HEFTY.art powered by eDao partner with Sotheby's to Auction Original M.F. Husain Paintings

New Delhi [India], October 21 (ANI/BusinessWire India): In the first-of-its-kind 'phygital' auction of an Indian artist's work, Hefty.art, 'Web 3.0's most discerning art space' powered by eDao, will partner with Sotheby's, the world's premier destination for art and luxury auctions, to offer 'Fury', by legendary artist M.F. Husain.
The collaboration will see both, the physical painting created by Husain in the year 2000 along with an NFT of the piece as a part of the Modern and Contemporary South Asian Sotheby's Auction ending on 25th October.
The work, which is valued at over USD 120,000 will be sold as a single lot online with cryptocurrency payments accepted, to coincide with the live auction at Sotheby's, London.
Kanishq Chhabria - Co-Founder Hefty.art, commented, "Hefty Art is a curator-driven drop factory, we leverage the strength of our legendary artists such as M.F. Husain and the varied styles and genres of our curators in order to provide a platform that will consistently deliver well-thought-out bespoke collections, peppered with utility where applicable. The thought we had while conceptualizing Hefty.art and what makes us different from other marketplaces is, the idea that content isn't scarce, quality content is. We at Hefty Art have been highly agnostic in selecting our curators, a purposeful construct, blending the traditional art-space with the digitally native world. Keeping this thought In mind Hefty Art along with the strength curators and creators Hefty Art is cementing its position as the most discerning art space in web3."
eDAO as an investment partner, is helping Hefty.art build their tech platform made for artists and collectors.
Commenting on the Auction, Anand Venkateswaran - Co-Founder and CEO, eDao, commented, "We at eDao have been focused on providing a new horizon of possibilities to artists to showcase their work at a global scale like never before, thereby facilitating creators' growth. With this first ever 'Phygital' auction of India's greatest modern artist, eDao with HEFTY.art is redefining the future of entertainment. Supporting the growth of the Hefty Ecosystem, we at eDAO are focused on enabling users to interact and engage with their favorite celebrities and artists in a meaningful way. As web3 continues to gain momentum, we will continue expanding our portfolio and bring more experiences to our users."
The phygital sale of 'Fury' is a fitting launch to HEFTY.art's new platform, a venture which gives voice and space to artists, enabling them to thrive both creatively and financially. M.F. Husain completed 'Fury' in the year 2000, the year that marked the infamous crash of the 'dot com era' triggered by the rise and fall of technology stocks.
In the two decades since, the advancement and adoption of the internet and technology in every sphere of life, including the art world, has taken place across the globe. The sale of 'Fury' marks the first of many NFTs of artworks to be released by HEFTY.art, created by some of the most recognised curators and artists from across the world.
By leading India into the world of NFTs, HEFTY.art aims to give creators the freedom and authority they seek while ensuring that collectors become the rightful owners of a one-of-a-kind digital asset when acquiring a piece of art. NFTs eradicate many barriers and make the relationship between art, artists and collectors transparent.
They are digital assets enabled by blockchain technology, so when one purchases an NFT, it is backed by a Smart Contract on the blockchain that can automatically process transactions, distribute royalties, and add other functionality/ utility to an artwork. In short, NFTs allow the commercial art world to benefit from many aspects of the blockchain, including security, transparency, immutability, and traceability.
HEFTY.art is a platform for NFT curators, creators and collectors founded by Polygon - the leading platform for Ethereum scaling and infrastructure development and eDAO, a creator-economy focused DAO designed to welcome global art, gaming, media, and entertainment IPs and communities at scale, into the world of Web3. eDAO will create unique experiences for the largest spectrum of culture through the Strand - a dynamic access pass, free to mint, forever.
Since launching its first NFT sale in 2021, Sotheby's has witnessed a meteoric rise in this category with approximately USD 100 million in sales and multiple benchmarks set, including the record for a single CryptoPunk (USD 11.8m) and a single Bored Ape (USD 3.4million). Last year, Sotheby's also launched The Metaverse - a first-of-its-kind dedicated NFT marketplace to serve as a destination for additional NFT sales.
It offers a sophisticated viewing experience that marries Sotheby's renowned curatorial eye with cutting-edge Web3 technology, introducing a unique marketplace for rare and important works. 'Fury' will be offered in a single lot online-only format and forms an important bridge between the physical and digital artistic realms, speaking to the broadest spectrum of art lovers.
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