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The world is changing and so is art. The realm of art as non-fungible tokens(NFTs) burst onto the scene recently, with its increased popularity during the pandemic when it became impossible to visit galleries or exhibitions. The artists never stopped creating and they found a new way to advertise and sell their art as NFTs on Rarible, Open Sea, and many other such platforms. NFTs provide the means for art to be sold in a digital form by establishing the secure ownership of an original digital asset and opening up access to active communities of prospective buyers. The word ‘nonfungible’ means ‘non-replaceable’. NFTs make an easily available digital item scarce by registering the original file on a blockchain, thereby increasing its value. Just like owning an original painting and hanging it in your living room, one can buy such NFTs, which serve as proof of ownership and originality of the artwork.
It is in this context that we talk about Hefty.art, which is organizing an exclusive 1/1 MF Hussain Phygital NFT Auction on the 25th of October, 2022 in partnership with Sotheby’s, the world’s oldest and most prestigious auction house, based in London. Now the next question that arises is ‘what is phygital?’. Phygital comes from the combination of the words ‘physical asset’, like Hussain’s ‘Fury’, and ‘digital’, which is its NFT counterpart. The NFT counterpart serves as a certificate of authenticity, which benefits the artist, the buyer, and even the seller, who may be a gallery or a curator. The artist and the gallery both earn recurring royalties, while the buyer can track the complete price history of the artwork. The collector can also view the original seller or gallery if they are ever in need of restoration.
One of the most influential people spearheading Hefty.art, is Owais Husain — its first curator, multidisciplinary artist, and the son of M.F. Husain. He is overseeing the M.F. Husain estate and is helping translate his father’s works onto Web 3.0, as the legendary painter’s work is brought to the metaverse. Web 3.0 (Web3) is the third generation of web technologies that are still at the stage of evolving and being defined. Owais will also be curating his own mintable collections along with a select few artists chosen from the Hefty Creator Residency Programme.
This will be a historic event as it is the first time that an Indian master like MF Hussain, who holds such gravitas in contemporary art, would have his work sold in a Phygital auction.
You can follow Hefty.art and their art space here.
