LHR advises ARTQEY on world premiere: Trading designer furniture as NFTs
We had the pleasure of advising the NFT agency Artqey on an interesting project that is likely to be a world first.
Collectors will be able to purchase restored antiques via Non Fungible Token (NFT) as part of the “Fallen Eclipse” collection.
What are NFTs?
So far, they are mainly used in the art world to authenticate digital content. However, the potential uses are limitless. Details on our LHR topic page Non Fungible Tokens: tweets, memes and cat pictures at Christie’s? NFT as a new trend in the crypto world.
What do NFTs have to do with designer furniture?
Handmade design objects are inherently unique. Because of slight variations and imperfections, no two man-made objects are exactly alike. Similarly, NFTs are unique because of their unique, non-replicable function in the blockchain ecosystem. By merging these two worlds – merging the physical with the digital – Artqey explores new forms of ownership of physical design objects.
“Fallen Eclipse” Collection
Currently, the first Vertique collection is launching: “Fallen Eclipse.” In the collection there are antique pieces of furniture from the 19th century, high-quality unique pieces, which are looking for new owners through NFT trade. With this project, Vertique combines traditional craftsmanship and state-of-the-art technology. Collectors can acquire ultra-rare collectibles in the form of NFTs on the NFT platform OpenSea, which can be redeemed to obtain the physical original.
The advantage of this process is obvious: the sale or acquisition of an art object can be freed from space and (a certain) time and can take place without much organizational effort. And: without the need for a real encounter. Many artists are already taking advantage of this marketing opportunity, especially those who already have an affinity for the Internet and create virtual works. But the classical sculptor, painter or composer can also profit from NFT trade.
This trade takes place in such a way that the buyer purchases the NFT and thus acquires the option to hand over the associated work of art. If the NFT holder exercises his option, he receives the work, which is kept safely in the Artqey Vault until then, and the NFT is destroyed; the token is just directly and uniquely associated with the work.
However, the collector can also keep the NFT and resell it later, hopefully after its value has increased.
LHR is the proud owner of the NFT “The Collector”
Currently, only four of the five NFTs are still freely available. One (“The Collector“) has already been purchased by our firm.