The tokenized art piece of famous Russian surrealist Oleg Tselkov was sold for 30 ETH during the first-ever superhow.ART virtual auction. The huge interest displayed by bidders shows that investors are hungry for authentic fine art NFTs.
Tselkov’s art piece “Head with Legs” debuted as the first NFT to go live on the superhow.ART platform. The iconic piece by the legendary post-war artist was sold to a single whale for more than $140K. “The 25 - 30 ETH sized bids on OpenSea and our platform shows that there is a serious demand for real fine art and NFTs that represent the ownership rights for claim, thus, connecting both the physical and digital worlds,” says Vytautas Kašėta, the CEO of superhow.ART.
A Unique Tokenized Art Auction
The superhow.ART auction platform offers a unique approach to the NFT art market.
Firstly, superhow.ART allows auction winners to gain ownership of both the physical art pieces themselves, together with an NFT digital certificate version. Secondly, the platform presents two bidding sides, “Whales” and “Shrimps,” for battle. Whales, or big investors, compete against Shrimps to determine who has the stronger buying power. Shrimps, or small investors, in the meantime, place their bids into a pool and bid as a collective.
“The idea of theWhale vs. Shrimps competition is to show that everyone can have the chance to hold at least fractional ownership of a blue-chip piece of art. Our first auction showed that Whales are stronger, but we are sure that, in the auctions to come, the community will accumulate its power,” stated Kašėta.
Gas Fees Are Easier for Whales
The first-ever superhow.ART virtual auction ended with the victory of a single whale bidder. The auction team explains that this is the result of extremely high Ethereum network gas fees, which led to smaller bidders thinking twice before entering.
“Gas fees were really high during the auction. We think smaller bidders thought twice before making their bid, and thus the auction ended with a Whale winner.“ Kašėta explained.
The auction started on November 5th, 2021, and continued for over a week. The average Ethereum network fee during this period reached a peak of nearly $150 per transaction.
The CEO of superhow.ART enthused that the auction platform is already working towards developing technical solutions that would help to minimize expenses and improve the overall experience of auction participants.
“If you want to be a pioneer in your field, you go through all the challenges and then do it again, and again,” said Kašėta.
Shaping the Future of NFTs
Despite the high Ethereum gas fees, the first-ever superhow.ART tokenized fine art auction attracted the interest of the crypto community. The platform is already planning the next iteration of iconic fine art NFT auctions.
“We want to enhance the adoption of blockchain technology and be the ones to define the future of NFTs. It should be about art and culture, not hype or low-quality images”, confirms Vytautas Kašėta, the CEO of superhow.ART.