Oriental art ignites the global market
HANGZHOU, China, Nov. 22, 2021 /PRNewswire/ — At 20:00 on 18 November, a limited edition Integrated Digital Art (IDA) copy of Detailed Portrait of Rivers and Mountains by Fu Baoshi (1:1) was presented for auction by Rongbaozhai of China, which has a history of 350 years and houses work from the four ancient civilizations. The IDA was issued through IP.PUB, an affiliate of Seud Technology. The auction was hosted by the user EASTIP on OpenSea, the largest digital art trading platform in the world.
The IDA version of Detailed Portrait of Rivers and Mountains represents an outstanding landscape painting, whose brushwork and coloring are in the traditional Chinese style, but whose composition and color collocation reference those of Western oil paintings. Its high artistic value caused a bidding war in the OpenSea auction, and another painting by Fu Baoshi sold for CNY 187 million at an auction in June 2017.
After two hours of fierce bidding, IDA# 800002 # 00001, Detailed Portrait of Rivers and Mountains was finally won by the user 0x531427b875d825e18370d8c3d97849135a3f79bf, for a price of USD $13785.53. This was the first time a piece of traditional Chinese art entered the global market in combination with blockchain technology, and it provided a new way for the world to see Oriental art, and hear China’s voice.
The IDA is published under a real-name registration system on the IP.PUB website, based on the Wenchang Chain of the BSN Open Consortium Blockchain, which conforms to Chinese regulations. Through the separation of physical art collections from digital ownership certificates, every IDA digital ownership credential and process flow can be clearly traced and accurately confirmed.
When IDA digital ownership certificates are sold globally, they are transferred from Wenchang to Ethereum through the cross-chain technology IRIS Hub (a.k.a IRISnet). Ethereum then links to OpenSea and other global exchanges that can support the compliance requirements of different legal jurisdictions. This provides the global market with regulation-friendly credible Oriental art, with traceable origins.
EASTIP will also use OpenSea to launch IDAs for other well-known Oriental artworks, such as Qi Baishi’s Pattra Leaves Insect Painting and Li Keran’s Fisherman’s Song on Clear River. Stay tuned to see whether these culturally significant works from one of the four ancient civilizations will glow with new colors after the integration of NFT and IDA technology!
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