The merging of traditional art and non-fungible token (NFT) art has undoubtedly unlocked new possibilities for artists and collectors today. However, with NFT technology being relatively new especially in the Philippines, many are still wondering what this is and are trying to understand the technology. Such a scenario may be preventing the full realization of its potential to revolutionize art.
To address this, Union Bank of the Philippines (UnionBank) and León Gallery have collaborated for a discussion to facilitate timely and relevant conversations on NFT art. Focus will be the convergence of the traditional and NFT art spaces and how artists and collectors can navigate the emerging landscape much easier.
The talk is part of an exhibit by Filipino abstract artist Jose Antonio Reyes, a.k.a. JAR, whose previous NFT art collection ‘JAR Heads’ on the Cardano Network was a success. It generated over 1 million in ADA sales in the secondary market within a span of six months. The exhibition is being hosted by León Gallery with the participation of UnionBank’s Digital Asset Markets Unit (DAMU).
Reyes together with key experts from DAMU will discuss NFT art and cryptocurrencies, and where these converge with traditional art. UnionBank will also talk about possible channels to enter the NFT space, including its very own Virtual Asset Over-the-Counter service, which allows customers to fund their crypto wallets in order to buy and sell NFT art.
“Through this event, we want to educate people on the developing convergence of traditional art and NFT art,” said RJ Dela Cruz, UnionBank Head of DAMU. “It is not uncommon to have traditional artists transition into the world of NFT art, but it is rare for a traditional artist to have a successful project. JAR is an example of the latter, and him coming from the local scene is definitely something worth paying attention to.”
León Gallery is an auction house based in Makati City that specializes in art, antiques, and collectibles. Founded in 2010, the gallery offers “historically important and museum-quality Philippine art” and is considered one of the most prestigious auction firms in the country.