Insights
Redefining how people collect art in the 21st Century
Non-Fungible Tokens: Part 5 - Q&A with Joe Kennedy, Unit London
In the fifth and final in our series on NFTs, the Stonehage Fleming Art Management (SFAM) team catches up with Joe Kennedy, Co-Founder of INSTITUT and Unit gallery in London.
SFAM: What is INSTITUT?
JK: INSTITUT is an art platform and marketplace for NFTs. We believe we are at the frontier of a bold new digital art renaissance, redefining how people perceive and collect art in the 21st Century.
INSTITUT is built on the Ethereum blockchain and uses both on-chain and off-chain functions to limit energy consumption and minimise carbon emissions. The platform is tightly curated and invitation-only. We only collaborate with leading curators, institutions, galleries and artists.
SFAM: When did the platform launch?
JK: The platform launched on 10 September with a physical exhibition called NFTism: No Fear in Trying, curated by Kenny Schachter. Featuring nearly 100 leading international artists, the exhibition demonstrated the startling accessibility of the NFT art market and the vast diversity of intersectional concepts and aesthetics that currently define NFTs and crypto art.
SFAM: What has been your highest selling NFT?
JK: Our first exhibition features a new NFT from IX.Shells who is the highest selling female artist in the NFT space. Her NFT, Dreaming at Dusk, sold for USD2m.
SFAM: Are NFTs bad for the environment?
JK: Proof-of-work blockchain mining is bad for the environment. However there are new blockchains that use a proof-of-stake consensus model which drastically reduces the energy consumption. This change is soon to happen to the Ethereum chain too. With INSTITUT we limit blockchain interactions to only vital functions, which means minimised energy consumption and consequently, no gas fees for buying and selling on the platform.
SFAM: Do NFTs represent the future of the art trade?
JK: They represent a future of the art trade and will continue to grow in importance. Not only in the renaissance of digital art, but also in the certification and authenticity of traditional paintings and sculptures.
Find out more about Stonehage Fleming's Art Management offering