LiveArt, a Web3-based platform created by three ex-TradArt experts, is making waves with its recent release, Kingdom of the Laughing Man, representing the inaugural NFT exploration of celebrated contemporary artist Yue Minjun.
The recently unveiled PFP style collection features 999 unique generative examples of Minjun’s iconic smiling face and has already seen over $1 million USD in trading volume.
Based on the collection’s near-instant success, Minjun’s track record, and the combined experience of the LiveArt team, it seems that Web3’s fine art sector is poised for a major change.
Yue Minjun
Born in Daqing, China in 1962, Minjun is best known for his oil portraits of his own smiling figure, which subsequently form the basis of his collection with LiveArt.
Minjun worked in the oil industry for many years until the Tiananmen Square riot in 1989, when he decided to join an artists’ colony outside Beijing. As he developed his craft, Mijun quickly became recognized for his portrait style works, particularly those of his own smiling face.
As part of his great success, Minjun’s works have toured the world and grossed $150 million USD in the public sector, with a whopping $300 million USD in volume believed to be the figure in the private sector, according to co-founder and CEO of LiveArt Boris Pevzner, as shared in a recent Animoca Twitter space.
Minjun’s work has also been associated with the Chinese ‘Cynical Realism’ movement, but this is a label he rejects. One title he cannot reject, however, is that of the artist with the highest-grossing work in Chinese contemporary art in 2007.
While there are other measures by which to base an artist’s success, such as cultural influence through the presence of works in a city like Beijing and academic or institutional influence through representation in museums, Pevzner agrees that economic measures are possibly the most quantifiable.
With Minjun’s record-breaking painting selling for $7 million USD at Christie’s in 2013 and his prints currently going for $5,000-20,000 USD each, there’s no denying his success.
Discover the value of Yue Minjun🎨’s art
“Take the plunge” grossed $2,629,682 at Sotheby’s, Hong Kong.
Now you can enjoy his art on another canvas – NFTs. https://t.co/ekrIX22ZKm pic.twitter.com/1keHC41if3
— LiveArt (@LiveArtX) August 15, 2023
LiveArt’s mission
Founded by Boris Pevzner, a tech entrepreneur with over 20 years of experience in diverse industries, including a company acquired by none other than Christie’s, LiveArt has positioned itself to become one of the leading platforms for higher digital content offerings. art.
“The way I got into crypto was through the art world. So I have been in the art world for many years. In fact, one of the companies I had built was acquired by Christie’s, the largest company in the traditional art world,” explains Pevzner. , first kicking and screaming and now very willing. It was clear that this is the place to build and with Web3 really revolutionizing the art market in a completely fundamental way, it’s a really exciting time to build in the space.”
Pezner went on to say that “the company’s DNA is in the premium art market segment,” sharing that one of his two other co-founders was Sotheby’s COO and his third co-founder led the digital and e-commerce sector for Christies.
“So those are the three founders, all experienced entrepreneurs and deeply rooted in the art market,” he exclaimed.
As for LiveArt’s mission, Pezner explained that they believe the platform will have the greatest impact by partnering with artists who have established careers, large collector bases, and auction houses ranging from millions to hundreds of millions of dollars.
Overall, Pezner explains, the goal is to bring them to Web3, bringing in an entirely new collector base that will reinvigorate the Web3 art market and create a lofty digital fine art sector.
Kingdom of a smiling man
Consisting of a now-out-of-print collection of 999 PFP-style NFTs, Kingdom of the Laughing Man marks Minjun’s entry into Web3, a space the artist is eager to explore.
“I have explored countless media through my art over the years. This new digital frontier excites me the most because I can bring my art to life in a way I haven’t been able to do with physical media,” Minjun said, adding, “In Web3, I can have a new compelling experience and relationship with the next generations of art collectors shaping the art world of the future.”
Now, NFTs! 🚀
🖼️ Unique digital artworks on the blockchain.From canvases to NFTs, art evolves, and now you can be a part of it with Kingdom of The Laughing Man by Yue Minjun: https://t.co/ekrIX22ZKm pic.twitter.com/GLSDV9Zqf2
— LiveArt (@LiveArtX) August 10, 2023
Slightly teasingly, Pezner mentioned that Minjun has many plans for future work in space and is excited to explore innovative offerings in the new medium. He further exclaimed that by purchasing one of these NFTs, collectors were not buying a speculative asset, but instead a work of art that is “well quantified, well researched and fluid”.
He added in a comment to nft now that “Yue Minjun’s involvement in every detail of every NFT in this collection is unprecedented for an artist of his caliber, making every feature of these digital masterpieces stand out. This adds an extra layer of meaning and value to this historic drop.”
As mentioned earlier, if we are to quantify success based on economic benchmarks alone, Kingdom of the Laughing Man has got off to an amazing start, making over $1 million USD in secondary markets since its release and in the middle of a supposed bear market at the time. .
In addition, collectors of these works will have the opportunity to purchase a signed physical print of their unique token, and a select few rare property holders will be eligible to claim theirs for free. More information on the print claim and purchase process will be coming soon from LiveArt.
Just sold for 1.21 ETH🧑🚀
That’s a bargain 👀Congratulations to one of the lucky owners of one of the extraordinarily rare NFTs!🤍
Collect one of the extraordinary NFTs with the background features to receive a free print: Black Hole, Brainstorm, Gotham, Pyramid, Younger Dryas:… pic.twitter.com/P6kGWohuwE
— LiveArt (@LiveArtX) August 16, 2023
A paradigm shift
Aside from the economics of the Minjun and LiveArts release, the drop draws attention to a major paradigm shift in both the fine arts and Web3 art worlds and could potentially act as a calling card for other acclaimed TradArt artists who are curious into space.
Moreover, it is also a reason for TradArt collectors to take a closer look at Web3 and the blockchain, which undoubtedly represent the future of digital art.
“This drop marks an exciting shift in the art world as it illustrates how established traditional artists can take their art to new audiences through the new digital medium,” Pezner now shared directly with nft. He added: “It is also important for the rapidly evolving Web3 space as it demonstrates the ‘flight to quality’ in the NFT segment, which continues to accelerate despite market conditions.”