The Forever Rose, a crypto-art project produced by visual conceptual artist Kevin Abosch and blockchain universal virtual gifting protocol project GIFTO, sold for US$1 million worth of cryptocurrency to a group of 10 collectors.
With the sale, the Forever Rose is now the world’s most valuable piece of virtual artwork ever sold, and marks the historical merging of blockchain technology, fine art, and charitable causes.
With more than 150 potential buyers from around the world indicating their interest, the decision was made to allow 10 buyers to buy the Forever Rose, as a way to show how the crypto community can come together to do their part to benefit the underprivileged.
To select the buyers for the Forever Rose, a ballot was held to determine the 10 collectors who can purchase the Forever Rose on Feb. 14 at 14:00 Hong Kong time. The 10 collectors are:
- ORCA Fund, an Asian digital asset fund
- Future Money and Ink, a blockchain investment fund and IP asset exchange
- Node Capital and Jinse Finance, an Asian crypto fund and financial media
- TLDR Capital, a blockchain advisory firm
- Project Boosto, a provider of dApps and tokens
- Project DAC, a platform for decentralized interactive audio
- Project Nebulas, a search framework for blockchains
- Project Caring Chain, a decentralized charitable cause platform
- Ms. Meng Zu, a Chinese crypto investor
- An anonymous collector.
“I believe blockchain technology has a huge potential to transform the entire charitable world, bringing transparency and accountability to projects worldwide.” Project Caring Chain founder Mori Wang said. “Project Caring Chain is proud to be a part of this historical milestone, the world’s first crypto charitable artwork.”
The Forever Rose was paid with two cryptocurrencies – GTO by GIFTO and IAMA by Mr. Abosch. The 10 buyers splitting the cost of the crypto-artwork evenly. The Forever Rose is an ERC20 token called ROSE on the Ethereum blockchain that is based on Mr Abosch’s photograph of a rose. The buyers each receives 1/10 of the ROSE token, as ERC20 tokens are divisible. They can hold their portion, sell it, or gift it.
The exact number of tokens required was determined according to their value on 14 February at 10:00 Hong Kong time. All proceeds from the sale will be donated to The CoderDojo Foundation, whose mission is to ensure every child around the world should have the opportunity to learn code and to be creative with technology in a safe and social environment.
“Technology is rapidly changing the world we live in,” CoderDojo Foundation executive director Giustina Mizzoni said. “We have a duty to ensure that the next generation can not only seize the opportunities presented by this, but also influence and shape its future. Thousands of volunteers around the world are working to ensure this by creating opportunities for young people to code and create through the global CoderDojo movement.”
After final sale, a dedicated website will track the value of the artwork based on movements of GTO and IAMA, giving the public a visual representation of the movements and trends in the current cryptocurrency environment. Mr. Abosch and GIFTO founder Andy Tian invite everyone to participate in the project by recording and submitting their responses on video. Instructions are on the Forever Rose website.
Mr. Abosch once sold a photographic portrait of a potato – “Potato #345” for more than US$1 million in 2016.
The GIFTO project, which completed its token sale in one minute last December , is the world’s first universal gifting protocol. It was created by the makers of Uplive, a live streaming mobile application developer with more than 35 million users. IAMA Coin is a crypto-art project that Mr Abosch launched in which the artist himself explores the value of a crypto coin.