ORIGYN & Yumi Join Forces to Present Artwork Co-Ownership Via NFTs

Adam Kantrowitz
Adam Kantrowitz
ORIGYN & Yumi Join Forces to Present Artwork Co-Ownership Via NFTs

ORIGYN and Yumi are bringing something really special to the Internet Computer NFT marketplace this week – the opportunity to be co-owners of a real-world art masterpiece.

ORIGYN and Yumi are bringing something really special to the Internet Computer NFT marketplace this week – the opportunity to be co-owners of a real-world art masterpiece. Let’s be honest; there are probably very few of us in the ecosystem who could afford to go out and buy an incredible work of art for $150,000. But what if you could own 1/1000 of it?

If that sounds enticing to you, then you will be excited to know about the first-ever artwork co-ownership via NFTs. Let’s take a look at how it works, as well as the first artwork being fractionalized in this manner.

Suzanne walking in leather skirt. 3,2008 - by Julian Opie - is a stunning example of a large artwork from the artist utilizing vinyl on wooden stretcher (a popular medium for his art).

How Art Co-Ownership Will Work

If you caught Yumi and ORIGYN’s AMAs with us as well as InfinitySwap, you probably already have a good idea of how it works, so I just want to hit the highlights here.

· There are 1,000 NFTs in total. The sale price will be 35 ICP/NFT.

· The sale ends when all 1,000 NFTs are sold, or the total amount of ICP accumulated is valued at more than $150,000 (the selling price of the artwork).

· When you make a purchase, you receive a soulbound NFT in your wallet that represents the purchase until the sale is complete. Then you will receive the actual NFT (the soulbound NFT is yours to keep, even if the sale is not completed).

· In the event that the sale is not completed within 120 days, everyone will be reimbursed for their purchase (except the 0.0001 ICP transfer fee).

This is an image of the back of the artwork from Yumi's website. It allows you to clearly see the wooden frame used to hold the artwork as well as the artist's signature in the upper left corner.

· Sales on the secondary market are subject to royalties. 4% of those royalties go to the artist (they can choose to be paid in ICP or fiat currency). Another 1% goes to the seller of the painting. Additionally, there may be fees imposed by the marketplace. Keep these fees in mind if you decide to sell on the secondary market.

· Each NFT represents ownership of a specific part of the artwork identified by coordinates.

· The artwork will be stored in a secure vault in Switzerland and is protected by an insurance policy.

· The owners will form a DAO and will be able to determine whether they will ever sell the artwork, loan it to a museum or gallery, display it and charge an entrance fee to view it, etc.

Suzanne walking in green dress, 2007 is an example of a similar artwork in size, age, and medium that sold at auction. This image is from julianopie.com

The First Fractionalized Art Sale on the Internet Computer

The first artwork to be sold via the co-ownership program is a Julian Opie piece called Suzanne walking in leather skirt. 3,2008. Julie Opie is a world-renowned artist known for paintings, sculptures, digital moving artworks, and more. This particular work is rather large and is vinyl on wooden stretcher. Similar pieces have been very successful at auctions in the past. For example:

· Suzanne walking in green dress, 2007 sold for nearly $55,000 back in 2014.

· Sara Gets Undressed 1, 2004 sold for over $74,000 in 2015.

· THIS IS SHAHNOZA 07, 2006 sold for more than $89,000 in 2019.

· UNTITLED (STANDING FIGURE) sold for more than $90,000 in 2020.

While this is just a small selection of artworks from an artist who has been selling his work for decades, they are all the same medium, similarly sized, and created around the same time as the artwork in this sale. Thus, they paint a picture of how Julian’s work of this type from this time period has grown in value over the past decade. (NOTE: This is NOT financial advice, as I am NOT a professional art appraiser. This research was performed using the “liveart” app.)

If you love fine art but never thought you’d be able to own any, on the 20th of December, you’ll get the chance to be the co-owner of a masterpiece for just 35 ICP.

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