The encrypted art auction "Art Evolves With Time｜Art Evolves With Time" held by CryptoArt.Ai came to an end. The famous encrypted digital artists PAK and Song Ting made their debut in the encrypted art auction in China. A total of 9 works were auctioned for 169ETH, approximately $185,900. Among them, PAK's work "Leonardo's Vision" was hammered down with 50ETH; Song Ting's works were sold for 119ETH, among which works "Cyber ​​Wonder Woman: Iron Forest" and "Space Odyssey 2001", the total turnover of the two works reached 51ETH.

PAK registered on CryptoArt.Ai on December 8, 2020, and has become the most valuable encryption artist on CryptoArt.Ai so far. The work "Leonardo's Vision" participated in this auction is also his debut work on CryptoArt.Ai. Mr. Ji Dong, the person in charge of the CryptoArt.Ai platform, revealed that in order to plan the joint exhibition and joint auction of PAK and Song Ting, the staff of CryptoArt.Ai had many in-depth communications with Mr. Pak. PAK attaches great importance to this auction. After an in-depth understanding of the theme of this exhibition "Art Evolves With Time｜Art Evolves With Time" and Song Ting's series of Ai works, I carefully created a new work "Leonardo's Vision" that is highly consistent with the theme. CryptoArt.Ai debut work!

At the Sanya auction site on December 22, PAK's work "Leonardo's Vision" attracted much attention, because the collector who photographed this work will become the first person in China to collect the works of the legendary encryption artist PAK, "Leonardo The auction of Nado’s Vision started with 8 ETH, and there were many bidders in the audience. Mr. Ren Zheng, a famous investor, finally gave a price of 50 ETH to beat the crowd, pushing the atmosphere of the entire auction to a climax, and at the same time won the whole auction. Applause!

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Invited encryption artist PAK

PAK suddenly appeared in the crypto art world in 2019, and everything about him is kept confidential. It can be known from the interview that he himself is a designer with decades of experience, and has cooperated with many important brands and studios all over the world for many years. It has been 25 years since he started the process of creating digital art, but in the brand-new field of the encrypted art world, becoming an encrypted artist is undoubtedly his most successful transformation for him.

The total turnover of crypto art works is $111,393.

Q1: When did you start working on crypto art?

PAK: I have been creating since I was a child, and when I had crypto art, I was already an insider.

Q2: In your opinion, what changes or advantages does blockchain technology bring to encrypted artists?

PAK: A new ecology supported by ever-evolving technology. It is possible to leave a permanent mark on future history.

Q3: At present, all your works have been released on the Ethereum network. Will you choose to migrate your work to other public chains in the future?

PAK: There is no reason for refusal.

Q4: Are you willing to popularize people outside this field? How will you explain to them what your job is?

PAK: Defining creativity as work is not easy. Creatives must know why they create. On the other hand, I can happily educate more about the technology behind crypto art. I have always welcomed many familiar faces, and I will continue to do so.

Q5: How do you advise artists who want to encrypt their works?

PAK: Create value, communicate your value, innovate, be unique, design art.

Q6: "Design is hack" is your pinned post on Twitter, can you please tell me more about what it means?

PAK: Art design provides solutions to many problems, this sentence is actually the answer to a problem.

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Invited collector Ren Zheng

Mr. Ren Zheng, partner of Consensus Lab (Fund), partner of Linekong Capital, founding partner of Guanghua Hongren Capital, won the 2017 Best Investment Institution Award of Qingting.com, and is also a member of the Zhongguancun Venture Capital and Fund Association, Beijing Deputy Secretary-General of Cultural and Creative Investment and Financing Association, Director of China Artificial Intelligence Industry Alliance, President of the 15th Session of Peking University International Investment Management Association, Director of Zhongnan Entrepreneurship Alliance.

Q1: At present, many people think that encrypted works of art are very easy to be copied, and have no collection value at all. What do you think of this idea?

Ren Zheng: In the traditional art market, works are also easy to be copied, and the degree of imitation of high-end fakes is also as high as 99%. There are countless fakes of "Mona Lisa" in the world, but they are only of ornamental value. The value of a work of art does not lie in the surface form that can be copied at will. The core value of the collection lies in whether it is genuine and whether it contains the author's own creative effort. Regarding the issue of identifying whether it is genuine, in the traditional art world, it is necessary to hire experts and consume a lot of time and labor costs, but in the art market on the chain, this problem can be easily solved in the form of encrypted works of art.

Q2: Are all the encrypted works of art in your collection stored on the Ethereum chain? If there are other public chains that can publish this work, would you consider migrating to other public chains?

Ren Zheng: The ETH public chain is the first choice, because encrypted artworks are not like daily use tokens, which require frequent transactions and transfers. The public chain carried does not require too high TPS or extremely low gas. For encrypted artworks with high unit prices, it is the first choice. The essential elements are stability and security. For small or emerging artists' works, you can choose a lower-cost public chain, which is convenient for circulation and liquidity or caters for hype.

Q3: What do you think of the NFT track?

Ren Zheng: From a macro point of view, in the post-epidemic era, the trend of currency releases bringing a large amount of funds means that the prices of core assets will further rise. High-quality art assets are also in the upstream of inflation, occupying the dividends of currency releases. In addition to equity assets, art may be an effective way to combat inflation and global economic restructuring risks.

However, the high barriers to entry in the art market limit the way ordinary investors can participate. At the same time, the epidemic has led to the closure of galleries and a sharp drop in the number of auctions, making participation even more difficult.

Under the epidemic, with the closure of 97% of physical galleries, sales fell by 36%, and the proportion of online art revenue rose to 37%. The post-90s generation and Generation Z have emerged as the main force of consumption and investment. They are easy to accept new things and are happy to conduct online transactions. These trends are benefiting the development of the NFT market. At present, the number of users of Open Sea, the NFT trading market, has reached more than 20,000. The obstacles of the epidemic and the boost of new consumer groups will make the future trading volume and transaction value of the NFT market likely to exceed those of traditional physical objects. goods market.

Looking further, NFT (Non-Fungible Tokens) has unique and indivisible attributes, and is a natural entrance to encrypt and online exclusive assets. In addition to works of art, NFT can also be used in exclusive assets such as credits, music, movies, insurance and even real estate. NFT not only creates scarce encrypted assets, but also innovatively changes the asset interaction experience. Therefore, NFT can appear as the next outlet for landing applications in the digital currency industry.