Leading Art Auctioneer Christie's Features Algorand-Backed NFT by Andrea Bonaceto in Upcoming Sale

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Oct 10, 2022, 09:01 ET

Italian contemporary artist Andrea Bonaceto builds interactive NFT artwork on the Algorand blockchain

SINGAPORE, Oct. 10, 2022 /PRNewswire/ -- The Algorand Foundation, whose mission is to grow the ecosystem of Algorand, the carbon-negative Layer 1 blockchain invented by Turing Award winner and MIT professor Silvio Micali, is pleased to share that art auctioneer Christie's will feature Italian contemporary artist Andrea Bonaceto's AB Infinite 1 NFT artwork, built on the Algorand blockchain, in its upcoming auction. Christie's 20^th / 21^st century evening sale in London will take place during Frieze Week on October 13^th.

The work represents an interactive snapshot of Bonaceto's life in the eternal cycle that goes "ab infinite" (Latin for "from infinity") to the origin, symbolised by the number "1". Algorand's technology enables AB Infinite 1 to be interactive. Members of the public can alter the digital artwork through a specially designed AI mechanism that collects viewer interactions through social media channels. Reactions or suggestions are turned into visual responses which appear as part of the piece.

People can view AB Infinite 1 as it morphs through time on the artwork's website www.abinfinite1. Users can become part of AB Infinite 1 in two steps:

Share Twitter / Instagram account in the appropriate section of the website.
Hashtag #abinfinite1 on Twitter / Instagram for AI incorporation in the piece.

"Christie's support of NFTs built on the Algorand blockchain demonstrates accelerating acceptance of digital art," said Shamir Ozery, Head of Web3 of the Algorand Foundation. "Exposing collectors who frequent Christie's auctions to Algorand blockchain will set a new standard for NFTs as the industry experiences a renaissance of digital art, redefining what art is and what it can do."

AB Infinite 1 explores the concept of authenticity and the freedom of expression. Bonaceto's portraits reflect this signature vibrant style and his landscapes appear surrealist with references to artistic greats such as Kandinsky and Picasso. The most important factor behind Bonaceto's work is to achieve an honest attempt to express a true feeling.

"I'm humbled to see AB Infinite 1 included in Christie's prestigious Evening Sale next to traditional art masterpieces," said artist Andrea Bonaceto. "I see NFTs as a tool to express artistically profound concepts, not only as certificates of authenticity but as a new brush in the hand of artists to craft unique concepts. For AB Infinite 1, Algorand's latest ARC-19 standard for NFTs has been the technical brush that made it possible for the NFT artwork to upgrade on-chain following people's interaction on social networks."

About Algorand Foundation

The Algorand blockchain — designed by MIT professor and Turing Award winning cryptographer Silvio Micali — is uniquely capable of delivering on the promise of a borderless global economy. It achieves transaction throughputs at the speed of traditional finance, but with immediate finality, near zero transaction costs, and on a 24/7 basis. Its carbon-neutral platform and unique pure proof-of-stake consensus mechanism solves for the "blockchain trilemma" by achieving both security and scalability on a decentralized protocol, and without a second of downtime since it went live in 2019.

The Algorand Foundation is dedicated to helping fulfill the global promise of the Algorand blockchain by taking responsibility for its sound monetary supply economics, decentralized governance, and healthy and prosperous open-source ecosystem. For more information, visit https://algorand.foundation

About Andrea Bonaceto

Andrea Bonaceto is an Italian contemporary artist. He believes visual art, music and poetry can melt into a new art form. Through NFTs, AI and programmable art he is trying to bring the audience into his abstract works and iconic portraits.

Andrea is creating at the intersection of art and technology. He counts artistic collaborations with the likes of Sophia The Robot and Corriere Della Sera among others. His work has been featured in mainstream media and museum exhibitions worldwide.

Andrea has been involved in the blockchain and NFT space since the early days. He is among the Founding Partners at Eterna Capital, a leading investment company focused on blockchain technology. In addition, Andrea is the Co-Founder of AoRisT, a next-generation cultural institution supporting a climate forward NFT marketplace for artists creating at the edge of art and technology. Andrea is a Fellow of the Royal Society of Arts (FRSA).

About Christie's

Founded in 1766, Christie's is a world-leading art and luxury business. Renowned and trusted for its expert live and online auctions, as well as its bespoke private sales, Christie's offers a full portfolio of global services to its clients, including art appraisal, art financing, international real estate and education. Christie's has a physical presence in 46 countries, throughout the Americas, Europe, Middle East, and Asia Pacific, with flagship international sales hubs in New York, London, Hong Kong, Paris and Geneva. It also is the only international auction house authorized to hold sales in mainland China (Shanghai).

Christie's auctions span more than 80 art and luxury categories, at price points ranging from $200 to over $100 million. In recent years, Christie's has achieved the world record price for an artwork at auction (Leonardo da Vinci's Salvator Mundi, 2017), for a 20th century artwork (Andy Warhol's Shot Sage Blue Marilyn, 2022) and for a work by a living artist (Jeff Koons' Rabbit, 2019). Christie's is also recognised as a reference for prestigious single owner collections, having auctioned 8 of the 10 most important collections in history.

Christie's Private Sales offers a seamless service for buying and selling art, jewellery and watches outside of the auction calendar, working exclusively with Christie's specialists at a client's individual pace.

Recent innovations at Christie's include the groundbreaking sale of the first NFT for a digital work of art ever offered at a major auction house (Beeple's Everydays, March 2021), with the unprecedented acceptance of cryptocurrency as a means of payment. As an industry leader in digital innovation, Christie's also continues to pioneer new technologies that are redefining the business of art, including use of hologram technology to tour life-size 3D objects around the world, and the creation of viewing and bidding experiences that integrate augmented reality, global livestreaming, buy-now channels, and hybrid sales formats.

Christie's is dedicated to advancing responsible culture throughout its business and communities worldwide, including achieving sustainability through net zero carbon emissions by 2030, and actively using its platform in the art world to amplify under-represented voices and support positive change.

Browse, bid, discover, and join us for the best of art and luxury at: www.christies.com or by downloading Christie's apps. The COVID-related re-opening status of our global locations is available here.

Contact:
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SOURCE Algorand Foundation