The groundbreaking auction of Claude Monet’s treasured ‘Paysage’ painting is currently live, marking the first-ever on-chain auction of a Monet piece. This historic event is the result of a collaborative effort between BounceBrand, SeoulAuction Blue, and BounceBit, effectively merging the worlds of fine art and blockchain technology in an unprecedented fashion.
The painting up for bid, ‘Paysage,’ is a quintessential example of Monet’s Impressionist style, employing a palette of varying shades of blue to depict the tranquility of nature, the ephemeral weather, and the soft interplay of light and shadow. The piece, which subtly captures the ethereal beauty of the landscape, is a testament to Monet’s masterful artistry. As such, it is highly sought after by art collectors who value both its historical and aesthetic significance.
The auction, set to commence on the 19th of November, will adhere to the English auction format. The minimum bid has been set at 0.25 ETH, with each successive bid required to surpass the previous one by 0.1–0.15 ETH. If no new bids are placed within a six-hour timeframe, the highest standing bid will be declared the winner. This innovative auction format has been made possible through BounceBit’s blockchain technology, which ensures a fully transparent and secure transaction process.
In the lead-up to the auction, numerous pre-auction events have been held. These events have included opportunities for potential investors to acquire Memeory Coins by staking tokens such as the $AUCTION and $stBB tokens. In a departure from traditional auction procedures, participants have also been invited to predict the final auction price, adding an element of interaction to the event. Given that the painting is estimated to be worth between $200,000 and $300,000, the relatively low initial bid also serves to democratize the auction process.
The culmination of the auction will see the distribution of Memeory Coins, with a significant portion held back to provide liquidity. These tokens will be sold on the Uniswap platform, connecting the event to the world of Decentralized Finance. The winning bidder will receive Monet’s masterpiece at their provided address, securely packaged to ensure the safe transportation of this priceless work of art.
In essence, this auction represents more than the sale of a single painting. It symbolizes the convergence of traditional fine art and cutting-edge technology, made possible through the collaborative efforts of Bounce Brand, SeoulAuction Blue, and BounceBit. As such, it opens up the world of high-quality art to digital platforms, making it accessible to art enthusiasts worldwide.
