The nexus between non-fungible tokens and the art world keeps getting stronger. Art is a medium and is more than just the act of creating works of art; it's the expression of an idea, a vision, a set of ideas, and multiple points of view. Above all, however, art can be very valuable, and this is where NFT blockchain networks such as Mintable come in.
Mintable has partnered with the family of the late Wladimir Baranoff-Rossine for the purpose of releasing a collection of paintings on a series of NFTsw that will be auctioned. Some of the works will be digitized and "minted" into NFTs, but one special NFT will represent an original painting. This auction will be the most high-profile NFT transaction to date, and it is prompting cryptocurrency analysts to predict that NFTs have decidedly come into their own as bona fide store-of-value instruments within the art world.
Baranoff-Rossine was an acclaimed painter whose artwork captured the spirit of the 1940s, and whose vast art collections continue to be a source of fascination for generations of American art-lovers. Rossine died of a rare form of cancer at his home in St. Croix, and his collection has been highly valued by collectors around the world. Baranoff-Rossine was the son of a Russian émigré who settled in Ukraine around the middle of the 19th century; his masterpieces, which combine cubism with abstract painting, can be appreciated at the Museum of Modern Art in New York as part of a permanent installation.
The NFT market is focused on the creative aspect of cryptocurrencies. Mintable, in an ironic commentary on those who do not want to want this new technology to be successful, uses the blockchain technology to create a completely non-fungible, but extremely useful currency. NFTs have been around for more than two years, but they have exploded in 2021. Some market analysts have compared the ongoing NFT bull market with tulip mania, but this Mintable auction, which is handling a historic and very valuable piece of fine art, shows that this market is ready to serve the interests of the art world.