The renowned artwork ‘Love Is In The Air‘, also known as Flower Thrower or LIITA, by street artist Banksy, is set to embark on a world NFT tour. Digital art pioneer, Particle, plans to lend the fractionalized painting to a series of global museums.
According to Decrypt, the tour is scheduled to begin in the UK next month. Subsequently, the artwork will spend six months each in Amsterdam and Barcelona.
Particle, a groundbreaking platform that enables the fractionalization of high-value art pieces into non-fungible tokens (NFTs), was established in 2021. Its founding members include Loïc Gouzer, former chairman of Christie’s Post-War and Contemporary Art; Shingo Lavine and Adam Lavine, co-founders of Ethos.io; Philip Eytan, co-founder and chairman of Voyager; and Oscar Salazar, founding CTO and Chief Architect of Uber.
As outlined on their website, the process of “particalization” involves dividing an artwork into distinct portions or “particles”. Each particle represents a unique section of the artwork, allowing co-owners to possess a specific segment of the piece.
In December 2021, Particle particalized Banksy’s notable ‘Love is in the Air’, valued at $12.9 million, into 10,000 NFTs. The non-profit Particle Foundation is the custodian of these NFTs.
The Foundation manages each particalized piece based on the decisions of the co-owners. Harold Eytan, Particle’s CEO, told Decrypt, “We entitle owners to vote on the display location of the artwork.”
Banksy’s NFT
Particle invites collectors to join a co-ownership structure, empowering them to decide which artworks to acquire, and determining the opportune time to sell. Currently, the platform boasts over 2,500 co-owners.
Eytan believes that the future of art ownership and governance will significantly transform as more organizations embrace digital art and NFTs.
Particle also hosts special events for collectors and offers “personal physical components” linked to the digital artwork in certain instances. For instance, Eytan revealed that top collectors would receive a print from H.R. Giger, a prominent artist who contributed to the Oscar-winning special effects in Ridley Scott’s ‘Alien’ series, including the design of the Alien creature.
According to Particle’s FAQ section: “After issuing 10,000 Particles of the [Love Is In The Air] and reflecting upon the community’s response, we decided to modify our approach. Starting with H.R. Giger’s Necronom (Alien III), Particles will now signify 100% legal title and economic rights to the corresponding Art.”
While the Particles associated with Banksy’s piece do not correspond to a monetary stake in the artwork, they symbolize the governance rights over the artwork via the Foundation.
Additionally, the Foundation liaises with galleries and institutions worldwide. It has coordinated exhibitions in multiple cities and has partnerships with esteemed entities like Phillips Auction House, Praz Delavallade, and the Institute of Contemporary Art in Miami.
Source: mPost
