"Not everything goes":  Art Army first NFT art market wants fight speculation as the NFT market continues to grow and its economic impact on the art world is already a reality that moves hundreds of millions of euros a year.

Non-fungible tokens are a type of files encrypted by blockchain technology that make them an optimal support for works of art, by granting them a unique and indivisible value.

The largest cryptocurrency exchange in the world, Binace, enabled last June its first platform to operate with NFT, the largest globally, in what has been one of the largest movements in this market so far this year.

This fever for files using blockchain cryptography has moved to Spain. In the last edition of the International Contemporary Art Fair of Madrid (ARCO), a work based on this format has been exhibited for the first time.

Tree Hash, from Burgos artist Solimán López, has been sold this weekend for 10,400 euros, as has already advanced. Now, based on the technological support of Binance, the first marketplace of digital works of art in NFT format arrives in Spain: Art Army.

Art Army first NFT art market wants fight speculation

Art Army has been the team in charge of mining the work of Solimán López and will launch its NFT market in October, which will be based on the mining rates of Binance Smart Chain, but with more advantageous conditions, according to its managers.

Those in charge of bringing the project to life will be responsible for This Project Works, a company of image content creation and digital development that has been operating since 2014.

The distinguishing feature of Art Army will be that it will have the baggage of professionals from the technological sector as well as the artistic one. In fact, the platform will feature experts from the art world.

The project has more than a hundred national and international artists whose works will be selected by gallery owners, critics, analysts and artistic curators, thus distancing this type of NFT from the world of finance and technological industries.

Art Army first NFT art market wants fight speculation

The artistic director of the project, Álex García, explains that the boom that this format has meant for the art market has caused "creators to be able to sell works without filter". However, they want to "break with the speculative model" associated with this market and "reward talent".

"Not everything goes. We want people to value what is a quality work and what is not", says the artistic director of the project, which has for now a funding of 45,000 euros based on the sale of its token.

Art Army first NFT art market wants fight speculation

Art Army will use its own token, called ART, which was created last March with a cap of 100,000 units. In other words, new coins can no longer be mined. "In return, all token holders will get 3% of the sales, and we may increase it to 4%. It's like they have a stake in the company, " he says.

However, " many people are not familiar with cryptocurrencies, so you can also trade in fiat currencies (euros, dollars, yen...) ", zanja the artistic manager of the first NFT marketplace in Spain.

Before October, the minds behind Art Army will launch other complementary projects, such as a digital magazine with interviews with artists working with the NFT world and experts from the art world.

Art Army first NFT art market wants fight speculation

More news:

More than half of those affected by ERE in 2021 correspond to trade and repair of vehicles

After the slowdown in 2020 due to the impact of coronavirus and measures to boost employment and the business fabric, 2021 has started with a new round of regulation records of employment (ERE), among which are the starring the bench, although it is not the only sector that is resorting to drastic cuts template to weather the economic situation.

Thus, the number of workers included in collective redundancies has grown by 18.1% until April 2021 compared with the same period a year earlier, with a total of 5.021 affected, according to provisional figures from the Ministry of Labour unveiled by Europa Press, which requires that workers in processes of suspension of the contract or a reduction in working hours have been reduced 97,6%, until 19.989 people, due to the impact of the pandemic and the launch of ERTE.

In total, the 25,010 affected by ERE between January and April 2021, of which 80% were included in ERTE, represent 97% less than in the first 4 months of 2020, according to the provisional figures of employment regulation files submitted to labor authorities at the state level, given that Labor has indicated that it does not yet have the data corresponding to the ERE presented to local or regional authorities.

Taking only the figures for the month of April, during the fourth month of the year, the labour authorities of the state have registered 3.468 employees affected by ERE, a 75,8% correspond to records of suspension of the contract or reduction of the working day, which translates in 2.628 affected by ERTE, while 24.2% remaining suffered a collective dismissal, which implies a total of 840 affected during April.

By sectors of activity, more than half of those affected by ERE during the first 4 months of the year, 51.4%, correspond to wholesale and retail trade and vehicle repair, with 12,847 affected, while another 16.3% corresponds to administrative and auxiliary services, with 4,067 affected, 7.6% to manufacturing industry, with 1,901 affected, and 5% to construction, which translates into 1,285 workers in ERE.

Meanwhile, the activities with the least impact by this type of files were the real estate, with only 24 employees registered in ERE between January and April 2021, followed by the tasks of water supply, sanitation and waste management, which registered 30 affected workers. In terms of territories, the Community of Madrid recorded 23.7% of the total of ERE until April, Catalonia 22.9% and the Valencian Community 10.6%, being the autonomies most affected.

By type of file, 1 in 3 affected, about 8,019 workers, were part of force majeure ERE, 98.7% less than between January and April 2020, while the remaining 16,919 affected correspond to ERE for economic, technical, organizational and production reasons, 91.3% less than in the same period of the previous year, of which 89.7% were closed with agreement, according to the agency.