The Invictus NFT Lab — backed by Invictus Capital, pioneers in the digital asset space who manage over $200 million of investor assets — is proud to unveil its first nonfungible token (NFT) project that combines the best of fine art and blockchain tech. The Out of Africa collection includes 100 unique NFTs on the Ethereum blockchain-backed by (and redeemable for) real-world, physical artworks across a range of artistic mediums from some of Southern Africa’s top contemporary fine artists. The collection, which represents most participating artists’ first foray into the NFT space, will be sold via auction over February 2022. Read on to learn more about the world-first project and find out how to get your hands on a piece of NFT and fine art history.
Embracing the power of the blockchain
The NFT Lab’s inaugural Out of Africa collection — a curated, historic collection of 100 physical artworks from 50 of Southern Africa’s most prominent contemporary artists — leverages the best features of both traditional fine art and blockchain technology and allows these artists to share in the benefits of the NFT world. By doing so, we aim to accelerate the transition of NFTs to the mainstream by appealing to both the traditional art collector, the modern NFT collector and anybody in between.
The project will involve the auction of NFT representations of these physical artworks that act as a certificate of ownership of the original artwork and entitle the holder to take delivery if they wish. These tasteful NFT representations will often incorporate animation, or other augmented reality features made possible by digitization. The auctions will be facilitated by the OpenSea NFT market, the world’s largest and most trusted NFT resale platform.
Participation in the auction will be contingent on holding one of 2,500 NFT tickets, or posters, that can be purchased in the lead-up to the auctions or won via giveaways. These NFT tickets will also be digital representations of the physical artworks that form the collection, however, they will grant no right to take delivery and represent a more accessible entry point into the collection for those only wanting to dip their toes into the NFT world. A secondary market in which holders can buy and sell these NFTs will exist on OpenSea. Excitingly, these posters will have fundamental value through an interesting experiment: 10% of all revenue generated by the project, including ongoing royalty revenues on resales — will be used to periodically purchase and destroy posters from the open market — making them scarce assets with intrinsic value outside of their collectible value.
A diverse cast of African voices
No endeavor in the art world could be possible without artistic flair and talent. To this end, the NFT Lab has secured the participation of a number of high-profile contemporary Southern African artists that incorporate a diverse set of voices. From Robert Slingsby’s use of ancient geometry to celebrate African heritage, Matthew Hindley’s poetic brushstrokes, Janko de Beer’s fantastical sculptures (with the King of Morocco a notable fan), Blessing Ngobeni’s inspiring story of redemption and his art’s brave socio-political commentary, or Olivié Keck’s pop-culture inspired whimsy, the strength of the region’s diversity — not only in culture but also artistic style — shines through.
Culled from Cointelegraph