Arab News Japan
TOKYO: An exhibition, exclusive to the art world in Tokyo, was unveiled at a new gallery in Harajuku district on June 25. The Crypto Tokyo exhibition from BAE (Blockchain Art Exhibition) presented virtual and physical works of about eight artists on screens with a QR code on the artwork.
In the world of blockchain and Non-Fongible Tokens (NFT), the artist sells their virtual work in the form of an internet link with a code for the buyer. This way, the piece looks unique and traceable even in resale to others, which also allows the artist to earn additional commissions on each resale.
In March 2021, artist Beeple managed to sell an NFT artwork for $69 million.
According to Sacha Bayley, one of the organizers of the Crypto Tokyo exhibition, the concept of BAE allows artists to get paid in cryptocurrency and will enable them to earn additional income.
Being paid in virtual currency is something new for the artists, according to Sayuri Kobayashi, an engraving artist who hesitates to settle in Etherium or Dai, money whose price is less fluctuating and closer to the dollar rate.
Botchy, one of the artists in the exhibition who illustrates, told of the 600 artists represented by the BAE. IO art market platform, one of the first platforms dedicated to digital art whose works are for sale in cryptocurrency. In this exhibition, Botchy Botchy has chosen to sell virtual work with a physical job.
Bayley, 27, the Cartex Blockchain group and BAE CEO, plans to continue developing his business in Japan.
The Crypto Tokyo exhibit will be open to the public from June 26 and will run for three weeks.