Art on the Moon! Jeff Koons, the world’s second richest artist, will send 125 sculptures to the lunar surface with Elon Musk’s SpaceX – after selling them as NFTs

American pop artist Jeff Koons will send 125 miniature sculptures to the moon with the help of billionaire Elon Musk’s SpaceX company. The ‘moon phases’ statues will be sold as NFTs and buyers will receive a picture of their lunar location and a statue with a gemstone that marks the location of their extra-terrestrial counterpart [...]

Art on the Moon!  Jeff Koons, the world’s second richest artist, will send 125 sculptures to the lunar surface with Elon Musk’s SpaceX – after selling them as NFTs

American pop artist Jeff Koons will send 125 miniature sculptures to the moon with the help of billionaire Elon Musk’s SpaceX company.

The ‘moon phases’ statues will be sold as NFTs and buyers will receive a picture of their lunar location and a statue with a gemstone that marks the location of their extra-terrestrial counterpart on the Moon.

They are up for sale at the Art Basel fair in Switzerland, a contemporary art event where non-fungible tokens (NFTs) are all the rage this year.

NFTs are digital assets that act like certificates of ownership, they are created using blockchain and each has a unique digital signature.

The sculptures will be installed 384,400 kilometers (238,855 mi) apart from their owners.

‘We’re also seeing this for the first time,’ said Pace Gallery director Mark Glimmer, who unveiled a moon-shaped sculpture about the size of a beach ball at his stand in Basel.

Jeff Koons’ ‘Moon Phase’ sculptures (pictured) will be sold as NFTs and then installed on the Moon with the help of a SpaceX rocket.

A total of 125 miniature versions of the sculpture will be sold and then blasted 384,400 kilometers away on the surface of the Moon.

A total of 125 miniature versions of the sculpture will be sold and then blasted 384,400 kilometers away on the surface of the Moon.

NFT buyers will be able to take home a smaller version of the sculpture with a gemstone marking its location on the Moon

NFT buyers will be able to take home a smaller version of the sculpture with a gemstone marking its location on the Moon

One of Elon Musk's SpaceX rockets will carry 125 statues and place them on the surface of the Moon

One of Elon Musk’s SpaceX rockets will carry 125 statues and place them on the surface of the Moon

Artist Jeff Koons famous for his works such as 'Rabbit' (pictured) which sold for $91.1 million and 'Balloon Dog'

Artist Jeff Koons famous for his works such as ‘Rabbit’ (pictured) which sold for $91.1 million and ‘Balloon Dog’

Jeff Koons is best known for his shiny stainless steel sculpture, inspired by a child’s inflatable toy called Rabbit (1986), which sold for $91.1 million in 2019.

The second richest artist in the world still holds the record for the most expensive price ever paid at auction for a work by a living artist.

‘Moon Phase’ is the polarizing artist’s first NFT project, which he said is ‘rooted in humanistic and philosophical thought’.

He said: ‘I have always enjoyed the idea of ​​creating a global art, art that is really about every human being’s aspiration to have a more fulfilling life.

‘To be able to touch the meaning, what does it mean to be human.’

'American Kitchen and Chinese Cockroaches' (2019) by Chinese artist Huang Yong Ping

‘American Kitchen and Chinese Cockroaches’ (2019) by Chinese artist Huang Yong Ping

'Spider' by French-American artist Louise Bourgeois is on display at the international art show Art Basel and has sold for $40 million.

‘Spider’ by French-American artist Louise Bourgeois is on display at the international art show Art Basel and has sold for $40 million.

Cameroonian artist Barthélemy Togo poses with his artwork 'Bilongue' during preview day of Art Basel

Cameroonian artist Barthélemy Togo poses with his artwork ‘Bilongue’ during preview day of Art Basel

A visitor holds a cell phone displaying a virtual art piece NFTs getting more popular at Basela, the world's leading modern and contemporary art fair

Several virtual art pieces, NFTs up for sale at art fair in Switzerland

A visitor walks by Leonardo Drew's artwork 'Number 341'

A visitor walks by Leonardo Drew’s artwork ‘Number 341’

What are NFTs?

What is NFT? A non-fungible token (NFT) is a unique digital token encrypted with an artist’s signature and which verifies its ownership and authenticity and is permanently attached to the piece.

What do they look like? Most NFTs include some type of digital artifact, such as photos, videos, GIFs, and music. Theoretically, anything digital can be converted into NFTs.

where do you buy them? At the moment, NFTs are usually sold in so-called ‘drops’, timed online sales by blockchain-backed marketplaces such as Nifty Gateway, Opensea and Rarible.

Why would I want to own one? There are many reasons why one might want to buy NFTs. For some, the reason may be sentimental value, as NFTs are seen as collectors’ commodities. For others, they are seen as an investment opportunity similar to cryptocurrencies, as the value can rise.

When were NFTs created? Author and podcaster Andrew Steinwald traces the origins of NFTs back to 2012 with the creation of the Color Coin cryptocurrency. NFTs didn’t go mainstream until five years later, when the blockchain game CryptoKitties began selling virtual cats in 2017.

The fair, which runs from June 16–19, also features a number of non-digital works – from an installation by Franco-Chinese artist Huang Yong Ping depicting a kitchen dotted with giant cockroaches, to a slew of wood-carved paintings by Franco. up to the series. -Cameroonian artist Barthélemy Toguo.

A spider sculpture made by French-American sculptor Louise Bourgeois cost $40 million.

The art market recovered strongly in 2021 after the pandemic shock in 2020, along with sales of yachts, luxury cars, watches and jewelry.

The stock market boomed last year, swelling the coffers of the ultra-rich — and inflation is giving wealthy collectors another reason to splash out on a million-dollar painting.

Paes is one of the few prominent gals who have ventured into the NFT space. According to Claire McAndrew, author of an art market report for Art Basel, only six percent of galleries sold NFTs in 2021.

The NFT market grew dramatically from 2020-2021, with NFT turnover increasing to over $17 billion in 2021, up 21,000% from the 2020 total of $82 million.

Since reaching its peak in August 2021, NFTs have declined. According to McAndrew records, while art-related NFT sales rose to $945 million in August, they fell to $366 million in January and again to $101 million in May.

Cryptocurrencies, which are closely tied to NFTs, have declined in value in recent months.

The popular bitcoin is down nearly 28% since Friday, which is more than half its value this year, and is down 70% from its all-time high in November.

Overall the blockchain-based currency is down about 59% in 2022, while rival cryptocurrency Ethereum-backed Ether is down 73%.

These fluctuations in crypto and NFTs do not confuse the owner of Pace Gallery, however, who believes that NFTs represent ‘a new method for distributing digital art’.

Source: www.dailymail.co.uk