Urban.lk to auction off ‘Sigiriya 2077’ at Sri Lanka’s first ever NFT Auction
Non- Fungible Tokens (NFT) have become an exceedingly popular blockchain technology and are growing in popularity with $3-5 million worth of non fungibles traded daily which has seen the market grow at exponential rates with a 400% bump up from last year.
Although NFT has been around since 2014 we saw it shoot to viral fame last month when digital artist Beeple sold an NFT at the first of its kind auction at Christie’s auction house for $69 million. Until last year the most this artist had ever sold a print for was $100. Early NFT adopters believe that the next wave of artists and collectors will come to see NFTs as simply the way digital artwork is bought and sold.
Taking a page from the recent successful NFT auction done by Christie’s, Urban.lk will be playing host to Sri Lanka’s First ever NFT Auction on the 12th of June 2021. This industry leader has been forging the path forward with cutting edge innovative ideas pushing the local e-commerce market further than they thought they could go. This auction is just one example of how Urban.lk is planning to reimagine the future of the e-commerce landscape and the regional art scene.
But wait, what actually does this new buzzword NFT even mean?
NFTs are tokens created on a blockchain which by definition are non-fungible i.e. it is unique, indivisible and can’t be replaced with another such token. As opposed to say a bitcoin, which is fungible and can be exchanged with millions of other bitcoins, NFT’s proposition of being unique makes it a collector’s item or an investor’s paradise.
NFTs on a blockchain is valuable as it helps in proving the origin and authenticity of rare assets. They can thus act as digital collectibles that can be traded on a blockchain ledger that indicates the current owner of that NFT.
Urban.lk’s upcoming NFT auction will be showcasing a unique piece referred to as ‘Sigiriya 2077’ by Sri Lankan artist Deluge of Ash that pays homage to our island home’s historical landmark ‘the Lion Rock’. This cyberpunk art approach to the ancient rock fortress has garnered a lot of attention and traction in the local scene and Urban.lk is looking forward to capitalising on this interest and host the very first NFT auction in Sri Lanka.
This auction is just the tip of the iceberg on what Urban.lk has in store , with a platform for such a space to be created by this October. This imagined platform will essentially allow any artist or aesthete to create, buy or sell their own NFT through the platform to a global market. Urban.lk already has launched a gallery section to help boost visibility for local and regional artists, this has set the important groundwork for this upcoming NFT platform.
This inspired course of action stems from the founders wanting to create a space for the abundance of talent found in the shores of our island nation who have no way to monetise their hard work or reach global audiences.
If you are interested in becoming a part of the first Sri Lankan NFT Auction, you can simply bid online and stand a chance to be the owner of the first Sri Lankan NFT auctioned! The winner will receive the NFT token, along with a physical copy of the art sold as a souvenir.
Click this link to join in on all the buzz. Do not regret it and be late to the party. Hop on board the NFT express and witness the digital art revolution unfold.
To keep a pulse on this movement visit the Urban.lk website for more!
NFT, stands for Non Fungible Tokens. But to understand it better, let’s dive in step by step.
To understand NFT, you need to understand blockchains. Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger and it’s available through the entire network of computers on the blockchain. This is the basis of cryptocurrency.
Now, when you take an NFT, an NFT is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. For instance, if you and I each have 1 bitcoin and you exchange it with my bitcoin, at the end of the transaction, the net change is zero. But you can’t interchange NFTs. It will be like trying to interchange a Van Gogh with a 2B pencil.
NFTs can really be anything digital (such as drawings, music, your brain downloaded and turned into an AI), but a lot of the current excitement is around using the tech to sell digital art. NFTs are now being used to commodify digital assets in art, music, sports, and other popular entertainment. Most NFTs are part of the Ethereum blockchain; however, other blockchains can implement their own versions of NFTs.
We are really excited about the repetitive royalty functionality of NFT. That means the original artist keeps getting a commission, even after they no longer own the NFT. This is revolutionary.
If you take the Mona Lisa, the true value of it lies in the pedigree. The fact that you can authenticate it as the original art done by Leonardo da Vinci. Similarly, the value of NFT lies in the authentication. It verifies the original artist, avoiding the sale of a replica.
NFT market tripled in 2020. Digital artwork entitled “Everydays – The First 5000 Days”, by artist known as Beeple, sold for US$69.3 million in 2021 along with many others being auctioned for exorbitant amounts.
When is the Auction (Updated)
Bidding starts at 6pm on the 12th of June 2021. Stay connected through our social media and the form below, to get SMS and email notifications prior to the event.
How to Bid
The auction will be live for 24 hours. During which anyone can login to the site and add their bid. You will be able to see the current maximum bid in the product page.
What is the Bid Fee
Bid fee is a one time registration fee to verify your bid. Once the auction is over, this will be refunded to you in total. You do not have to pay a bid fee, to increase your bid. If you have won a bid, you can finalize the payment, after which the Bid fee will be refunded to you. If you want to bid on multiple products, you have to make a bid fee for each product.
How can I pay
You can use any of the following methods to complete the payment.
Visa / Master / Amex cards
What if I win
Our team will contact you at the end of the auction to confirm the payment.
How are the tokens minted
We are using an already audited contract to mint the tokens once the auction is finalized. The tokens will be transferred to you within 3 working days.
How do I get the token
Once the payment is made, the NFT Token will be transferred to you within 3 business days. Incase you are not familiar with cryptocurrency and NFT, our team will help you get started!