London Trade Art aims to remain at the forefront of digital change in the art world by applying new, cutting-edge technology to the art market. For the first time, London Trade Art offers a portfolio of both digital and physical artworks, purchasable by shares in the form of NFTs. Each Art Share is purchasable through the model of co-ownership and is linked to a unique, irreproducible NFT.
An NFT (Not Fungible Token) is unique metadata referring to a specific cryptoart, which makes it unique, as it is non-fungible, indivisible and cannot be exchanged. For these reasons, acquiring an NFT means owning the original art piece. When an NFT is acquired, the purchase goes through a blockchain, which validates the transaction and records the new acquisition.
In order to create multiple NFT Art Shares of equal value but uniquely recognisable, LTArt has first created an ERC721 smart contract on the Polygon chain, which enables it to mint the NFTs. The NFTs acquired equate to the certificate of co-ownership of the artwork, tracked and secured on the blockchain. Within their NFT Wallet, collectors are also able to monitor and access their collection of NFTs, along with all of the documentation related to the artwork.
We’ve worked closely with international law firm Withersworldwide, which has developed the regulatory framework and contractual aspects of this model, guaranteeing ownership of the shares purchased.
Lapo Simeoni's cutting-edge project, '25.000 euro', is a perfect visual representation of the bridge between art and finance. The market value of the artwork is £25,000, which has been split into 100 individual art shares of £250 each. The artwork consists of a transparent bag placed within a Plexiglas case. It contains a total of €25,000 in €20 bills, which were chopped by the Bundesbank before being collected by the artist.
Each art share has been linked to an NFT using blockchain technology, which will automatically be issued to the buyer once the payment is finalised.
Scared To Know Who’s Watching Me
This animated artwork displays a solitary figure walking forward, having just walked down the path behind him, where he emerged from a bright, shining light. There is also a large eye above that has been watching him walk the path, following his every move. The piece was created to display the artist's own personal fear and anxieties around breaking ‘the path’ he is on, feeling as though someone is watching each step he takes.
Medium: Digital art, photo manipulation, vector art, animation