On Thursday at 10 a.m. local time in Singapore, Binance will launch its non-fungible token (NFT) marketplace with an auction showcasing paintings by Andy Warhol and Salvador Dali.
The auction, dubbed “Genesis,” aims to spark “a new wave of Renaissance with NFTs,” according to a press release from Binance. NFTs of Warhol’s “Three Self-Portraits” and Dali’s “Divine Comedy: rebeget” will be on display.
Binance to Launch NFT Marketplace with Andy Warhol and Salvador Dali on Thursday
In a press release, Binance stated, “NFT technology has altered the world of art for the better, bringing the concept of digital ownership to life for the very first time.” “The ‘Genesis’ auction exemplifies this concept, bringing two valuable pieces that depict historical ‘winds of change’ periods.”
On the auction, Binance is collaborating with TRON and APENFT, two cryptocurrency projects. Binance’s “100 Creators” initiative, which comprises artists chosen by the exchange to kick off its NFT products, includes the auction. The sole artwork available for the first week of the marketplace will be from these artists.
The debut occurs amid a rush of activity in the popular NFT sector. Fox Corporation and its animation company, Bento Box Entertainment, announced a $100 million fund for NFTs earlier this month.
Joe Exotic, star of Netflix’s “Tiger King,” held his first NFT auction in cooperation with a cryptocurrency concierge firm from a federal prison in Fort Worth, Texas. MORE. NFT Genius, a digital production firm, announced a seed financing round of $4 million to develop an NFT marketplace on Dapper Labs’ Flow blockchain.
FTX, a competitor to Binance, opened an NFT market earlier this month. On Wednesday, FTX, the official sponsor of the Miami Heat, announced a collaboration with Major League Baseball. According to FTX, the exchange is now the MLB’s “official cryptocurrency exchange brand” and will be authorized to use MLB player highlights for content development.
As investors resort to collectibles as safe-haven investments as inflation fears grow, NFTs continue to attract attention. Even as NFTs grow in popularity, cryptocurrencies continue to fall in value. Bitcoin dropped below $30,000 on Tuesday, shedding more than half of its value since its high earlier this year.