01 June 2023 19:20, UTC
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Art collectors and fans of the cult science fiction film Alien will have a chance to purchase a fractionalized digital artwork of a rare sculpture by the late Swiss artist H.R. Giger.
Digital art platform Particle, which uses blockchain technology to offer fractionalized ownership of culturally significant artworks, will conduct the sale, according to the company’s website.
The sculpture, dubbed “Necronom/Alien III, 2005”, is one of a collection of six statutes, but the only one made by Giger himself.
It is valued at more than $240,000, and Particle has divided its ownership into 500 digital “particles” that will be sold as non-fungible tokens (NFTs), with each NFT representing a 1/500th stake.
The NFTs will go on sale on 16 June for $1,000 each.
Holders of a fraction of the sculpture will be able to vote on whether the physical artwork should be sold if it ever receives an offer.
Particle previously made headlines when it tokenized and fractionalized the Banksy painting “Love is in the Air,” which it acquired at a Sotheby’s auction in March 2021 for $12.9 million.
Particle then created 10,000 “Love” particles, which were sold as NFTs for $1,500 each. Since their release, the particles have depreciated to a floor price of roughly $500.
Participants that own “Love is in the Air” particles will be entitled to a discount of $200 on their Alien NFT purchase.
The Giger sculpture, made of steel and polyester resin, is more than seven feet long and three feet tall, and will be exhibited through Particle’s ownership and in collaboration with the H.R. Giger Museum in Lisbon between June 7 and 8.
The piece will then travel to the Hluboka Castle in Prague as part of a Giger-focused exhibition, before making appearances at Art Basel in Switzerland and an undisclosed location in Paris.
“Through the tokenized sale of this iconic ‘Alien’ design, we hope to bring Giger’s artistic legacy to an even greater audience, ” Harold Eytan, Particle’s CEO, said.
“We believe art, film, and music transcend borders and human-created boundaries, and few are better than Giger’s profound exploration of the depths of the human psyche through art to encapsulate this truth”.
Benefits of Art Tokenization
Tokenization of artworks using blockchain technology can offer several benefits.
In the first place, tokenization allows for the fractional ownership of a single artwork, enabling more individuals to participate in the art market.
Moreover, tokenization can create new investment opportunities by providing access to investment products built around the value of an artwork. This allows investors to diversify their portfolios and gain exposure to historically exclusive art investments.
Fractional ownership of artworks also increases liquidity in the art market. It offers a new option to sell theirs if they need liquidity without selling the entire artwork, making the ownership more flexible and transferable.
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