Non- Fungible Tokens (NFT) have become an exceedingly popular blockchain technology and are growing in popularity with $3-5 million worth of non fungibles traded daily which has seen the market grow at exponential rates with a 400% bump up from last year.
Although NFT has been around since 2014 we saw it shoot to viral fame last month when digital artist Beeple sold an NFT at the first of its kind auction at Christie’s auction house for $69 million. Until last year the most this artist had ever sold a print for was $100. Early NFT adopters believe that the next wave of artists and collectors will come to see NFTs as simply the way digital artwork is bought and sold.
Taking a page from the recent successful NFT auction done by Christie’s, Urban.lk will be playing host to Sri Lanka’s First ever NFT Auction on the 24th of May 2021. This industry leader has been forging the path forward with cutting edge innovative ideas pushing the local e-commerce market further than they thought they could go. This auction is just one example of how Urban.lk is planning to reimagine the future of the e-commerce landscape and the regional art scene.
But wait, what actually does this new buzzword NFT even mean?
NFTs are tokens created on a blockchain which by definition are non-fungible i.e. it is unique, indivisible and can’t be replaced with another such token. As opposed to say a bitcoin, which is fungible and can be exchanged with millions of other bitcoins, NFT’s proposition of being unique makes it a collector’s item or an investor’s paradise.
NFTs on a blockchain is valuable as it helps in proving the origin and authenticity of rare assets. They can thus act as digital collectibles that can be traded on a blockchain ledger that indicates the current owner of that NFT.
Urban.lk’s upcoming NFT auction will be showcasing a unique piece referred to as ‘Sigiriya 2077’ that pays homage to our island home’s historical landmark ‘the Lion Rock’. This cyberpunk art approach to the ancient rock fortress has garnered a lot of attention and traction in the local scene and Urban.lk is looking forward to capitalising on this interest and host the very first NFT auction in Sri Lanka.
This auction is just the tip of the iceberg on what Urban.lk has in store , with a platform for such a space to be created by this October. This imagined platform will essentially allow any artist or aesthete to create, buy or sell their own NFT through the platform to a global market. Urban.lk already has launched a gallery section to help boost visibility for local and regional artists, this has set the important groundwork for this upcoming NFT platform.
This inspired course of action stems from the founders wanting to create a space for the abundance of talent found in the shores of our island nation who have no way to monetise their hard work or reach global audiences.
If you are interested in becoming a part of the first Sri Lankan NFT Auction, you can simply bid online and stand a chance to be the owner of the first Sri Lankan NFT auctioned! The winner will receive the NFT token, along with a physical copy of the art sold as a souvenir.
Click this link to join in on all the buzz. Do not regret it and be late to the party. Hop on board the NFT express and witness the digital art revolution unfold.
To keep a pulse on this movement visit the Urban.lk website for more!