Gary Vee, Vito Schnabel Launch NFT Auction Platform: What NFT Investors Should Know

A well-known art gallery owner and entrepreneur team are launching the first independent online auction platform for NFTs and digital works created by a gallery.

What Happened: ArtOfficial launched Friday, Sept. 24 to provide a new way for acclaimed artists to sell their non-fungible tokens and digital works.

“ArtOfficial is an online platform to exhibit and sell original works by foremost artists exploring new mediums, including digital artworks and NFTs,” the company said.

The company was created by art gallery owner Vito Schnabel, AJ Vaynerchuk and Gary Vaynerchuk. Owen Laub serves as the director of ArtOfficial, running the day-to-day operations.

“ArtOfficial aims to broaden the experience of digital art and make its acquisition more accessible and transparent for the public,” according to the company. 

Auctions can be paid for using Ethereum ETH/USD.

“This is a profound moment in the evolution of art history, with digital art and NFTs ushering in a paradigm shift,” Vaynerchuk said.

Vaynerchuk called the platform creation a merger of talents and areas of expertise. The platform was designed to provide value to artists and offer a platform for new collectors.

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The First Auctions: The inaugural ArtOfficial auctions are open for bids from Sept. 24 through Oct. 4.

Among the first items up for bid is the first digital work created by renowned visual artist Francesco Clemente. The winner of the Clemente digital piece will also receive a live portrait session with the artist for a watercolor painting.

“The Sea Far From Our Native Lands” is part of a new NFT series featuring music from composer and pianist Philip Glass.

What’s Next: Future auctions from ArtOfficial include NFTs from Schnabel, Jordan Kerwick, Spencer Lewis, Robert Nava, Ariana Papademetropoulos, Julian Schnabel and Gus Van Sant.

“The (R)evolution of Steve Jobs” composer Mason Bates will feature a new visual and aural work at a future ArtOfficial auction.

Vee has been a top voice in the growth of NFTs and launched his own NFT project VeeFriends earliler this year. Vee recently announced that original artwork used for the creation of VeeFriends would be auctioned at Christie's.