Record $100K sale in Crypto Art: Matt Kane’s “Right Place & Right Time,” a digital artwork that changes daily with Bitcoin price volatility, sells for $100K on Async Art platform.
Sept 18, 2020 – The record-breaking sale of Matt Kane’s “Right Place & Right Time” on Async.art marks the first time a piece has sold for more than $100,000 in the emerging Crypto Art movement. This is another historical sale for a digital artwork in the form of a non-fungible token (NFT), marking the importance NFTs will have in the future virtual economy, where any asset will be tokenized.
The artwork is not just a static image, but continues to generate a new artwork each day based on Bitcoin price volatility. The work is composed of 24 Layers that are synchronized with Bitcoin’s price action from the previous 24 hours. Together with the influence of the artist himself, a new variation of the Master artwork can be generated daily.
“It’s humbling. I’m most excited I’ve helped open price levels for other digital artists to have their work taken seriously and begin making a living from art sales,” said artist Matt Kane. “Until we could prove provenance and scarcity on the blockchain, how we sold digital art was prehistoric by comparison. The future is finally now!”
The patronage of TokenAngels, the artwork’s collector, allowed the artist an opportunity to experiment with a new economy; one in which the collector of a generative artwork gains a financial interest in subsequent minted variations of the art piece. Through the website http://volatility.art, the artist will periodically put a digital art NFT on market to represent an important day in the life of Bitcoin. This NFT will also grant its token holder the right to purchase a physical print.
“As a nod to Bitcoin’s 21 million fixed supply, the collector receives 21% revenue share of the individual NFT and print sales and there will only be 210 NFTs minted. Our partnership, a first between artist and collector, is one we hope inspires future partnerships, which will continue to innovate upon and strengthen this new model we’ve birthed,” says artist Matt Kane.
Bitcoin began as an experiment in decentralized digital currency, enabling peer-to-peer payment with no central authority. It has run a decade so far, empowering users to become their own banks, on it’s way to mining a total supply of 21 million. This artistic experiment will run as a creative counterpart to Bitcoin, using visualized volatility to aid the artist in mining 210 NFTs. “I’ll be investigating what a decentralized artwork can evolve into, as proof-of-work necessitates increasing challenges over time. I’m excited for what this means for minting my NFTs. But just like Bitcoin, the passage of time will be required in order to observe the grander masterpiece that is at work,” says Kane.
Estimated to run for the next 10+ years, this promises to become one of the longest running art projects ever, demonstrating the trust both parties have in the importance Bitcoin and blockchain will carry in future daily life. One day at a time, “Right Place & Right Time” could grow to become one of the most significant pieces in the Crypto Art movement. Both the artist and collector hope this “MKTA” experiment, which mixes programmable and generative art with the first partnership between artist and collector, will contribute to the long legacy of experimentation and risk taking in art and technology.
Watch daily changes on “Right Place & Right Time” by visiting website, or the Twitter bot the artist created. For more from artist Matt Kane, visit his website, Twitter, or Instagram.
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About the Artist
Matt Kane is a Chicago born artist whose oil paintings granted a successful entry into the collectors’ driven market back in 2004. Still in his twenties, Kane soon left exhibitions and galleries behind to become a web developer. As a self-taught programmer, he designed the custom software with which he produces his vibrant, infinitely detailed and multilayered artistic visions.
Predominantly figurative, his current practice addresses and reworks the most varied subjects, from art history masterpieces to Victorian eery family pictures to contemporary icons, coating them in intricate, audaciously coloured patterns. In his own words, Kane is “interested in exploring historical aesthetics with code; to do with geometry what the great painters did with oils.”
Among the pioneering artists to contribute to “First Supper”, the first-ever programmable artwork on the Ethereum-based Async Art platform earlier this year, Kane keeps leveraging algorithms to reach the poetry of pointillists, homage the vibrancy of Kusama’s polka dots and go beyond.
Bio credit: Chiara Braidotti of MOCDA
About the Collector
TokenAngels is an angel investor in startups, dedicated to the traditional and new digital economy. He is one of the foremost collectors of NFTs and Crypto Art. He can be found on Twitter and Instagram.
Async Art is a new art movement built on the blockchain. Create, collect, and trade programmable art: digital paintings split into “Layers”, which you can use to affect the overall image. Art that can evolve over time, react to its owners, or follow a stock price is now all possible with programmable art.
Launched in February 2020, there has already been over $2,300,000 exchanged on the platform and over $400,000 in artist sales.