In a world first, multi-million dollar artwork, Andy Warhol’s 14 Small Electric Chairs, has been tokenized and sold on blockchain-based art investment platform Maecenas to 100 participants. The cryptocurrency auction was supported by London-based fine art gallery Dadiani Syndicate.
14 Small Electric Chairs was tokenized by converting it into Ethereum-based tamper-proof digital certificates (“fractions”). The final price for the piece was determined by a smart contract.Then, buyers purchased fractions of the artwork with Bitcoin, Ether or Maecenas’ ART token.
According to Maecenas, the auction have attracted over 800 sign-ups and raised US$1.7 million for 31.5% of the artwork at a valuation of US$5.6 million. The auction not only exceeded the reserve price but also closed two weeks before the scheduled date. Buyers were represented by sophisticated investors, cryptocurrency enthusiasts, and fine art professionalы from Europe and Asia.
“Tokenization of assets is the most prominent and exciting use case of blockchain technology, and we’re proud to be pioneers in this space,” Marcelo García Casil, CEO of Maecenas, said.