In just over a minute, a non-fungible token (NFT), artwork sold for almost $1 million. This set a new record for fastest selling NFT. Another artwork also set a record for raising the most money for charity by NFTs.
Sacha Jafri’s ‘On The Wings of an Angel” was converted into an NFT in an open edition and sold at amfAR’s annual Cannes Gala, Friday 16 July.
Scott Fletcher, a U.K. tech entrepreneur, purchased 1,500 open editions for EUR750,000 (884,760). The entire amount will be used for amfAR’s AIDS research programs.
AmfAR has raised over $11 million in total at its scaled down Cannes Gala. Numerous celebrities, including Spike Lee, Orlando Bloom, and Alicia Keys, attended the auction.
Jafri’s trips to refugee camps all over the globe inspired ‘On The Wings of an Angel. An unnamed buyer purchased the physical painting at an undisclosed cost. Open edition NFTs, digital reproductions of the artwork, are sold via NFT platform Infinity8.
It is Jafri’s first ever NFT. Jafri already has a Guinness World Record to his credit for creating the largest canvas painting, “Journey of Humanity”, which was sold at a charity auction for $62million in March. This made it the fourth most expensive artwork ever purchased by a living artist.
Jafri has already begun to plan several more NFTs after realizing the power of NFTs in raising money for charity. He says, “I have the opportunity to make some meaningful things and raise money for charities around the globe.”
A second edition of the same painting was to be offered for sale online today (Thursday 22 Juli) with Infinity8. However, due to high demand and large purchases, it has been pushed back to September. Infinity8 claims that it wants the NFT “made accessible to as many people possible”.
Jafri will then issue 99 ‘crypto angels’, a series NFTs for different charities. These are Jafri’s cryptopunk and will allow him to tap into the wallets the new generation of billionaires that rely on cryptocurrencies.
Jafri says, “These billionaires are doing nothing charitable. They don’t know anything about the value money.” “They spend all their money on cryptopunks, all this crap so that they can show off to all their friends and say, “Hey, look at what I have, look at what I own.”
“An NFT has the opportunity to take some of these funds and give them to charities.”
Javed Fiyaz founder of Infinity8, which is the first platform to allow NFT auctions for charity, encouraged Jafri to start his first NFT.
Fiyaz says that if you sell artwork to support charity, only the wealthy and well-off can participate. He invested in cryptocurrency after making millions in shipping and real property. It is possible to join a large project and help humanity with just $1,000 by purchasing something similar to this.
Charity: The most expensive NFT sold
Although “On the Wings of an Angel” was the fastest charity auction, it wasn’t the most expensive.
Cai Guo Qiang, a Chinese artist, sold his first NFT art for $2.5million on the same day that the amfAR Cannes Gala. This was a record among non-digital artists and the highest price ever paid for NFTs at charity auctions.
Cai’s “Transient Eternity 101 Ignitions Gunpowder Paintings” will be sold. The proceeds will be donated to the Shanghai Bund Museum and the New York Cai Foundation, which support young Chinese artists in studying in the U.S.
A video of 100 explosions hosted by TR Lab. The NFT shows Cai using gunpowder to create a single artwork from others. Cai asked Cai to open the auction: “Is it possible for an art project to have a more forward-looking vision and to use more compelling forms and ideas, using NFT technology’s core values?”
Charities will, however, be looking into whether NFTs could become a lucrative source of funding from wealthy donors. After Vitalik Buterin’s $1 Billion crypto donation to the India Covid Relief Fund, the nonprofit world was quick to adopt cryptocurrency payments.
This new form of philanthropy seems to be here to stay. Today’s billionaires prefer to pay digitally and are less interested in luxuries once thought essential. Jafri’s NFT sold more than an Andy Warhol Micky Mouse’ artwork and an 18-karat Chopard white diamond.
Jafri says that the days of Richard Branson, Bill Gates, and other philanthropists are over. We now have to deal with a new generation that doesn’t see charity the same way.