First crypto art auction in Latin America powered by OARO
OARO, is powering Latin America is Crypto Art – the first Latin American NFT artwork auction featuring 22 pieces of digital art from Mexico’s leading artists.
Trusted by some of the world’s largest private and public sector organisations, OARO solutions are used to create highly secure enterprise grade, identity, access management and blockchain solutions. OARO’s Eco-NFT blockchain has been selected to ensure that all artworks sold in the auction can be stored and transferred securely through the ARTERIUM platform.
The auction began on 6 September 2021 and will run until 11 September 2021. The winners of the auctioned artwork will be announced at 12:00pm Mexico City time (GMT-5). The NFTs that are being sold include JPG images, MP4 videos, GIFs, animations, and even a piece of music. OARO’s NFT technology ensures that the pieces sold are protected from alteration or potential copywrite infringement, while providing a “single source of truth” with indisputable provenance stored on a blockchain ledger.
ARTEREUM operates with Eco-NFTs on OARO’s private cloud blockchain platform, a more environmentally friendly alternative to NFTs created on the public Ethereum blockchain, Each NFT created generates an electricity consumption equivalent to that of a household per minute, with CO2 emissions of approximately 0.2g (the weight of an average feather).
Alejandro Tornero, General Manager of OARO Eco NFT said: “We have reached an extremely important milestone for the Latin American art market. NFTs are already proving to be an incredibly powerful tool in the world of art internationally.
The ARTEREUM digital art auction opens the potential of this technology to a new pool of up-and-coming artists. Earlier this year, ‘Everydays: The First 5000 Days’, an NFT work by Beeple, was sold for $69.3 million at Christie’s auction house in London.
This is still the most expensive NFT sold to date, and sets a precedent for this rapidly growing market. It is exciting to be able to play a role in bringing digital art to Latin America, and though we are still only scratching the surface, we see our partnership with Morton as the first step in a journey to realise the full potential of NFTs for the art world and beyond.”