Andy Warhol’s ‘Alexander The Great’ colour screenprint is to go to auction in mid-April. The piece will be sold as an NFT (non-fungible token) via the marketplace Rarible, where the owner will have ownership of the physical piece itself as well as the NFT.
The famous white and yellow screenprint, signed by Andy Warhol, was commissioned in 1982 by Alexander Lolas. As part of the commission, Warhol created a series of colour silkscreen prints of the Macedonian Conqueror, Alexander the Great. The physical art piece connected to this NFT has been exhibited in the National Gallery in Greece (14 June - 31 July 1993).
You’re probably wondering ‘How does this NFT differ from others?’
The concept of NFTs becoming the future of how tangible works can be certified, exchanged, and sold, is the fundamental motivation for the owner to sell this magnificent piece. “I am hoping that this NFT will be part of history and hopefully the beginning of many other significant pieces from other artists,” says current owner Aris Sarlis. “Furthermore, because this is the first ever Warhol to be sold as a NFT, it adds a tremendous deal of significance to the item.”
The key benefits are that once the NFT is generated and warranties are in place, the art can be transferred immediately. Provenance and bills of sale are promptly entered into the NFT's history, ensuring that all information is recorded. “The advantage is that you can showcase your collection and prove ownership instantly while your collection is vaulted” says Aris. The owners of these NFTs have the power to instantly display their collection because of this. Another significant benefit is that “owners and subsequent owners can sell their physical objects without the high fees at a traditional auction” Aris states, “while still receiving identical assurances on provenance, security, and guarantees.”
Bringing your physical assets into the NFT realm is as straightforward as it gets with Mattereum's unified system. Mastering the legal aspects allows you to buy and trade truly valuable, unusual, distinctive, and fascinating NFTs while avoiding many of the drawbacks that have befallen others within the market.
Mattereum CEO Vinay Gupta said: “Mattereum is delighted to be able to help bring Alexander the Great to market. It’s a fabulous piece, and will be the first physical artwork secured by a Mattereum Asset Passport on Rarible. It’s been a pleasure working with Aris and the team, and we look forward to bringing more beautiful physical things to Rarible in future”.
Carbon Offset
The total carbon output for the production of the NFT paired with this asset as described in Certification 2 (NFT) of this Asset Passport has been estimated as below 300kg using the NFT CO2 footprint calculator provided by CryptoArt.
A quantity of carbon offset certificates equaling the total carbon output presented above were purchased from Nori Inc. at a cost of $17.25 per ton (inclusive of a transaction fee of $2.25) on 25 October 2021 for a total of $17.25. These carbon offset tokens were expended to offset the total carbon output of this asset's corresponding NFT described in Certification 2 (NFT) of this Asset Passport.
Mattereum Asset Passport
The asset purchaser is protected, up to a stated level of liability, by the warranties contained in the Mattereum Asset Passport which is bound to the asset’s NFT. The certifiers of the physical artwork are liable if any information which they provide in the warranties contained in the Mattereum Asset Passport do not correspond to reality.
In the event of a dispute, the certifications can be legally enforced via arbitration, recogniseable in over 160 jurisdictions worldwide. The smart contracts ensure that any transactions including the activation of the warranties when the asset is sold are immutably recorded on chain.
The NFT acts as a digital receipt for the “Real World Asset”, a category that includes collectibles, fine art, antiques, and other valuable asset classes. Any physical asset can be paired with a Mattereum Asset Passport for a bullet roof legal framework.
About Mattereum
Mattereum is an impact-driven venture capital-backed technology enterprise with a new protocol for digital trade. We are setting out to change the world by redefining the relationship between physical assets and distributed digital commerce. Established in 2017 by a trans-disciplinary team with a track record in designing and launching nation state-level infrastructure, and headed by former Ethereum release coordinator Vinay Gupta, Mattereum is the global leader in designing systems for digitally representing and trading valuable real-world assets including fine art, gold, and real estate. More at:
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Press release by FireCask