961 pieces from an original work created by Andy Warhol in 1967 will be on sale. Only this time, 961 people will be able to obtain an NFT piece of the artwork. Each piece is worth about $55. If all NFTs are sold, the artwork will be worth a total of approximately $53,000. Receivers of NFTs will own a small portion of the actual piece.
Also, each NFT of the Andy Warhol piece will be accompanied by a signed rights release from the owners of the original physical piece. The piece consists of 10 portraits printed in a repeating pattern on polyurethane cubes of different colours.
Mexican CUBIC company, backed by LS/Galería, holding the sale. Title of the work Portraits of Artists 1.7. There are only 200 copies in the world. CUBIC will sell the artist’s signed work number 172.
CUBIC founder Luis Enriquez said this is the first major NFT sale based on a physical work of art.
“What we do is very simple: you take a piece of art, you imagine that we are making a grid and each piece is an NFT.”
CUBIC said on its official Twitter profile that NFT comes with a transfer of rights signed by the physical owners of the work, so buyers will be considered owners of that part of Andy Warhol’s work:
“You own part of the physical Andy Warhol and the vehicle you show it to becomes an NFT. This is a real investment and a digital asset.” Anyone who buys an NFT will be able to own not just the digital asset, but a small portion of the real piece.
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