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The first charity auction of blockchain digital musical works at Ali Auction

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The first charity auction of blockchain digital musical works at Ali Auction

May 26
03:01 2021

A Grand Debut! China’s First Charity Auction of NFT Digital Musical Works Is Now Officially Online.

On May 25, the singer A Duo released a demo of her new work on Weibo. It is reported that this new song “WATER KNOW” is the first blockchain musical work encrypted by Ant Chain in China.

 

In recent years, along with the increasing interest of digital artists, the field of digital art related to blockchain technology is gradually gaining attention. At present, various countries are stepping up their efforts to develop blockchain-related industries. In 2020, the sales volume of artworks combined with blockchain technology has exceeded $20 billion, and it is expected that the global sales volume of the art industry using blockchain technology can exceed $100 billion in 2025. It is obvious that driven by blockchain technology, the global art trading market has ushered in a new period of flourishing business.

 

At the 520 Auction Festival, a number of artists, including Ado, Lu Rongzhi, and Gao Xiaowu, launched the charity auction of NFT digital artworks. All NFT digital artworks were publicly auctioned, and the final proceeds were donated to One Foundation’s charity project “One Paradise Musical Classroom”.

It is reported that this auction was jointly hosted by Ali Auction, the largest asset and collectibles trading platform globally, and China Youth Daily, with Artwork Bee, Zhi Ru Yun, and Huayou Auctions Co.Ltd. as supporting organizations.

 

With the technical support of Ant Chain, Ali Auction provides full digital copyright protection for Chinese artists’ works, including complete blockchain encryption, depositing evidence, and generating traceable and tamper-proof blockchain credentials for each work. A digital work is comprised of two elements: the digital original of the work and the unique blockchain credentials. The transactions during this auction only take place on Ali Auction, and all the links are open, transparent, and traceable.

For example, in the case of the first new NFT digital musical work by A Duo, the initiator of new ethnic music, the cover of this new song and the song itself are digitally encrypted with Ant Chain to generate exclusive credentials, and the final bidder’s name will also be technically incorporated into the song. In addition, there were also artworks provided by Xian Wu Zhi, Mike, and other artists and painters, all of which participated in this auction.

 

As is well known, art is the crystallization of human wisdom, and the same goes for technology. Art needs to function in concrete technical carriers, such as paper, sculpture, and architecture. During the ongoing third information technology revolution, computer technology is one of its representative features. Computer technology, as an important platform for technical operations, provides a sufficiently broad stage on which human wisdom can fulfill its potential. The ensuing CG art and VR art are human artistic creations that fully make use of the power of computers and have indelible significance in the history of art.

In the 14th Five-Year Plan, promoting the digital transformation of China’s economy is a very important direction. This event marks the private sector’s first step in the exploration of digital art and digital economy. It is crucial for the realization of “Digital China”.

As China’s first charity auction of NFT digital works, this event without doubt empowers the pioneering artists. First, blockchain artworks benefit from the efficiency and security of their data so as to provide a strong technical guarantee for issues in relation to the artists’ income from copyrighted materials. Secondly, with a definite guarantee of income, it will also further motivate artists to create artworks, thus promoting the flourishing of the digital art industry.

While this auction allows more well-known artists to start trying to embrace the new wave of the digitalization of art collection, it also brings about milestone changes to the industry and has a profound impact on promoting the economic application of digital technology as well as facilitating the expression of positive energy in artworks created by young people.

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