Invictus becomes the latest company to venture into the Non-Fungible Tokens domain. The digital asset company has launched its NFT collection under its subsidiary company called the Invictus NFT Lab.
One of Its Kind Auction by Invictus NFT Lab
The Invictus NFT Lab merges combined forces of Blockchain technology and Fine Art. The Lab has introduced its “Out of Africa Collection”, which includes 100 unique NFTs. These unique NFTs are a part of the Ethereum blockchain and are backed by physical artwork from various artists in South Africa.
The auction for these NFTs will be held next month. The Out of Africa NFT Collection curator, Marelize van Zyl, said, “The Out of Africa Collection represents the first time many of our artists have worked in the NFT space. This collection is a triumph for these artists and represents some of the finest, new, upcoming and established talent.”
Daniel Schwartzkopff, the CEO of Invictus Capital, remarked that the auction by Invictus NFT Lab will be “first of its kind for Southern African artists and global investors.” The CEO further added, “NFTs act like a certificate of ownership, and the holder can opt to have the original artwork delivered.”
What Are NFTs?
NFTs stand for Non-Fungible Tokens. It means a unique, one-of-kind, digital piece. It could be anything digital from artwork, audio, video, music, or tweets or articles. Most people in the crypto space are excited about a specific type of NFT, i.e., digital art.
The buyer of the NFT becomes the owner of the digital item. Most NFTs use the Ethereum blockchain. Ethereum blockchain, due to its diverse nature, can support the creation of many applications.
Acceleration of Demand For NFTs
Future demand is driving the craze for NFTs, with people claiming that NFT will be the future of fine art collecting. Buyers of NFTs are expecting the prices of their purchases to go up in the future and are hence, investing in the NFT space.
NFTs are becoming a global rage. Digital items like artwork and music are selling online for sky-high prices.
The start of the global pandemic has further accelerated the process of NFT adoption as most artists find it challenging to sell their art with gallery closures and cancelled exhibitions.
The opportunities presented by the NFT space have surprised many artists. They are now able to access a wider audience for their work. This has disrupted the fine art industry’s business model. Artists see the long-term value of their creations thanks to the growing NFT market.