Art Value’s auction is the first NFT sell-off where the artwork is created after the event itself
Going, going, gone — the circumstantial artwork is a depiction of different numbers, based on the winning bid.
7 Jan 2022

Would you buy artwork made after you’ve purchased it, which also is based on the purchase price? Thanks to a creative auction process from the Art Value initiative, that is now a reality.

The auction trades NFTs that are empty before the bidding starts, and the token’s content changes throughout the bidding process. The final and highest bid then becomes the final subject matter of the token, meaning that each artwork gets a unique identity. If your favourite number is 50, you will have to hope that the bidding stops at that number to get artwork of that number.

Technicially, before the auction starts, there is no artwork to bid on, as it is created during and after the auction.

— The idea challenges the concept of value through money and art, as, in this case, the value is not a predetermined aspect. I believe the project could become a real trendsetter in the art world, transforming long-standing user experiences through the synergy of art and economy, says Das Vegas, the artist leading the initiative, adding:

— This could be an invaluable gift for the aspiring art collectors, which have wanted to start collecting digital art, as they could acquire a unique asset while simultaneously supporting the independent artist-driven initiative, aiming to expand the current boundaries in art.

Dr. Vegas Simbelis, also known under his artist name Das Vegas, birthed the idea with backing from the Stockholm Royal Institute of Technology and Research Institutes of Sweden (RISE).