Marking its entry into the evolving world of NFTs, one of the largest Latvian art centers, Zuzeum, has acquired KIWIE’s Gray Rainbow NFT as the digital art collective wraps up its first auction round of Fat Monster NFT collectibles on Rarible.
KIWIE’s Original Gray Rainbow NFT Sells For 2.6 ETH
As the NFT market rages on, more and more artists are joining the trend. Leveraging this new means of monetizing art, Latvian digital art collective KIWIE recently introduced its innovative solution for attaching ownership to street art.
Following the Fat Monster’s legacy since its unveiling in 2005, KIWIE has amassed millions of fans worldwide. Now, the art collective is delivering on its promise of providing collectors with an opportunity to own real street art through blockchain technology. Each KIWIE collectible starts as a real street art piece adapted into a 3D version before being minted as an NFT.
KIWIE released the first set of six collectibles from its Fat Monster NFT collection via Rarible on April 13. The auction, now closed, witnessed massive participation from art and NFT enthusiasts, including the likes of Zuzeum Art Centre, which hosts the most extensive private collection of Latvian art.
Among the six NFTs auctioned, the Gray Rainbow stands out as a rare collectible. The Gray Rainbow, painted in Riga in 2013, is considered the city’s first-ever spray-painted street art. It features the infamous Fat Monster under a dragon mask. Until now, claiming ownership over this iconic artwork was impossible. Yet, with KIWIE’s innovative solution, Zuzeum has added both the custom-made 3D figure depicting the artwork and the physical artwork to its collection.
Zuzeum acquired the iconic Gray Rainbow NFT from the collection by offering the highest bid of 2.6 ETH, engraving its name as the first-ever art center to purchase an NFT for its collection. The art center came to life in 2017 and is situated in Riga, Latvia. Although a definitive plan for displaying its newest collection is still in process, Zuzeum has made it clear that the Gray Rainbow NFT will be displayed in the Zuzeum art center.
Dina and Jānis Zuzāns, the founders of Zuzeum, have been prominent supporters of the Latvian art scene for the last two decades. As the Latvian art center sets a new precedent for displaying unique artwork through NFTs, Agnese Kleina, director of Zuzeum, underlines:
"Zuzeum is an active supporter and promoter of Latvian art, and the decision to bid on Kiwie’s Gray Rainbow was an obvious choice. We are eagerly awaiting the possibilities this new future – this Renaissance 2.0 – has to offer."