Binance NFT first auction is a huge success with $2.8 million Andy Warhol

On June 27, the first auction of the "Genesis" NFT auction jointly organized by Binance, TRON and APENFT Foundation came to a successful conclusion. As the blockbuster item of the auction, Andy Warhol's "Three Self-Portraits" NFT work was sold at Binance NFT for US$2.8 million. This is also the world's first NFT auction of Andy Warhol's works.

It is worth noting that "Three Self-Portraits" was created by Andy Warhol a few months before his death. It is one of the representative works of pop art. Its concept has greatly promoted the rise of the Internet and still has an important influence on the current Internet thought. In March this year, the physical painting of "Three Self-Portraits" was sold at Christie's for $2 million. This transaction means that the value of the work has increased by 40% in 3 months.

Andy Warhol: Three Self-Portraits

The auction officially started on June 24 and ended on June 29, lasting for 5 days. In addition to Andy Warhol's "Three Self-Portraits" NFT, there are also 100 re-creations of "Three Self-Portraits" created by NFT community artists, and 300 re-creations of Dali's "Divine Comedy" prints in tribute to Dante, with a total of more than 400 items. At present, all 34 pieces of "Nivirna", one of the "Three Self-Portraits" NFT works created by APENFT and TRON community artists, have been sold. The "Vitality" and "Harmony" series, a total of 66 pieces, are also being auctioned, and the bid price of work No. 67 has reached 4.05BNB.

As two partners of this auction, TRON and APENFT have actively deployed in the NFT field this year. Under the leadership of Justin Sun, TRON has developed and announced the first NFT contract standard TRC721, optimized the world's largest distributed storage system BTFS, and built a complete NFT business system on the TRON public chain. APENFT is a foundation focusing on the blockchain and NFTization of artworks. Justin Sun has repeatedly expressed his support for APENFT and donated many artworks from his collection to the foundation for the exploration of "art + blockchain", including works by well-known artists such as Picasso, Andy Warhol, Beeple, and Pak, with a total value of nearly 200 million yuan.

The three parties cooperated in the NFT field for the first time. Thanks to their respective technical foundations, industry influence and focus, they complemented each other's strengths, opened up the cooperation link and achieved a successful first auction.

On the other hand, the success of the tripartite cooperation also benefits from the continued rise in the popularity of NFT. According to public data, as of June 27, the transaction volume of the NFT market exceeded US$600 million, and more than 710,000 pieces of artworks were traded. The number of users and transactions is still rising, and new platforms and new institutions are entering the market.

This time, with the support of the three leading platforms, the "Genesis" NFT auction attracted widespread attention from the industry and the NFT community. The end of the auction also means that NFT is still hot in the middle of the year. With the entry of big-name companies, NFT is expanding from art to sports, games, entertainment and other fields, and is expected to become one of the most important scenarios for the implementation of blockchain technology.