The NFT artwork is composed of what the platform calls “layers”. Kane’s piece has 24 of these. Each hour’s price programmatically controls rotation, scale, and position of a correlating layer.
Matt Kane, the artwork’s creator, said:
“The Master NFT of Right Place & Right Time was sold to TokenAngels for $101,593. — but happy to call it $100,000”
It has been reported that NFT have begun surfacing as artwork, giving the token holder ownership over the art, as “Right Place & Right Time” is an NFT art piece showing a creatively designed image of Bitcoin’s logo. The patterns and overall look change along with Bitcoin’s price action.
However, Kane said that he cannot remember when he actually began creating the art piece. He said:
“I’ve lost track of time in creating it.”
“My artwork always takes however much or little time that the work demands. The original digital painting was made last November and then I began preparing it to become a programmable artwork on Async Art in January. There’s been countless tweaks and preparations to perfect it’s homecoming to Volatility.art.”
Likewise, many artists put their masterpieces on the blockchain via Async Art, while Volatility.art is a place viewers can see Bitcoin art formed from its daily price action.
“Right Place & Right Time” stands as a unique piece, as the master NFT sold for $100,000. This master NFT will create 210 different NFT artworks based on Bitcoin’s price action and the subsequent patterns that pop up on the master art piece.
“Each NFT will be created by the original master NFT. The compositions are created using an algorithm I wrote which visualize a single day in Bitcoin price volatility. I’ll maintain some creative influence, altering colors and other design elements as the project matures over time. And of course I curate which days are minted.”
Also, he explained that when each of the 210 pieces are purchased, the master NFT owner receives 21% of each sale.
Thus, Chicago born Kane concluded:
“The purchasers of these 210 will [also] have the option to buy a print counterpart of their NFT art.”
Async Art expressed that more than $2.3 million has changed hands on the platform since launch in February 2020. Artist sales have totaled over $400,000. According to nonfungible.com, more than $109 million worth of NFTs has been sold around the world since the sales started a few years ago.
Source: Cointelegraph | Image: Async Art