Just as NFTs and the metaverse showed up for New York Fashion Week in early February, the virtual realm won’t be sitting out of the upcoming arts calendar. This week brings an art-heavy host of news as NFTs make their way into art fairs and exhibitions in Taipei, Venice, New York, and beyond. Institutions, too, are finding new ways to participate in the digital art space — from the Museum of Contemporary Digital Art’s new virtual art residency to the Universal Hip Hop Museum’s forthcoming metaverse presence.
Reach out to us with NFT-related tips or stories for potential coverage in our upcoming editions.
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THE BIG STORY
What's fueling the NFT art conversation
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ARTCELS LAUNCHES NEW TOKENIZED PORTFOLIO WITH AN EXHIBITION AT HOFA GALLERY
WHAT HAPPENED: This week, digital art investment platform ARTCELS launched Masters, its new tokenized blue-chip portfolio encompassing eight works by artists including Daniel Arsham, Robert Nava, Amoako Boafo, Madsaki, and Invader. Investors will have fractionalized digital ownership of the entire portfolio, which is valued at $1.35 million. The physical works will additionally be on view in a hybrid exhibition at London’s HOFA Gallery until March 6, before making their way to HOFA’s Mykonos outpost and Art Miami.
WHY IT MATTERS: Chiefly, Masters, by folding contemporary art into the NFT space, represents the latest bid to onboard established investors and more so, court young crypto buyers. This latter class of collectors, it seems, has a ready interest in investing in significant works of art (tokenized or not) — an eagerness that has also been tapped in projects such as Unit London’s Eternalising Art History.
The above has been undertaken in partnership with a gallery that is no stranger to the digital realm, having presented last year’s Portrait of an Era and launched its own native ERC20 token, ARTEM. HOFA, like Pace and König, bear out how galleries have been swift to recognize the commercial potential of NFTs and moved to capture the sector far more nimbly than larger institutions.
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THE NFT DROP TO KNOW
The release shaking up NFT commerce
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Image: @rtfktstudios on Instagram
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ARTWORK: MNLTH by Nike x RTFKT
THE LAUNCH: On February 7, RTFKT and its new parent company Nike dropped their first co-branded collection. Released on OpenSea, in addition to being airdropped to existing holders of PodX and Clone X (RTFKT’s well-loved NFT avatar project with Takashi Murakami), MNLTH appears as a metallic cube, carved with geometric patterns and inscribed with both Nike and RTFKT logos. The collection encompasses 20,000 of these boxes. Mystery is the game here, with RTFKT urging speculation about what the cube is intended to do and/or contain.
And lo, over a week, the dynamic collectible has “evolved” to now bear glowing cracks, hinting at a coming reveal of its contents. As of this writing, RTFKT is still releasing vague clues about #MNLTH (“Keep working together, learn new skills, and evolve your consciousness”) ahead of the sale’s conclusion on February 26, when, presumably, more or all will be revealed.
THE RECEPTION: Despite and because of the mystery surrounding MNLTH, the NFTs have been snapped up by more than 8,000 buyers and now boast a floor price of 5.45ETH ($14,619.46).
WHY IT MATTERS: Representing Nike and RTFKT’s first collaborative drop, fresh off the former’s acquisition of the latter, MNLTH was bound to ride off the hype as much as the combined popularity of the sportswear brand and the virtual collectibles purveyor. More so, the release demonstrates the mere tip of Nike’s ambitions in the virtual sector, particularly with the creation of its Virtual Studios and as competitors like adidas have moved swiftly into the space. The collaboration with (and acquisition of) a wildly popular NFT marketplace is pretty much a sure bet for the brand, guaranteeing it an expanded base of consumers and a well-received debut in the virtual realm.
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THE INNOVATIVE WAY TO MINT
Created by creators for creators, CXIP is an eco-friendly and standardized NFT minting solution that promises true provenance, identity, and security. The software mints NFTs with unbreakable URLs, permanently stores NFT metadata via IPFS + Arweave technology, and requires each NFT to be signed or authenticated by its artist. Provenance chains are tracked to flag counterfeits, and additional copyright registration with the US Copyright Office is offered. Its PA1D smart contract further allows creators minting with CXIP to collect royalties across marketplaces. LEARN MORE
Sponsored by
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THE WEEK'S TOP SELLING COLLECTIONS
In partnership with 
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For the week ending 2/24. Source: Cryptoslam
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WHAT'S TRENDING
Image: Azuki on OpenSea
AZUKI
Call it the Bored Ape effect. Trailing in the wake of BAYC’s skyrocketing value and swift mainstreaming are a stack of NFT avatar or PFP projects aiming to ape (no pun intended) the success of Paris Hilton’s favorite virtual collectibles. The numberless likes of Cool Cats, mfers, Dooggies, and 3Landers have been top-sellers, but outstripping them all is Azuki by Chiru Labs. Released in January, the collection of 10,000 anime avatars had clocked some $300 million in transaction volume by mid-February and today, the NFTs command a floor price of 10.4ETH ($26,933) on OpenSea.
Total trading volume of the top NFT collections on OpenSea over four weeks ending 2/11
Image: Forbes / OpenSea
Azuki’s rise has no doubt been fueled by the existing anime fanbase, but too, such NFT avatar collectibles are fast becoming the key drivers of the marketplace. More assets than art — Azuki’s creators have plans to grow the brand into an IP juggernaut — they’re ensuring NFTs’ continued standing as investment opportunities, even as their aesthetic offer remains narrow.
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NFTS IN THE NEWS
Image: Daata
RASHAAD NEWSOME X DAATA
Released in concert with Assembly, Rashaad Newsome’s newly unveiled exhibition at Park Avenue Armory, is a series of NFTs and collectible videos, which the interdisciplinary artist created in partnership with digital art platform Daata. The products are sold at an onsite pop-up shop, which is integrated into the exhibition.
DIGITAL COMBINES
Until April 2, Los Angeles’ Honor Fraser Gallery is playing host to Claudia Hart’s latest show, Digital Combines, for which the artist has invited eight friends to create conceptual objects that encompass a physical work and a virtual counterpart, producing a pair that will be “bound together by an NFT pointing at instructional metadata.”
SNOOP DOGG EYES THE METAVERSE
From A$AP Rocky’s $ANDMAN NFT to Doja Cat’s Juicy Drops to Nas’ sale of NFTs packaged with streaming royalty rights — hip hop players have been some of the swiftest adopters of NFTs. Next up? Snoop Dogg, who has aired intentions for his Death Row Records to become “an NFT label,” declaring, “I want to be the first major in the metaverse.”
OASIS: GOING META
Until March 13, Taipei’s Asia Art Center is presenting OASIS: Going Meta, its first NFT art exhibition, co-organized with SweeperDAO and blockchain investment fund, Red Building Capital. Besides exhibiting pioneering NFT projects such as CryptoPunks and Meebits, the show includes ultra-modern collections including Bored Ape Yacht Club, and creations by Pussy Riot and Edward Snowden.
Image: Second Life
METAVERSE, MEET NEW YORK FASHION WEEK
Perhaps inevitably, the metaverse has made its way to New York Fashion Week. The February event saw holograms modeling for Maisie Wilen and Tombogo, Altuzarra dropping NFTs, and Jonathan Simkhai unveiling his Fall/Winter 2022 collection in Second Life, a project co-produced with Everyrealm and virtual fashion company Blueberry Entertainment.
THE FOUNDRY AT MOCDA
Fitting for an organization dedicated to documenting digital art history, the UK-based Museum of Contemporary Digital Art has announced its virtual art residency, the Foundry, which will see an artist-in-residence curate a collection that will be dropped on SuperRare and exhibited in the metaverse. First to the plate: pioneer Kevin Abosch, who’s presenting 4C 4F 56 45, a series of 14 new digital pieces.
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EVENT SPOTLIGHT
Upcoming NFT events to watch
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SATELLITE | MARCH 9 - APRIL 3 | SYDNEY
Billed as the first major NFT art exhibition in Sydney, Satellite will take over Bondi Beach for an immersive showcase featuring 40 crypto artworks from leading local and international artists. LEARN MORE
NFT MENA 2022 EXHIBIT | MARCH 16 - 18 | BAHRAIN
Presented by NFT BAZL, in partnership with RAK Art Foundatoin and Dar Alfann Gallery, the exhibition, the first of its kind in the MENA region, is set to present works by international and local digital artists, and host a series of blockchain-focused workshops. LEARN MORE
NON-FUNGIBLE CONFERENCE | APRIL 4 - 5 | LISBON
This event will activate the global NFT community for two days’ worth of talks, workshops, and experiences covering topics ranging from art to gaming. Digital pioneers Kevin Abosch, Obvious, and Mario Klingemann are set to feature. LEARN MORE
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ON OUR RADAR
What's on the NFT horizon
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Kevin Abosch, "NEVER FEAR ART," 2021. Image: Courtesy of the artist and Global Crypto Art DAO.
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ART+TECH REPORT ON NFT ART COLLECTING
Following its 2021 survey of next-gen art buyers, ART+TECH Report, a Berlin-based independent initiative, is turning its gaze on the NFT marketplace. It’s currently sourcing insights into NFT art collecting habits for a projected 2022 report; head this way to participate in the survey.
THE UNIVERSAL HIP HOP MUSEUM HEADS TO THE METAVERSE
Before the Universal Hip Hop Museum opens its physical doors in 2024, it’ll be staking out space in the metaverse with an immersive digital experience set to launch in the Spring. Accessible through VR headsets and smartphones, the virtual UHHM will be designed by Carnevale Interactive in partnership with Microsoft and MIT.
NFTS TAKE ART FAIRS
For the second year, NFTs will be showing up for art fair season. Among the highlights: Art Dubai 2022 has carved out a section dedicated to digital art, while the Venice Biennale will host its first crypto art exhibition, organized by the Global Crypto Art DAO as part of the Cameroon pavilion.
EVERYREALM IS EVERYWHERE
The aforementioned Everyrealm, which helped Jonathan Simkhai mastermind his Second Life debut, has more up its sleeve, having just closed a $60 million Series A Financing round. Currently on its slate are projects covering the fashion, gaming, and entertainment fields, heralding a busy future for the metaverse.
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IN CASE YOU MISSED IT
Catch up on Jing's NFT coverage
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