Dubai-based ColossalBit Management Consultancies has made history by placing the winning bid on the NFT image of the world’s first augmented reality NFT mural.
The consulting and advisory company for cryptocurrency, blockchain and NFTs won the auction organised by NFT BAZL, a gallery bridging the gap between art and disruptive technology by leveraging DeFi and NFTs, with a bid of $56,000.
The mural – Future NFT Dubai Voice Note Art by artist Amrita Sethi – is now live at the Dubai International Financial Centre (DIFC), a statement said.
Award-winning artist Sethi (pictured below), the Middle East’s first NFT artist, captures the fluid shape and structure of sound waves created by a spoken phrase, by painting the contours to reflect the meaning of the phrase – merging, art, sound and technology.
The auction bid comes as the rapidly growing global NFT, or non-fungible tokens, art scene has found fertile ground in Dubai.
Dubai government has been proactive in support of these disruptive technologies, as reflected by the emirate’s formation of the Global Blockchain Council and the patronage of artists like Sethi, who is a recipient of the prestigious Golden Visa residency visa in Dubai.
“Dubai is a city of the future, defined by its ability to constantly innovate. And I believe NFTs and Blockchain will be at the centre of innovations in the future”, said Christian Chalfoun, CTO at ColossalBit.
“As a trusted consultant and advisor, to both NFT artists, as well as investors in Blockchain and NFTs, ColossalBit is thrilled to have placed the winning bid on this first-of-its-kind artwork.”
“This is historically significant and pivotal moment for the NFT industry, in the UAE and globally,” added Ciro Arianna, CEO at ColossalBit.
“Dubai is unique in the world, in terms of Blockchain and NFTs getting energetic institutional and administrative support; and being home to both a growing number of creators and entrepreneurs exploring these emerging spaces, as well as an investor community that realises the huge potential”.
While NFTs, or non-fungible tokens, have been around for a few years already, the market size for these crypto assets has surged to new highs in the past year, with $2 billion having been spent on NFTs during the first three months of 2021 – a 2,100 percent increase from the fourth quarter of 2020.
Famous NFTs that have been sold include a digital artwork for $69 million from Beeple, while Twitter founder Jack Dorsey sold his first ever Tweet for over $3m.
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