Next month sees the launch of RedKite, a new NFT platform aiming to be the bridge that connects collectors of well-established artists to the digital world through creating a new methodology for NFTs and art ownership.
Non-Fungible Tokens (NFTs) have been around for some time now. However, following a few big press stories earlier this year, one being digital artist Beeple selling an NFT for $69 million, it’s only in recent months that we’ve seen some big players in the art world, such as Damien Hirst and Sotheby’s auction house, join in the NFT party.
Currently, most websites presenting NFTs in the form of visual artworks allow artists to upload their own digital files, GIFs, photos or animations. Artists then present them for sale for users to buy with cryptocurrency. However, with so many artists creating digital artwork, the whole space has become cluttered.
This is where RedKite comes in to cut the noise. The Redkite founding team is built heavily of contemporary art professionals – one being renowned street artist Ben Eine. Fully curated, Redkite focuses on artists who already have a big following and are widely collected in the physical art world.
“In 2001, [American art dealer and curator] Jeffrey Deitch said the Street Art Movement was the biggest art movement in the world. I agreed with him at the time. We’re now in 2021 and although it blows my mind, I believe digital art is the future. RedKite’s set up, where artists get to create physical pieces that relate to the digital works, makes more sense to me.” Ben Eine, street artist.
All of the artwork on the platform is carefully selected by RedKite’s in-house curatorial team. Between them the team have many years experience in running galleries, publishing limited editioned art and shaping artists’ careers. A close partnership that helps facilitate this lies with Ourtypes, an international art studio managing some of the most leading street artists and graffiti writers in the world.
Ourtypes’ projects include a Ben Eine mural on the London Eye and one of the largest paintings ever created in partnership with Zippo.
As an active studio that’s constantly working on new projects and embracing new technology, Ourtypes like the concept of the NFT space. Many OurTypes artists, including Eine have been dipping their toes in the digital medium for some time. It wasn’t until they spoke to RedKite that it the idea resonated.
Juan Topping of Ourtypes said: “We’d been approached by a lot of NFT spaces in the past, with everyone wanting to work with our artists, however, it wasn’t until we heard about RedKite’s idea of the artists producing physical works to create asset backed NFTs that it all seemed to make sense”.
Cementing this new relationship, Eine and other artists from the Ourtypes family are likely to be the first in line for RedKite’s debut NFT drops, paving the way for other leading artists to jump on board.
On top of all this RedKite is looking to utilise some of the best tech in the space. They will also be introducing some of the first asset-backed NFTs into the space. This means each NFT bought and sold is associated with an original piece of work. Art such as a painting, that physically exists that will be publicly exhibited. Collectors get to own part of a piece of art that exists in the real world. This also means the value of the associated NFTs will not fall below a certain point. This is due to them representing a fraction of a physical artwork that will hold its value or, more likely, increase in value over time.
Alongside the platform, RedKite will also be launching the KITE token. The tokens main utility derives from running a Collectors Club. Investors can sign up to find out more info about how a public sale will be run via the RedKite website, Twitter and Telegram. Those that want premium NFTs can expect first drops to happen in December, with visual content appearing via instagram.
To celebrate the new platform, RedKite will launch a bumper competition with a big art haul up for grabs. Prizes will include an original work of art by Ben Eine, five prints provided by Ourtypes, NFTs and Token Prizes.
To find out more abouut RedKite and upcoming competition news: https://www.redkitenft.com/