Berlin-based online art marketplace MISA is poised to revolutionize the art world with its 22 August launch of its NFT Marketplace on misa.art, which features pioneers in the space including Itzel Yard, who in May earned the highest NFT sale for a female artist.
With the launch of its NFT Booth, now open to the public at MISA #3 at Berlin’s König Galerie, MISA joins the ranks of some of the world’s leading brands using NFTs as a means of transaction between seller and buyer. An NFT, or non-fungible token, is a digital asset that represents an actual object or piece of intellectual property such as art, music or video.
NFTs have been around for several years, but their popularity has recently exploded, especially as a means of buying and selling digital artwork. Until now, digital art has not had the same value as, for example, an oil painting or sculpture, because it could be easily copied and shared.
By contrast, once an NFT is created, or “minted,” it is stored on blockchain and is unique, authenticated, and cannot be forged. And unlike regular cryptocurrencies, NFTs cannot be directly exchanged with one another, because no two NFTs are identical. NFTs also can have only one owner at a time, and their unique data makes it simple to verify and transfer ownership.
MISA’s inaugural NFT marketplace includes NFTs by several prominent artists and NFT pioneers, including Austrian sculptor Erwin Wurm, digital artists Yard, Auriea Harvey, and Refik Anadol, and crypto pioneers Jonas Lund and Olive Allen, as well by net art icon Ubermorgen. Yard’s $2 million sale of Dreaming at Dusk in May earned her honors as the highest sale among female artists. Wurm, meanwhile, will drop his first NFT on 30 August, entitled Breathe In, Breathe Out, as an open edition available exclusively for 24 hours for $999 US.
MISA offers NFTs minted by artists on the primary market, and art can be bought and sold on the secondary market. With every secondary market sale, both seller and artist receive royalties of 4%, which corresponds with the Artist’s Resale Right in Europe.
Collectors eager to try their hand at NFT ownership can easily get started, either by paying with existing cryptocurrencies such as ETH and Bitcoin or purchasing an NFT via credit card (a wallet is automatically created at checkout).
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