Artwork that only exists as a digital file (pictured above) by British artist Adrian Chesterman, and which showcases the parallel between traditional money and cryptocurrencies such as Bitcoin, is expected to surpass its reservation price of £120,000 at auction.
The Crypto Train, which is now in an online auction specialising in Non-Fungible Tokens (NFTs), was viewed by several of its owners’ high-profile clients before going live.
NFTs are digital collectibles that are encoded onto a blockchain – the same technology on which cryptocurrencies run – creating a unique digital watermark showing ownership and the digital rights to that collectible.
“Even before The Crypto Train went to auction, we received significant offers from serious crypto enthusiasts and Silicon Valley investors who currently seem to most understand this exploding virtual investment trend,” says Stephen Howes, Director of Thomas Crown Art, an independent international art agency.
“They know – like most major global brands are just now only getting to know – that NFTs are an investment megatrend of the decade.
“This is the next stage in art history and they don’t want to miss out on the early adoption stage. This is why they were expressing keen interest before the auction, probably hoping to bag themselves a bargain.
“This pre-auction interest suggests that the artwork will surpass its £120,000 reservation tag. I wouldn’t be surprised if it were eventually sold for £200,000+, such is the demand.”
The Buzz says, please feel free to drag-copy the Crypto Train artwork to your desktop. It’s the promo version offered by the auctioneer to promote the auction.