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Cryptogambling / Jackson Pollock Studio’s NFTs rake in $450,000 in under 3 hours

Jackson Pollock Studio’s NFTs rake in $450,000 in under 3 hours

Publish Date: 22/07/2023
Video: Jackson Pollock in 60 seconds

Jackson Pollock in 60 seconds

The Jackson Pollock Studio’s inaugural NFT collection sold out entirely in a little under three hours. The “Beyond the Edge” collection raked over $450,000 in transactions last Wednesday.

During a two-and-a-half-hour timeframe, buyers snapped up 440 of these phygital pairs. One of the NFTs, “Convergence,” even sold out in just 32 minutes.

The studio has kept the remaining 60 digital artifacts and limited-edition prints reserved for an online sale to attract the more traditional collecting audience. The online sale opened on July 20 on the collection’s official website.

Collaboration with Iconic

The Jackson Pollock Studio, the home and museum of the famed 20th-century painter, released “Beyond the Edge” earlier this month. The NFT collection was a project in collaboration with the Web3 platform Iconic.

The collection included four kinds of unique NFTs of the painter’s iconic paint-stained studio floor. Each NFT was available in 100 editions, along with a limited set of all four NFTs, limited to 25 editions.

The collection also offers a gamified experience, where players can solve a Web3 puzzle and Pollock trivia to win digital artworks and prints.

Iconic’s data reveals that buyers from 25 countries have participated in the recent sale. Among them was mega-collector Pranksy, who acquired all four NFT types. Pranksy informed the sold-out moment on their Twitter account. Pranksy quote-tweeted his previous Tweet, which introduced the project, calling it “another very special art project that is slipping under some radars.”

Chris Cummings, founder and CEO of Iconic, told Artnet News about the origin of the Jackson Pollock NFT idea.

“The moment I saw Pollock’s studio floor, I knew that we could create a groundbreaking digital artifact release that collectors would love,” Cummings said. “But to see it play out before your eyes is something very moving. I’m overwhelmed by the momentum around the project and the support we’ve experienced for the collection.”

Pollock’s debut in blockchain space

The collection represents Pollock’s debut in the blockchain space. It revolves around the floor of the Abstract Expressionist’s studio. This surface served as the canvas for his renowned drip technique.

The floor also preserves traces of his creative process and remnants from iconic works, such as “Number 3, 1950” (1950) and “Blue Poles: Number 11, 1952” (1952). All of the abstract painter’s works are still well-maintained by the Jackson Pollock Studio.

Before the drop, Jackson Pollock Studio director Helen A. Harrison said the floor is their major artifact. She also mentioned that offering NFTs based on the floor provided a way of connecting the artifact to the art.

Harrison further explained that part of their interpretation involves promoting the use of their artifacts to inspire creativity, which helps keep the space alive. Their goal is for people to comprehend that art history is not preserved and static; rather, it is preserved and living. Harrison also told Arnet News about the initial doubts around the Pollock NFTs.

“People said Pollock’s work was not art. People said digital NFT art is not art,” Harrison. “21st-century irony is alive and well.”

After this initial release, the collection will grow in August. The expansion will feature Ordinals centered on the studio floor. There will also be artwork from three digital artists. The proceeds from the sale of “Beyond the Edge: will directly support the Jackson Pollock Studio’s conservation efforts.

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