Antique dealers are using blockchain technology to create non-fungible tokens (NFTs) for ancient artifacts, attracting younger and tech-savvy clients. As physical events were cancelled and lockdowns hit sales at art galleries, dealers turned to new technologies to generate interest among potential buyers who spend more time online. For instance, Imperial Arts auctioned off NFTs tied to Napoleon Bonaparte’s personal belongings in December, each conferring direct ownership of the physical objects.
Additionally, Hong Kong-based Wui Po Kok Antique launched a two-part sale of 60 tokens that are linked to two legendary weapons from the Chinese Qing and Han dynasties. The NFTs do not give their holders part-ownership of the actual weapons but confer the right to bid for them within one year of the launch, effectively capping the demand for the physical weapon at 30 bidders.
The NFT also confers the right to view the swords, which are being stored in a safe belonging to the gallery. The price of the NFTs starts at half an ether, or about US$1,240, based on the cryptocurrency’s price on Wednesday afternoon. However, the price rises by a 5% increment each time a new token in the batch changes hands, potentially fueling FOMO that drives demand. Warren Cheng, founder of Wui Po Kok Antique, said that while the blockchain has value in proving the authentication of an artwork, NFTs have brought a new group of younger buyers in their 20s interested in the history associated with antiques.
UBS survey of 500 people with investible assets of at least US$1 million in five markets, including Hong Kong, the UK, and the US, revealed that millennials are driving big-ticket art and antique sales among high-net-worth individuals. According to a review published by UBS and Art Basel, total sales in the global art market reached US$50.1 billion in 2020, down 22% from 2019. There are also people willing to bid for NFTs that are completely decoupled from the physical objects. For example, New Old Stock, a project by four vintage-watch lovers, will drop its first batch of NFTs in the metaverse in February, featuring timepieces made by brands such as Rolex. The project aims to recreate the vintage-watch collecting community in the metaverse, said Quinton Ng, adviser to the project and owner of a vintage-watch shop in Hong Kong.
Antique dealers are using blockchain technology to create non-fungible tokens (NFTs) for ancient artifacts, attracting younger and tech-savvy clients. As physical events were cancelled and lockdowns hit sales at art galleries, dealers turned to new technologies to generate interest among potential buyers who spend more time online. For instance, Imperial Arts auctioned off NFTs tied to Napoleon Bonaparte’s personal belongings in December, each conferring direct ownership of the physical objects.
