NFTs go local

South African gallery Worldart is about to become the first local dealer to offer non-fungible token (NFT) art on auction.

The work on auction is by local artist Norman O’Flynn and is a moving image based on his painted series ‘Timekeeper’.

Charl Bezuidenhout, owner of the gallery, told Business Insider: “Norman is a very entrepreneurial artist, and his art is connected to a very contemporary interpretation of pop art, whether it’s the use of graphic novels or commenting on society.”

Bezuidenhout estimates that based on prices fetched by physical paintings, the NFT could go for between R60,000 and R100,000.

He has approached four NFT marketplaces to facilitate the auction, including SuperRare, which is rated as the second-highest online auction platform by cumulative value of artworks sold, with 511 sales bringing in over R60m in the past two weeks.

Source: Business Insider