digital Asset Markets Unit (DAMU) hosted an exhibit by Filipino abstract artist Jose Antonio Reyes, (JAR). JAR’s previous NFT art collection ‘JAR Heads’ on the Cardano Network was a success. The collection generated over 1 million in ADA sales in the secondary market within a span of six months.
During the exhibit, there will be a discussion about NFT art and cryptocurrencies and where these converge with traditional art with Reyes and key experts from DAMU on the panel.
Moreover, UnionBank will also talk about the possible channels to enter the NFT space, including its very own Virtual Asset Over-the-Counter service, which allows customers to fund their crypto wallets in order to buy and sell NFT art.
“It is not uncommon to have traditional artists transition into the world of NFT art, but it is rare for a traditional artist to have a successful project. JAR is an example of the latter, and him coming from the local scene is definitely something worth paying attention to,” Dela Cruz stated.
Also with the goal of preserving art, Fundacion Sanso, the non-profit organization dedicated to preserving the legacy and masterpieces of painter Juvenal Sansó, recently collaborated with UnionBank’s Unit 256 Ventures Inc. through Artifact.io. The partnership is meant to ensure the integrity and safety of all pieces of Fundacion Sanso for its future preservation.
Artifact.io is a platform that democratizes Fine Arts ownership by fractionalizing them as NFTs. It was established in June through the collaboration of UBX, financial technology venture studio of UnionBank, and art-tech enterprise Unit 256 Ventures Inc.to co-develop the platform. (Read more: UBX, Unit 256 Team Up For Wider Filipino Fine Art Ownership via NFTs)
Further, the 72-year old artist Carlos also conducted an art exhibit titled “The Colors of Carlos” which featured his masterpieces, paintings and sculpture, side-by-side with his pieces of crypto art. The combination of traditional and NFT art in his exhibit aimed to bridge the gap between the two. (Read more: New Exhibit at Galeria Paloma by 72 Yr-Old Artist Carlos Bridges NFT with Traditional Art)