We are certain that you have been hearing the term ‘NFT’ being talked about a lot – alongside the metaverse and crypto-currency, amongst other terms for new digital tech and art. But what is an NFT?
In a very small nutshell, an NFT can be thought of as a certificate that only exists once, is unique, immutable and cannot be interchanged. When a collector buys an NFT, they are buying a token (or certificate) and thus the singular digital artwork or photograph linked to it. The purchase of the NFT is registered on the block-chain (a decentralized database) and provides a permanent record of that purchase and proof of ownership. Payment is usually made in cryptocurrency.
Aya Al-Bakree, Chief Executive Officer, Diriyah Biennale Foundation, also added, “We are delighted to be hosting this first of its kind project at the Diriyah Biennale as a partner of the Visual Arts Commission and Sotheby’s,” she said. “The Biennale is a hub of arts engagement and learning which inspires creative dialogue across cultures while developing the local ecosystem. This collaboration will, as part of our public program, lead to burgeoning local interest in NFTs and develop best practice in the field with access to leading voices.”
Beginning this coming weekend, the schedule opens on 25th February when there will be an introduction to the NFT and related artistic movements in the space. On the 26th, there will be a highlight on new NFT ecosystem forming and how this new market is interacting with the traditional art market and on Sunday 27th February, the program will explore buying habits and trends and a look at the future for NFTs - with a particular focus on Saudi Arabia.
The 3 day event will be accompanied by daily workshops during the day focusing on how to explore the metaverse, set up a self-hosted wallet, purchasing and selling an NFT.
Visitors can leave with a personalized POAP (Proof of Attendance Protocol), a digital collectible token in the form of an NFT that records their attendance on the blockchain.
The opening times for the exhibition are from 5:00pm to 11:00pm on Friday, and 11:00am to 11:00pm on the remaining days.
