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Israel will hold its First NFT Auction

Israel is set to host its very first NFT auction in the month of May. The NFT auction is coming at a time when NFT and cryptocurrency are fast becoming acceptable among artists and digital collectors in Israel.

The auction is slated to be held on Monday, May 30th, 2022, and will be hosted by Herzliya-based Tiroche Auction House. This auction will be held in partnership with famous art galleries. The auction is also dedicated to modern-day art, in all of its forms.

Non-fungible tokens, commonly called NFTs, are digital assets on a blockchain that can be traded, bought, or sold. It is gradually gaining ground in the world today, penetrating into different fields and ways of life. Holders of NFTs have unique ownership rights over the NFTs in their possession.

Using Blockchain Technology for More

NFTs are powered by the same blockchain technology as Bitcoin. With this new development in the tech world, artists can sell their works as NFT. To do this, they have to register first with a marketplace. After signing up, they will make digital tokens on a blockchain and then put them up for auction.

In an interaction with the media line, the managing director of Tiroche Auction, Amitai Hazan Tiroche, said the auction coming up is not only special for being Israel’s first NFT but also its first auction geared towards modern day art. In his words, “It’s a kind of retrospective exhibition of the most established and respected artists in the contemporary art industry.”

About 120 works, including NFTs and traditional pieces, will be auctioned. The NFTs come from founding members of the blockchain ecosystem. Additionally, non-NFT artworks will be auctioned off. These works are by various artists, some of which are: Sigalit Landau, Michal Rovner, Jeff Koons, Adi Nes, Ron Arad, and Zoya Cherkassky.

People can buy auctioned items with either cryptocurrency or fiat money. A digital artist by the name of Mike Winkelmann, popularly known as Beeple, broke a record by selling an NFT for a whopping $69 million at a Christie’s auction last year. Many artists have since shown interest in the NFT industry.