Crypto-art 'Forever Rose' photo sells for $1M, making it the world's most valuable virtual art
A blockchain crypto-art rose titled "Forever Rose" has been sold to a collective of investors for cryptocurrencies with a value equivalent to $1,000,000 USD. The collective is composed of 10 investors, each of whom contributed an equal amount toward the digital rose. The artwork is based on Kevin Abosch's photograph of a rose and was created by Abosch and GIFTO, a decentralized universal gifting protocol.
Blockchain technology is behind cryptocurrencies like bitcoin and rights management platforms like KODAKOne. The tech can also be used for art, as demonstrated by Abosch with "Forever Rose." Abosch previously sold an image of a potato titled "Potato #345" in 2016 for more than $1 million.
More than 150 buyers expressed interest in the Forever Rose, according to a press release detailing the sale. Ten collectors were ultimately chosen using a ballot—the buyers include ORCA Fund, Chinese crypto-investor Ms. Meng Zu, blockchain advisory firm TLDR Capital, and others. Payments were made in IAMA and GTO-by-GIFTO cryptocurrencies, with each buyer paying the crypto-equivalent of $100,000 to get 1/10 of the ROSE, an ERC20 token on the Ethereum blockchain.
Forever Rose is believed to currently be the most valuable virtual artwork in the world. The buyers can choose to hold onto their rose tokens, sell them, or give them away. Abosch and GIFTO will donate the sale proceeds to The CoderDojo Foundation, which provides kids around the world with the opportunity to learn coding skills for free.
World’s Most Valuable Crypto-Artwork Sells for US$1 million
HONG KONG, Wednesday, February 14, 2018 – IN CELEBRATION of Valentine’s Day, the Forever Rose, a crypto-art project produced by world-renowned visual conceptual artist Kevin Abosch and blockchain universal virtual gifting protocol project GIFTO, sold for US$1 million worth of cryptocurrency to a group of 10 collectors.
With the sale, the Forever Rose is now the world’s most valuable piece of virtual artwork ever sold, and marks the historical merging of blockchain technology, fine art, and charitable causes.
Due to an overwhelming response with over 150 potential buyers from around the world indicating their interest, the decision was made to allow 10 buyers to buy the Forever Rose, as a way to show how the crypto community can come together to do their part to benefit the underprivileged.
To select the buyers for the Forever Rose, a ballot was held to determine the 10 collectors who can purchase the Forever Rose on 14 February at 14:00 Hong Kong time. These 10 collectors are some of the leading projects and investors in the crypto community. They are:
- ORCA Fund, the premier digital asset fund in Asia
- Future Money and Ink, a leading blockchain investment fund and IP asset exchange
- Node Capital and Jinse Finance, a leading crypto fund and financial media in Asia
- TLDR Capital, a leading blockchain advisory firm
- Project Boosto, power global influencers with their own dApps and tokens
- Project DAC, a platform for decentralized interactive audio
- Project Nebulas, a search framework for blockchains
- Project Caring Chain, a decentralized charitable cause platform
- Ms. Meng Zu, a leading crypto investor in China
- 1 collector who wishes to remain anonymous
Charles Thach, Managing Partner of ORCA Fund said: “ORCA is honored to support the Forever Rose project, our philosophy of bridging the best of west and east in blockchain industries fits nicely into the ethos of the Rose, and we will continue to contribute back to society via future charitable endeavors.”
Mori Wang, Founder of Project Caring Chain, said: “I believe blockchain technology has a huge potential to transform the entire charitable world, bringing transparency and accountability to projects worldwide. Project Caring Chain is proud to be a part of this historical milestone, the world’s first crypto charitable artwork.”
The cost of the Forever Rose was paid using two cryptocurrencies – GTO by GIFTO and IAMA by Kevin Abosch, with the 10 buyers splitting the cost of the crypto-artwork evenly, with each buyer paying US$100,000 in crypto currencies. The Forever Rose is an ERC20 token called ROSE on the Ethereum blockchain that is based on Mr Abosch’s photograph of a rose. The buyers each receives 1/10 of the ROSE token, as ERC20 tokens are divisible. They can then choose to hold their portion, sell it, or give it as a special gift for Valentine’s Day or any other special occasion.
The exact number of tokens required was determined according to their value on 14 February at 10:00 Hong Kong time. All proceeds from the sale will be donated to The CoderDojo Foundation, whose mission is to ensure that every child around the world should have the opportunity to learn code and to be creative with technology in a safe and social environment.
With the donation, Mr Abosch and the GIFTO team aim to inspire future generations to continuously push the boundaries and tap on technology to create a better world, and also to call on the crypto community to use more of the vast wealth created for charitable causes.
Ms Giustina Mizzoni, Executive Director of the CoderDojo Foundation, said: “A huge thank you to both Kevin and the GIFTO team for choosing the CoderDojo Foundation to benefit from this historic project. Technology is rapidly changing the world we live in. We have a duty to ensure that the next generation can not only seize the opportunities presented by this, but also influence and shape its future. Thousands of volunteers around the world are working to ensure this by creating opportunities for young people to code and create through the global CoderDojo movement.”
The Forever Rose project started as a personal collaboration between Mr. Abosch and Andy Tian, founder of GIFTO, as a way to stimulate a deeper discussion on the state of the crypto and blockchain industry, which has captured the world’s attention over the last few months. The project is symbolic of the current massive global popularity of cryptocurrency, and also aims to drive discussion regarding the entry of blockchain technology into the mainstream economy.
After it is sold, a dedicated website will be available to track the value of the artwork based on movements of GTO and IAMA and giving the public a visual representation of the movements and trends in the current cryptocurrency environment. Mr. Abosch and Mr. Tian hope that The Forever Rose will become a symbol of the blockchain and crypto world, and extend an invitation for everyone to participate in the project by recording and submitting their responses on video. Instructions are on the Forever Rose website.
Mr Abosch is most famous for creating and selling his iconic photographic portrait of a potato – “Potato #345” for more than US$1 million in 2016, and is much sought after for his portraits of top global celebrities from the entertainment and technology sectors. He has been pushing the limits of visual and conceptual art for most of his career.
He said: “I’m delighted that the crypto world has come together around The Forever Rose to further demonstrate the elegant power of the blockchain as a technology, but more importantly, as an instrument through which goodwill and humanity can be amplified.”
The GIFTO project, which completed the fastest-ever token sale in Asia in 1 min in Dec 2017, is the world’s first universal gifting protocol. GIFTO was created by the makers of Uplive (http://up.live/), one of the most popular live streaming mobile applications in the world with over 35 million users. IAMA Coin is a crypto-art project that Mr Abosch launched recently (http://www.iamacoin.com/), in which the artist himself explores the value of a crypto coin.
Mr Andy Tian, CEO and founder of GIFTO, said: “We are excited that the community has embraced the Forever Rose Project, and has come together for a great cause. We see a lot of parallels between blockchain technology and art, and hope that the Forever Rose can become a historical point marking blockchain moving from an esoteric technology, into the minds and hearts of every day people.”
|Swinging With The Sunflowers by Bill Bentley|
|Chureito Pagoda (Fujiyoshida) by BrentSchumer|
from -Magnificent Pagodas- (in Full Colours Only)
Azriel Knight of the YouTube channel This Old Camera explains the history of DX encoding.
The 250mm F4 is Fujifilm's longest lens for its medium-format system. It's equivalent to about 200mm on a GFX camera, and we put it to work on some portraits as well as some scenes around Seattle's waterfront – take a look.
Sony has removed the ability to download firmware version 2.0 for its a7 III and a7R III mirrorless cameras from its website.
Handing out awards for the best gear of the year is a big job, so we called in some reinforcements from Calgary to help us.
A new patent from Canon lays out the schematics for a speedbooster-style adapter for mounting Canon EF lenses onto EOS M cameras, but with a variable baffle to reduce the risk of flare.
The Jackson Hole Travel and Tourism Board has started a campaign asking visitors to stop geotagging their specific locations when visiting Wyoming's national parks.
Film simulation app Filmborn has been updated with new presets, features, and overall improved support on Apple's latest mobile operating system and devices.
The Colorado Tripod Company has introduced what it claims is the world’s first titanium tripod system, with a funding campaign on Kickstarter.
We've been shooting with the LX100 II both in and out of the studio, as part of our ongoing review. We're pretty impressed, so far, with the revised JPEG color and addition of a touchscreen both noticeable improvements.
An upcoming Xiaomi smartphone might use a 48MP sensor for pixel-binning, high-quality digital zooming and other algorithm-powered imaging features.
It's not cheap, but you may soon be able to get your hands on peel apart film once again thanks to ONE INSTANT.
Skylum's Luminar 3 arrives on December 18 with the long-awaited ability to manage your photo library. However, it won't be a full DAM (digital asset manager); the company plans to roll out features throughout 2019 and won't charge for updates from Luminar 2018 during that time.
Hasselblad has released an update to its Phocus post-production software that brings new and updated tools, as well as updated native lens support.
Nikon's IPTC Preset Manager, a tool for creating predetermined sets of metadata, has received an update. Version 1.1.0 no longer uses Microsoft Silverlight, sheds the network connection requirement, adds extended language support, updates support for Windows 8.1 and Windows 10, and ends support for Windows Vista and Windows XP.
Insta360 has launched a software update for its One X 360-degree camera and announced a camera bundle exclusively available on Apple.com.
Xiaomi has laid out the details for its new AI-powered image processing platform DeepExposure.
The Qualcomm Snapdragon 855 chipset is expected to power most 2019 high-end Android phones, including the Samsung Galaxy S10.
Camera app developer Hipstamatic says it has found a way to use the depth data generated by the iPhone X to improve the way its TinType app works out which areas of a picture to render out of focus.
If you're looking for a high-quality camera, you don't need to spend a ton of cash, nor do you need to buy the latest and greatest new product on the market. In our latest buying guide we've selected some cameras that while they're a bit older, still offer a lot of bang for the buck.
The Verizon-owned social network platform Tumblr has announced it will be removing all adult content - including photos - from its platform starting December 17th, 2018.
Guests who would rather spend time actually enjoying their Swiss vacation can now do so while still maintaining a presence on social networks, thanks to Ibis Switzerland Hotels' new social media sitting services.
Two challenges to Apple’s claim that its iPhone X can shoot studio quality portraits have been turned down by the UK’s Advertising Standards Authority (ASA).
We take a head-to-head look at the Apple iPhone Xs's bokeh effect versus a 58mm Nikkor lens on full-frame. The results? Well, we're pretty impressed.
The organizations and organizers behind Photokina have announced Photokina 2019 will be cancelled and postponed until May 2020.
Samsung Malaysia has been caught using a doctored DSLR photo to advertise the 'portrait mode' on its Galaxy A8 Star smartphone.
Lensrentals has shared a detailed analysis of the most-rented cameras and lenses of the year.
A dual-screen design on Vivo's upcoming flagship smartphones could eliminate the need for a front camera.
After years of development, Sony’s mirrorless interchangeable lens cameras offer among the most advanced autofocus technologies on the market. Here's how to make Sony's AF work for you.
It's that time again! This is your opportunity to make your voice heard by voting for your favorite photography products of the year. Polls are currently open in six categories but don't deliberate too long – they close December 17th.