Record Cryptoart Sale: Matt Kane's "Right Place & Right Time," a programmable artwork that changes with Bitcoin price volatility, sells for over $100K on Async Art
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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 cryptoart movement. A historical sale for an art-based non-fungible token (NFT), it signals the emerging market is gaining traction despite uncertain economic times.
The artwork is a one-of-a-kind programmable piece that generates a new image each day. Made of 24 Layers synchronized with Bitcoin's price volatility from the previous 24 hours, it was created exclusively on Async Art.
With the patronage of TokenAngels, the artwork's collector, the artist gained an unique opportunity to experiment: sharing revenue with a collector in the form of subsequent minted variations of the artwork. Through volatility.art, Matt Kane will periodically produce and sell a digital art NFT to represent a day in the life of Bitcoin. This NFT will also grant its owner the right to purchase a physical print.
"As a nod to Bitcoin's 21 million fixed supply, the collector receives 21% of the individual NFT and print sales. Only 210 NFTs will be 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.
Estimated to run for the next 10+ years, this promises to become one of the longest running art collaborations. One day at a time, "Right Place & Right Time" could become one of the most significant pieces in the cryptoart movement.