On December 10, 2021, Visual China signed a strategic cooperation agreement with Yingyi Auction
Jointly promote the development of the NFT image art market
(Continued from Part III "Market Potential and Dynamism")
Part IV The Rise of Digital Image Artworks
On December 10, 2021, Visual China (sz000681) signed a strategic cooperation agreement with Yingyi Auction. Using NFT technology and blockchain technology, we will carry out multi-dimensional and all-round cooperation in image digital artworks and promote the new development of image digital artworks.
What is blockchain and NFT technology? Similar images, videos, music, etc. can be simply copied and pasted to obtain countless copies of digital works, which can be made into unique works on the blockchain after being chained, and traced and traced, effectively ensuring the uniqueness, authenticity and permanence of assets, effectively solving the problems of proof of ownership of digital collections, and also having the advantages of on-chain preservation that will not die or be damaged, and there is no storage problem of traditional artworks.
Artists can also rely on NFT technology to plan the core issues of commercial licensing, publication, exhibition and other rights of their artistic creations and the circulation, authenticity and quantity of works sold; compared with the traditional art collection form, the digital art collection under the NFT technology form also has the characteristics of higher transaction efficiency, reducing transaction costs, enhancing the mobility of art collections, attracting more collectors to participate, and facing a broader mass consumer market.
Visual China's management team inspects the video art auction market
Undoubtedly, the most eye-catching thing in 2021 is the NFT digital artwork. The concept that Zeng Huang wants to pass on to everyone is that for NFT artworks, it must be understood as a new variety of artworks, just like the emergence of photography, the emergence of film, the emergence of television, the emergence of video, is a new medium, a new kind of art. "As an emerging thing, NFTs can only be in a cautious exploration stage in China at present." Due to the emergence of virtual currency, the flexibility between it and real money has led to a large number of people participating in the trading of works of art through virtual currency, "but as a chinese art trading platform, we must be very cautious and pay attention to how to trade legally and compliantly without violating the market game regulations of the state on virtual currency transactions." "The auction platform undoubtedly needs to comply with China's laws, authenticate the real names of both parties to the transaction, use RMB transactions, eliminate virtual currency, ensure the orderly trading of digital art collections in accordance with the law, protect the interests of collectors, and promote the healthy development of NFT image artworks in China." In addition, he mentioned how to effectively communicate between different chains, that is, the non-circulation between foreign chains and between foreign and domestic chains, which is one of the factors restricting the NFT collection market.
"Specific to the cooperation with Visual China, Which has one of the largest historical image resources in the world, Corbis, they have noticed our reputation, credibility and customer base in the domestic image art collection industry. We also value their sensitivity to emerging markets, in a track where China does not occupy resources and opportunities, in just 20 years with an investment of 50,000 yuan to make a listed company in the market of 20 billion. In addition, they will influence and drive a generation of emerging humans to enter, injecting fresh blood (funding) into photography collections. For example, on the last day of the end of 2021, Visual China launched a 10,000 -- "Big Eyes of Project Hope" digital art collection, which sold out in an hour. Raised $2 million for poor children in China.
Modern and contemporary video artworks at the preview site of the 2021 Spring Auction
We hope to use Visual China's digital collection trading platform to collaborate on the launch of the first batch of digital art collections of original historical photographs to accommodate the emerging and growing digital collection market." We will also introduce the NFT digital artworks produced by Visual China to traditional and mature collectors in China through the auction platform of Yingyi, and provide the positioning of photography history and art history for these collections. But how to do it, or step by step, "what kind of collection we want to make, what kind of collection to put on the platform of Visual China; how to establish the auction platform of NFT image artworks, how to deliver, how to pay, etc., these may be very mature in the blockchain and in the virtual world, but specific to the NFT image artworks, how to ensure the long-term interests of buyers, are problems that we need to carefully consider, and we are solving them step by step. (End)
Note: In the recently released 2022 Art Market Report, Christie's made a compelling headline through NFT sales in March 2021. In fiscal 2021, Christie's NFT auctions totaled $150 million, and Sotheby's NFT auctions totaled $80 million.