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Latvian Art Center Becomes The First Of Its Kind To Purchase KIWIE’s NFT Digital Art Piece

  • Latvian Art Center Becomes the first of its kind to purchase KIWIE’s NFT digital art piece.
  • Zuzeum, a prominent art center located in Riga, Latvia, acquired the Gray Rainbow NFT by offering 2.6 ETH.

As renowned digital art collective KIWIE successfully closes its first round of the Fat Monster NFT auction on Rarible, the iconic Gray Rainbow has joined the collection of one of the region’s most prominent art centers.

Zuzeum Acquires KIWIE’s Gray Rainbow NFT For 2.6 ETH

Riding on the hype and popularity of NFTs, Latvian digital art collective KIWIE recently released its first batch of exclusive NFTs on Rarible. KIWIE is the first art collective to introduce this novel idea of monetizing street art and offering buyers complete ownership and authenticity using blockchain technology.

The first batch of collectibles attracted renowned art collectors, art centers, and NFT enthusiasts, among other participants. Of the six collectibles listed in the first round, Zuzeum, a prominent art center located in Riga, Latvia, acquired the Gray Rainbow NFT by offering 2.6 ETH. This sale is a milestone in itself as it marks the first-ever instance when an art center has purchased an NFT art piece.

Gray Rainbow

The Gray Rainbow, featuring the Fat Monster beneath a dragon mask, was painted in 2013 and is the first spray-painted street art mural in Riga, Latvia. Owning this artwork means owning a part of Latvia’s Street Art history. With the newly acquired iconic Gray Rainbow NFT, Zuzeum Art Centre, the most extensive private collection of Latvian art in the world, marks its debut in the evolving world of NFTs and becomes the proud owner of this iconic graffiti.

Lead Business Strategist for KIWIE, Kristaps Vaivods is jubilant after completing the first auction round. Per Vaivods, “We are honored that Zuzeum has made their debut into the exciting world of NFTs with our collection. Art collectors around the world have started looking closely at NFTs recently, some with suspicion, others with cautious excitement. But few have made the leap like Zuzeum, and we hope this will motivate others to do the same.”

KIWIE has redefined the ownership of street art by introducing a 3D model of the original art while adding a geotag linking the NFT to individual works. Previously, selling the creation of a graffiti artist meant detaching the wall where it was drawn. However, with the Fat Monster NFT collectibles launch, collectors will own the digital version and the physical version of the art.

Although Zuzeum hasn’t yet finalized a concrete way of displaying its newest work, it is committed to displaying the artwork in the Zuzāns Collection. With the Latvian art center taking the first step to showcase NFT collectibles in its art center, it certainly will motivate other prominent art collectors to reap the benefits of this new art revolution.

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CoinQuora Staff

CoinQuora is an online publication that aims to educate about news, exchanges, and markets in the cryptocurrency and blockchain industry

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