- As inflation fears mount, investors are turning to stores of value like collectables
- The auction is a part of Binance’s “100 Creators” program, which features artists selected by the exchange to kick off its NFT offerings.
Binance will launch its non-fungible token (NFT) marketplace with an auction featuring works from Andy Warhol and Salvador Dali on Thursday at 10am local time in Singapore.
The auction, titled “Genesis,” is intended to ignite “a new wave of Renaissance with NFTs,” Binance said in a press release. It will feature NFTs of Warhol’s “Three Self-Portraits,” and Dali’s “Divine Comedy: rebeget.”
“NFT technology has revolutionized the world art for good, bringing the concept of digital ownership to life for the very first time,” Binance said in the press release. “The ‘Genesis’ auction represents this idea and brings two valuable pieces that represent ‘wind of change’ periods in history.”
Binance is collaborating with cryptocurrency projects TRON and APENFT on the auction. The auction is a part of Binance’s “100 Creators” program, which features artists selected by the exchange to kick off its NFT offerings. For the marketplace’s first week, the only artwork available will be from these creators.
The launch comes amid a flurry of developments in the popular NFT market. Earlier this month, American media giant Fox Corp. and its animation studio, Bento Box Entertainment, launched a $100 million fund for NFTs.
Netflix’s “Tiger King” star Joe Exotic launched his first NFT auction from a federal prison in Fort Worth, Texas, in a collaboration with a cryptocurrency concierge company. MORE. Digital production company NFT Genius announced it raised $4 million in a seed investment round to build a NFT marketplace on Dapper Labs’ Flow blockchain
Binance competitor exchange FTX also launched an NFT marketplace earlier this month. FTX, sponsor of the Miami Heat stadium in Miami, announced a partnership with Major League Baseball Wednesday. The exchange is now the “official cryptocurrency exchange brand” of the MLB and will be allowed to use MLB player highlights for content creation, according to FTX.
As fears of inflation mount, NFTs continue to draw interest as investors turn to collectables as stores of value assets. Even as NFTs flourish, cryptocurrencies extend their selloff. Bitcoin fell below $30,000, losing more than half its value from its high earlier this year, Tuesday.