Invictus NFT Lab Pioneers a New Visual Art Paradigm – Bitcoin Sponsored News

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In our view, blockchain technology and non-fungible tokens (NFTs) represent a perfect tool to revolutionize the traditional art industry for the benefit of artists and collectors. With this in mind, the Invictus NFT Lab’s first Out of Africa collection aims to pave the way by enabling the sale of a professionally curated collection of 118 unique physical artworks by the best artistic talents of Southern Africa.

Invictus NFT Lab pioneers a new art paradigm

Throughout history, major socioeconomic changes have largely only occurred as new generations displaced older generations who were more settled in their habits. These changes are often made necessary or made possible by technological developments. For Millennials and Gen Z, who grew up in an era where computers, the internet and smartphones have revolutionized the way we live, these generations have viewed many traditional institutions that have not adapted with skepticism.

The visual arts world is a sphere in danger of falling behind. A static business model that hasn’t changed in decades passes on significant intermediary costs – hampering the market’s ability to attract new demand, ultimately leading to unfulfilled artistic potential.

A generation conflict

Around the world, younger generations currently control a tiny fraction of global wealth – with the The baby boomer generation controls over half of all wealth in the United States. That is set to change in the coming decades. Wealth is passed on to younger generations through inheritance.

Invictus NFT Lab pioneers a new art paradigm
Source: Generational Power Index Report, 2021

If we consider this:

  1. Younger generations are familiar with attributing value to assets for collectibility and exclusivity – as evidenced by the craze for collectibles such as rare Pokémon cards and purely cosmetic items in online games fetching astronomical prices.
  2. These generations are far more comfortable than their parents with new online technologies, including cryptocurrencies and NFTs.

It will It’s clear that much of this wealth will find its way into this new class of digital assets.

Invictus NFT Lab pioneers a new art paradigm
Source: Morning Consult, 2021

Blockchain brings benefits

So far, the NFT industry has tapped into a relatively niche demand space for digital art and collections of generative NFT avatars like CryptoPunks or Bored Apes. However, The introduction of NFTs as transferrable proofs of ownership for physical art can provide significant benefits for both artists and collectors. We are pursuing this approach with the “Out of Africa” collection.

The first improvement relates to reducing costs and improving the efficiency of the industry. Galleries and auction houses provide valuable services to industry participants, but these premium businesses come with high overheads – which necessitate high intermediary costs in art transactions. These are often billed to both the buyer and the seller. Delivery costs can also increase a buyer’s final price – even if the artwork is purchased as an investment, with no desire to display the art.

Blockchain offers an opportunity to aggressively drive down those costs while maintaining sufficient margins to allow traditional galleries and auction houses to continue operating. For the aftermarket sale of NFTs in the Out of Africa Collection., a total of 10% of the selling price is retained by the protocol, but instead of getting into the hands of the selling platforms, the split is far more equitable — with the community and artists who share in this loot. Also, acceptance is not required if you are only holding the NFT as a speculative investment, and the NFT can be resold to a new owner who may then choose (or not) to accept.

Invictus NFT Lab pioneers a new art paradigm

The second issue to address is opacity and concerns about provenance. With over half of all private transactions in art sales, it becomes difficult to get a sense of what a fair market valuation for an artwork might be, as in many cases it is not possible to see the sales history. Additionally, even in public sales such as auctions, bidders’ identities are often not revealed, leaving viewers to question the veracity of the sales, which can lead to skyrocketing valuations for artists. Another area that NFT technology can improve is authenticity and provenance. Adopting blockchain to track art transactions helps solve these problems.

Aside from these issues, other benefits include the ability to: a Royalty-driven revenue model for physical art, as well as tapping into truly global demand and avoiding unnecessary transportation costs. This leads to greater demand and better results for artists. In the case of the Out of Africa Collection, these artworks are held securely on behalf of the NFT owner and no shipping costs are incurred by the owner if they are held for speculative purposes and do not require custody.

“The Out of Africa Collection consists of 118 unique NFTs on the Ethereum blockchain and is the first time many of the artists have worked in the NFT space. This collection is a triumph for these artists and represents some of the best new, emerging and established talent.” – Marelize van Zyl, Curator, Out of Africa Collection

While it’s clear that the art world is ripe for disruption, the regulatory environment is still catching up. The Out of Africa collection hopes to pave a path towards widespread acceptance of the benefits that NFT technology can offer outside of digital art – and hopes to spark an industry revolt against unfair and inefficient practices.

If you want to stay informed about current developments, Sign up for our newsletter and follow us on our social media channels. If you want to learn more about how the project works, including the sales process and innovative community features (including a set of 1770 deflationary poster NFTs that you can own for free!), read our previous Medium article or LitePaper.


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