(-), Liberty Mint NFT Ring Wrench 13: a)...
Liberty Mint
NFT Ring Wrench 13:
a) Physical art coin (CuNi12Zn24): executed 18-05-2017
b) Non-Fungible Token (ERC-721): minted 11-04-2021 at 7:03 PM, this work is unique.
(2x)
Note:
Is art worth money? Is energy worth money? Is utility worth money? What is it that provides the trust needed for these systems to function?
To find new answers to these questions, a group of economists and artists created an innovative cooperative to run an experiment on alternative banking. The company, called the Kunst Reserve Bank (Art Reserve Bank), managed to get a license to establish an official Dutch bank for 5 years. In 2017, the bank was declared bankrupt 6 hours before the license expired.
The main goal of this remarkable initiative was to involve the public into the discussion about the sustainability of our financial system. To do so, they came up with a new currency. The value of this currency wasn’t based on the promise of endless economic growth, but on the value of art. Therefore, the bank minted the currency itself in the shape of limited edition art/coins, which were designed by different artists. These coins were sold at the time for 100 euros, with a guarantee that they could be exchanged after 5 years for the same amount, plus a 10% interest per year.
The Art Reserve Bank hoped that the value of art would prevail over old fashioned currency. But, after 5 years and 50% interest, the art coins turned out to be no match for euros when too many coins were returned and the bank collapsed.
At the end of the experiment, only an exciting collection of artifacts was left. To this day, the coins are roaming around and are more relevant than ever now NFTs are shaking up the art world.
NFTs (non-fungible tokens) are best understood as computer files, such as digital works of art, combined with proof of ownership and authenticity, now called ‘tokens’. The tokens are loaded and tracked through a system called blockchain, such as Bitcoin and Ethereum, where they can be bought, sold and traded. With cryptocurrencies, the money used in the digital marketplace, NFTs have made it possible to buy and sell digital artworks on a large scale and allow artists to profit from their work. Also physical artworks can be transformed into a NFT: by ‘tokenizing’ a piece of art, it becomes available on the blockchain. The crypto community's eagerness to invest in these assets has driven their prices sky-high, with the most popular NFTs selling for millions of dollars. With that in mind, and since NFTs are starting to change the way we think about art, the artist collective Liberty Mint saw a great opportunity to continue the ideals of the earlier collapsed Art Reserve Bank.
Therefore, Liberty Mint created a NFT of the last art coin that was minted by this bank; a coin created by artist Zoro Feigl in 2017 during the bank's final breath. In addition to its beautiful design, the coin can also be used as ring wrench 13 (you know, the one that’s always lost). Liberty Mint tokenized this coin into a NFT and added the original physical coin to complete the work of art.
First two photos of the physical art coin, third photo of the NFT
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Liberty Mint
NFT Ring Wrench 13:
a) Physical art coin (CuNi12Zn24): executed 18-05-2017
b) Non-Fungible Token (ERC-721): minted 11-04-2021 at 7:03 PM, this work is unique.
(2x)
Note:
Is art worth money? Is energy worth money? Is utility worth money? What is it that provides the trust needed for these systems to function?
To find new answers to these questions, a group of economists and artists created an innovative cooperative to run an experiment on alternative banking. The company, called the Kunst Reserve Bank (Art Reserve Bank), managed to get a license to establish an official Dutch bank for 5 years. In 2017, the bank was declared bankrupt 6 hours before the license expired.
The main goal of this remarkable initiative was to involve the public into the discussion about the sustainability of our financial system. To do so, they came up with a new currency. The value of this currency wasn’t based on the promise of endless economic growth, but on the value of art. Therefore, the bank minted the currency itself in the shape of limited edition art/coins, which were designed by different artists. These coins were sold at the time for 100 euros, with a guarantee that they could be exchanged after 5 years for the same amount, plus a 10% interest per year.
The Art Reserve Bank hoped that the value of art would prevail over old fashioned currency. But, after 5 years and 50% interest, the art coins turned out to be no match for euros when too many coins were returned and the bank collapsed.
At the end of the experiment, only an exciting collection of artifacts was left. To this day, the coins are roaming around and are more relevant than ever now NFTs are shaking up the art world.
NFTs (non-fungible tokens) are best understood as computer files, such as digital works of art, combined with proof of ownership and authenticity, now called ‘tokens’. The tokens are loaded and tracked through a system called blockchain, such as Bitcoin and Ethereum, where they can be bought, sold and traded. With cryptocurrencies, the money used in the digital marketplace, NFTs have made it possible to buy and sell digital artworks on a large scale and allow artists to profit from their work. Also physical artworks can be transformed into a NFT: by ‘tokenizing’ a piece of art, it becomes available on the blockchain. The crypto community's eagerness to invest in these assets has driven their prices sky-high, with the most popular NFTs selling for millions of dollars. With that in mind, and since NFTs are starting to change the way we think about art, the artist collective Liberty Mint saw a great opportunity to continue the ideals of the earlier collapsed Art Reserve Bank.
Therefore, Liberty Mint created a NFT of the last art coin that was minted by this bank; a coin created by artist Zoro Feigl in 2017 during the bank's final breath. In addition to its beautiful design, the coin can also be used as ring wrench 13 (you know, the one that’s always lost). Liberty Mint tokenized this coin into a NFT and added the original physical coin to complete the work of art.
First two photos of the physical art coin, third photo of the NFT
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Estimate
Time, Location
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