NIFTEE, an auction house that seeks to free art from the chains of the canvas, is preparing to host the first non-fungible token (NFT) auction in Germany later today. The auction house disclosed this news through a press release earlier today, noting the auction will commence at 5:00 PM UTC. Reportedly, NIFTEE will be auctioning a collection from a German rapper known as CRO.
According to the news release, CRO’s collection comprises four distinctive masks, and the highest bidders will get an NFT depicting a 3-D model of the mask they bid for. On top of this, the top bidders will get the associated 3-D models of the respective masks. The model will be in FBX, Marmoset, or STL formats, and their owners can display them in 3D viewers or augmented reality apps.
On top of the four masks, the panda-resembling mask he donned in his first hit song Easy, is also included.
Commenting on the upcoming drop of his NFT collection, CRO said,
We had the masks built in 3D, they are small masterpieces. I hope you like it!
The CRO auction will run for seven days. NIFTEE also intends to offer 10 people out of the first bidders limited NFTs as an award for being pioneers.
Focusing on the music industry
Apart from CRO, NIFTEE has also won over Germany’s king of rap, Kool Savas. His NFT collection, which drops on October 14, comprises the NFT version of the original text sheet of his King of Rap song. Per the auction house, Savas burned the original text sheet in the presence of a notary.
According to him,
The physical document is no longer with us, but like a phoenix from the ashes it rises in the form of an NFT. Whoever buys the thing, has a piece of German rap history.
Apart from the NFT, the top bidder will receive the ashes of the burnt text sheet.
Per NIFTEE’s CEO, Carmelo Lo Porto, all of the auction house’s heads come from the music industry and have been working with great artists. He added that NIFTEE is involved in the creative process each day and that the auction house has a loving eye for pop culture.
Carmelo further noted that NIFTEE offers artists across Europe a chance to help shape the region’s NFT sector.
Revolutionizing the creative space
This news comes as the NFTs continue transforming the creative space making it more profitable for artists. An example is renowned digital artist Mike Winkelmann, commonly known as Beeple, who created digital art daily for 13 years. While he uploaded his work on social media platforms, he did not make more than $100 for a single print of his art.
However, the artist created an NFT comprising his digital work over the years. Dubbed EVERYDAYS: THE FIRST 5000 DAYS, the piece fetched $69,346,250 in a Christie’s auction earlier this year. To date, this remains the most expensive NFT.
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