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Etihad dropping some NFTs & DaVinci on the blockchain!
NFTs keep on surprising us
Decentra Daily
July 13, 2022
Another day, another corporate NFT cash grab, this time from Etihad Airways – Plus, more controversial NFTs in the form of Da Vinci Paintings and vintage Champagne. Same old, then?
Maybe not so fast. Etihad’s collection has a promising launch price and niche, while people keep buying physically linked NFTs despite the current slump. Let’s cut through the noise.
Here are the news summaries that go down as smooth as a glass of Pinot Noir in the Etihad first-class cabin.
In a sentence or three:
Etihad’s EY-ZERO1 NFT collection is 2,003 digital models of an Etihad Boeing 787, in 10 different paint job variations. Each NFT comes with Etihad Guest Silver status (lounge access, priority boarding, frequent flyer points, etc). Launch price: $349. Upcoming mint on Polygon: 21 July. Join the official discord here.
We take a look at collector ModeratsArt’s NFT of a mysterious artwork that could be by Leonardo Da Vinci. Also, a bottle of champagne linked with 5 NFTs, including a Bored Ape, sold for $2.5 million a few days ago.
NFTs for aviation geeks
Sneakers, trading cards, and other traditional collectibles make for some of the most straightforward NFT projects.
Collections like Nike CryptoKicks and NBA Top Shot are easy for most people to understand and target a pre-existing audience of enthusiasts and fans.
Which makes us think that Etihad Airway’s upcoming EY-ZERO1 collection has a little more going for it than your average corporate NFT bandwagon.
Tony Douglas, the CEO of Etihad Group, says the upcoming drop offers “collectors, aviation enthusiasts and travelers a unique work of art,” as well as providing “real-world travel and lifestyle benefits.”
It’s the aviation enthusiasts part of that statement that could have the most potential.
Sure, there’s no comparison between the fan value of sneakers or the NBA vs airplanes.
But plane spotting videos on YouTube can attract millions of views, suggesting a fair amount of interest. Plus, rare model aircraft do decent volume on eBay and other marketplaces, too.
If you're a soccer fan you might luck out and mint a Manchester City FC plane!
Buying an Etihad NFT gets you:
A unique 3D digital model
Immediate Etihad Guest Silver status benefits
Additional prizes for first-time owners
Access to an Etihad NFT Club with holder benefits in Q4
There’s also some pretty convoluted green credentials, with the airline committing to offset the collection by using proceeds to buy sustainable fuels.
Marketing aside, there’s moderate interest on EY-ZERO1’s social channels, with over 1500 Twitter followers and 6000+ discord group members.
The launch sale price is also interesting, at $349 US dollars. Considering regular Guest Silver status requires travelers to fly or buy 25,000 annual air miles, this seems like an unusually sensible amount.
What you need to know:
EY-ZERO1 goes on sale on 21 July @ 2 pm UTC
Launch price: $349 US
Current Etihad Guest members get pre-sale access and can buy NFTs using air miles 😎
Unsold NFTs eliminated on 18 August
Etihad are also giving away 20 NFTs to lucky winners in exchange for your precious email data
DaVinci comes to the Blockchain
A while back, digital art company The Holoverse minted an NFT linked to a mysterious artwork in a Swiss bank volt, potentially painted by Leonardo Da Vinci.
Despite almost no one having seen the painting since it was anonymously bought in a 1998 Christies auction for $22,000, its NFT was purchased by @ModeratsArt on MakersPlace for over $100K (35 ETH at the time).
The new purchaser doesn't actually own the original physical painting, but rather the holographic version, meaning this is as close to viewing the real painting as 99.99999% of the world will come.
Called La Bella Principessa (the beautiful princess), the painting’s credentials have been disputed for many years – mostly because gaining physical access has been so difficult.
Whether or not it’s a real Da Vinci, however, The Holoverse says the NFT itself is legit. The sale was made in partnership with the private owner of the physical painting and overseen by Martin Kemp, an Art History professor at Oxford University.
Here’s a nice write-up of the story by The Art Newspaper.
What’s the big deal?
Sales of “physical NFTs”, where an NFT is linked to a real-world asset, are becoming more frequent.
In this instance the NFT and physical are not paired, rather the NFT was created via scans and has unlockable photogrammetry. The owner has given the ability for someone else to own the painting (albeit in a different iteration).
Often, it’s the questions that physical NFTs bring up, instead of the deals themselves, that can be most interesting.
In this instance, it's incredibly unique that the NFT is not linked to the physical outside of just being a mirror image. It's not like a Damien Hirst - The Currency where you can burn your NFT for the physical equivalent. Or sell the NFT with a corresponding physical artwork attached.
Physical NFTs tied to traditional assets – a safer investment?
Another interesting thing about physical NFTs is their potential to add stability by linking new and traditional assets. Projects like Magnum 2.5 link a bunch of different collectibles together, adding an old-school asset like fine wine or jewelry to take advantage of a historically profitable market.
Magnum 2.5 bundles a bottle of champagne in a “Swarovski crystal-bedazzled bottle” with bespoke artwork, a Bored Ape, plus a Sneaky Vampire Syndicate. Entrepreneur brothers Giovanni and Piero Buono paid over $2.5 for the collection last Friday – the most expensive bottle ever sold?
According to wine industry tracker Liv-ex, prices for wines have risen consistently YTD. So maybe physical NFTs are a neat way to increase stability during volatile market periods.
Places to go if you’re interested in physical NFTs:
Here’s an article from Applied Blockchain ironing out some common misconceptions around physical NFTs
Author and art critic Ben Lewis is busy minting another of Leonardo’s most controversial paintings, the Salvator Mundi, often tagged the world’s most expensive artwork.
We hope you enjoyed our little history lesson today!
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Disclaimer: Nothing in this article/newsletter should be considered financial advice. The purpose is to inform readers of the current trends and news in the web3 space. We encourage every reader to do their own research and not act upon information put forth by Decentra Daily.