In just under a minute, a non-fungible token (NFT) artwork sold for nearly $1 million, breaking the previous record for the quickest selling NFT. In the meantime, another piece of artwork set a new record for the most money raised for charity by an NFT.
Sacha Jafri’s painting ‘On the Wings of an Angel’ was turned into an open edition NFT and auctioned at amfAR’s annual Cannes Gala on Friday, July 16.
U.K. software entrepreneur Scott Fletcher purchased 1,500 open editions of the artwork for €750,000 ($884,760) in 45 seconds, with the entire sum going to amfAR’s AIDS research projects.
At its scaled-back Cannes Gala, amfAR raised more than $11 million in total. Aside from the wealthy buyers, the sale attracted a large number of celebrities, including Spike Lee, Orlando Bloom, and Alicia Keys.
Jafri’s travels to refugee camps around the world inspired ‘On the Wings of an Angel.’ The real painting had already been sold to an unidentified buyer for an undisclosed sum. The open edition NFTs are digital reproductions of the artwork that are available for purchase on the NFT platform Infinity8.
It’s Jafri’s very first NFT. The painter already owns a Guinness World Record for the largest canvas painting, ‘Journey of Humanity,’ which sold for $62 million at a charity auction in March, making it the fourth highest price paid for a live artist’s work.
Jafri is planning several more NFTs now that he’s seen how effective they are at raising money for charity. “I have an opportunity to make something important and raise a significant amount of money for philanthropic causes all across the world,” he says.
An online auction of further editions of the same picture was set to begin today (Thursday, July 22), but it has been postponed to September due to high demand and bulk orders. The NFT should be “made available to as many individuals as feasible,” according to Infinity8.
After that, Jafri will release 99 “crypto angels,” which are a series of NFTs, each for a different charity. They’re his take on a ‘cryptopunk,’ and a way to get into the wallets of the new breed of billionaires who owe their fortunes to cryptocurrency.
“These billionaires aren’t doing anything helpful, and they don’t understand the value of money,” Jafri argues. “They’re spending all this money on cryptopunks and all this nonsense just so they can brag to their pals about how much money they have and how much they own.”
“A non-profit organization may take some of those earnings and donate them to philanthropic purposes.”
Javed Fiyaz, the founder of Infinity8, the first platform to support NFT auctions for charity, urged Jafri to develop his first NFT.
“If you only sell artwork to do something good for charity, only the rich and wealthy can afford to participate,” says Fiyaz, who made money in shipping and real estate before investing in cryptocurrency. “In a situation like this, everyone with $1,000 may become a part of a large endeavor to serve humanity.”
The Most Expensive NFT Is Sold To Raise Money For Charity
The fastest NFT charity auction was ‘On the Wings of an Angel,’ however, it was not the most costly.
Cai Guo-Qiang, a Chinese artist, sold his first NFT artwork for $2.5 million on the same day as the amfAR Cannes Gala, setting a new record for non-digital artists and the highest price ever paid for an NFT at a charity auction.
The sale of Cai’s ‘Transient Eternity-101 Ignitions of Gunpowder Paintings’ will benefit the Shanghai Bund Art Museum and the New York Cai Foundation, which supports young Chinese artists studying in the United States.
The NFT, which is hosted by TR Lab, is a movie of 100 explosions in which Cai has utilized gunpowder to make one artwork from a collection of others. “Is it feasible to develop an art project with a more forward-looking vision, and with more attractive shapes and concepts, by exploiting the basic principles specific to NFT technology?” Cai asked at the start of the auction.
Charities, on the other hand, will be interested in seeing if NFTs may become a profitable new source of revenue from wealthy donors. Following ethereum co-founder Vitalik Buterin’s $1 billion coin donation to the India Covid Relief Fund in May, the nonprofit world hurried to incorporate cryptocurrency payments.
This new form of giving appears to be here to stay. Billionaires today want to pay digitally and are less impressed by luxuries that were once considered necessities. An Andy Warhol ‘Micky Mouse’ artwork and an 18-karat Chopard white gold diamond were outsold by Jafri’s NFT.
“The days of Bill Gates and Richard Branson and benefactors like those people are gone, and we’re now dealing with this new generation that doesn’t comprehend philanthropy in the same way,” Jafri says.