Recap & Updates on Yumi’s Julian Opie NFT Fractionalization Sale
The sale began on 20 December 2022 and completed on 14 January 2023–lasting just three weeks with over $150k in sales. Secondary market trading is now live!
The sale of the physical painting Suzanne Walking in Leather Skirt. 3, 2008 on Yumi NFT Marketplace has successfully started and concluded within just three weeks. This sale provided a new way for collectors and investors to access the fine art market by fractionalizing ownership and eliminating the high capital requirements typically associated with it. The success of this sale highlights the potential for NFTs to democratize finance and restore true ownership to the hands of collectors.
The painting was fractionalized into 1,000 unique pieces using ORIGYN’s NFT standard, made possible by the incredible technology of the Internet Computer. Each piece was set to be purchasable for the price of 35 $ICP tokens (about $150 USD), and the sale would then conclude when either all 1,000 fractions were sold out, or $150k total in sales took place.
So, what happened?
- On 20 December 2022, the sale of Julian Opie’s “Suzanne Walking in Leather Skirt. 3, 2008” painting began on Yumi’s NFT marketplace.
- The fractions of the painting sold quickly, with 930 pieces sold by 14 January 2023.
- The sale concluded on this day as the total sales reached $150,000 USD due to an increase in the value of $ICP tokens.
- Following the completion of the primary sale, the secondary market for trading these NFT fractions opened.
What’s next?
With the completion of the initial sale, the trading of the Opie NFT fractions will now continue on Yumi’s secondary market for co-owned art pieces. This marketplace provides an opportunity for current co-owners to list their NFTs for sale, and for new buyers to acquire a fractional ownership in the piece. We hope that you enjoy the process of trading and investing in this unique digital asset!
Yumi is committed to exploring the full potential of NFTs and is planning to expand its use of NFT technology to include more physical art pieces in the near future. Additionally, Yumi is exploring new and innovative use cases for NFTs beyond the art industry. We will keep our community updated on Yumi’s progress and upcoming developments through our social media channels. Once again, thank you so much for being part of this community–stay tuned for all future plans through our socials below.
