🚨 Major NFT Sales Incoming
The Intelligent Insurer #26 - NFT market continues to grow as major artists and Mandela’s grandson issue assets
Italian artist Andrea Speziali has created a Non-Fungible Token (NFT) by combining 500,000 images into one digital piece which he has titled “My Life”. This creation is Speziali’s first-ever NFT and will be made available for exhibition and subsequent auction soon.
Speziali’s NFT issuance is one of the latest developments in an NFT market that has managed to outpace the wider cryptocurrency market. While the cryptocurrency has struggled since May, NFT sales reached record levels with major marketplace OpenSea logging a record month in June.
In the latest Intelligent Insurer, we detail the events and developments surrounding Speziali’s NFT. We analyze how such NFT issuance is providing artists and other issuers with innovative ways to generate revenue and value. We also detail how NFT holders can protect their assets against adverse events. However, before diving into the NFT details, we present our weekly update on Insured Finance development progress.
Insured Finance Development Update
We have logged another strong week of progress for Insured Finance development. We have made considerable progress on major tasks that were in the pipeline while also further refining the frontend and backend experience.
Frontend design for the “My Request” page has been finalized. This page will display personalized insurance requests of users.
The frontend design and backend processes for taking insurance requests and taking insurance offers has been fully integrated.
The frontend design and backend processes have also been integrated for the functionality of viewing insurance listing requests.
The structure for how the INFI token will function on the Mumbai test network has been laid out.
📈 In Progress:
We are continuing to create the token bridge between the Goerli and Mumbai test network for the INFI token.
We are also making progress on the claims process for stablecoin devaluation. The claims submission and payout rules are close to being finalized.
We are currently integrating the frontend and backend for viewing insurance listing offers.
🗒️ Coming Up:
We will integrate the frontend and backend for deposit refunds and premium claims.
We will review the frontend and backend experience, the overall application performance, and security.
We will have another development update in store for next week. In the meantime, enjoy our coverage on the latest NFTs and how you can protect them with the Insured Finance NFT Vault solution.
Speziali’s “My Life” NFT
Speziali’s “My Life” NFT is a combination of 500,000 pieces of “photographs, artworks, sculptures, paintings, drawings, notes, secret documents, and frames from some successful videos”. The NFT will be exhibited on a 1,000 square meter wallpaper which will be displayed on the walls of a villa. An algorithm-generated Bitcoin code will be placed alongside the NFT code.
The exhibition will involve a competition by participants to identify the correct bitcoin code among the series on display. Whoever identifies the code first wins the artwork, and will collect it during the auction.
The idea of compiling several artworks together and issuing them as an NFT is not a new phenomenon. Earlier this year, digital artist Beeple recorded a $69.3 million NFT sale with a digital artwork that compiled 5,000 of his pieces. “Everydays: The First 5000 days” remains the highest recorded NFT sale to date.
NFTs are creating a niche within the art industry as artists can compile their works and sell them to NFT enthusiasts and collectors. Such possibilities open up new avenues of revenue generation for artists and NFT issuers.
Mandela novels to be issued as NFTs
Similarly, Dumani Mandela, one of Nelson Mandela’s seventeen grandchildren is set to auction two of his novels as limited edition NFTs. The novels ‘I Dream of Kemet’ and ‘Young and on the run from Apartheid’ will both be issued and sold as NFTs and are anticipated to attract significant sales.
Mandela’s auction is planned to kick off in August and the NFT collection will include unique 3D cover art and copies signed by him with original messages. According to reports, proceeds from the auction will be channeled towards the marketing and development of his mental healthcare app “My Minimalist”.
As the NFT market continues to move from strength to strength, protecting such assets will become increasingly important. As it stands, it has been acknowledged that the storage solutions for NFT assets remain rudimentary.
Insured Finance is one of the few solutions that provides storage solutions specifically designed for NFT assets. The Insured Finance NFT Vault is purposely designed to provide Insured Finance token holders with an NFT storage solution. Moreover, the Insured Finance NFT Vault fully insures any stored NFT assets at market value which protects the holder in the event of an exploit or hack.
About Insured Finance
Insured Finance is a decentralized, peer-to-peer insurance marketplace. Insured Finance users can request customized insurance on a wide variety of digital assets. Those that fulfill requests earn premiums and can earn a competitive return on their capital. Claims are fully collateralized and settled instantly.