NFT versions of works by Kandinsky and Malevich sold at the “Create the Future 2050” auction

NFT versions of works by Kandinsky and Malevich sold at the “Create the Future 2050” auction

Two objects provided by Tula Museum Association with the assistance of ROSIZO—the NFT versions of Suprematist Composition by Kazimir Malevich and Musical Overture. Violet Wedge by Wassily Kandinsky—were sold for 150,000 rubles and 300,000 rubles, respectively. The NFT version of Winter Moscow in the Year of the Tiger, a work by Nikas Safronov, broke the record: the lot was sold for 5,000,000 rubles; the buyer also got the physical work. The NFT version of the draft bill on NFTs introduced to the State Duma in May was sold for 200,000 rubles. The NFT lot presented by Garik Kharlamov was sold for 650,000 rubles.

“The jury selected 16 winning works, and now we can confidently say that we are incredibly satisfied with the result. The contest and the auction allowed us to draw an enormous amount of new audience’s attention to NFTs. It was the first experience of this kind for most participants, but soon it will become the norm. The SPIEF hosted sessions devoted to NFTs, and it is another important step in the field’s advancement. We can’t even imagine how soon everything that now seems to be a distant future will become part of the present,” said Ruslan Musin, a representative of the Joys.space platform.

The “Create the Future 2050” contest, organized by the Roscongress Foundation with the assistance of ROSIZO and the support of the Ministry of Culture of the Russian Federation, was hosted by Joys.space—the first Russian NFT marketplace—in April and May. Over the course of one and a half months, organizers received 1196 works by participants residing in 96 different Russian cities. The main goal of the contest was to provide artists with the opportunity to convert their works into NFTs (i.e., non-fungible tokens) and art lovers, with the opportunity to make their first purchases. 

The Joys.space platform allows to buy and sell art, create collections, and participate in auctions. Both those who already have a cryptocurrency wallet and novices can use Joys.space—the platform performs all blockchain operations itself. The marketplace’s key feature is that it supports ruble payments, including those made by using the faster payment system.