HOFA launches London's first DAO for art collectors
International contemporary art gallery HOFA Gallery will celebrate its tenth anniversary on 11 November 2022 by launching London's first ever decentralized, blockchain-powered community of contemporary art collectors called HOFA DAO (Decentralized Autonomous Organisation).
HOFA DAO's new art community-led organisation will allow its members to make all decisions regarding the governance of their art portfolio, such as voting for new acquisitions. HOFA's vision is to make investing in contemporary art open and accessible to all by using Blockchain technology. It is a natural next step for a company that has a strong record in creating accessible art experiences across contemporary art and blue-chip investments.
Elio D'Anna, Co-founder, HOFA: ''Whilst the NFT digital collectibles market has declined in the last 10 months, we have seen a 20% increase in collectors investing in physical assets via the use of NFT authentication and blockchain technology. That's the unique aspect of the HOFA DAO; membership is obtained via NFT passes giving access to investment-grade physical artworks. So, the collector benefits from the dual security of the blockchain with the stability of the traditional art market. This is the new beginning to HOFA's second decade of pioneering art experiences.''
The founding artist members are 100 highly selected global artists and the $3,000,000 portfolio includes works by blue-chip artists like Daniel Arsham and Invader, as well as established and emerging contemporary artists such as Jan Kaláb, Zhuang Hong Yi, Ilhwa Kim and bio-generative artist Agoria.
The first issue of 1,111 (of 3,333) HOFA DAO NFT membership passes is available on 11 November at 3 pm (GMT), each valued at $250 and available through Magic Eden's Ethereum Launchpad, purchasable with crypto, Apple Pay and all major credit cards.
Members will enjoy fractional ownership of the tokenised portfolio, and profits from auctions and monthly sales will happen on-chain and be distributed via smart contracts, ensuring transparency across the ecosystem and its cryptocurrency ARTEM Coin. Other membership benefits include VIP access to exhibitions, art fairs, early releases and access to HOFAVERSE, a new interactive multi-user Metaverse VR gallery.
Jack Lu, CEO and Co-founder, Magic Eden: ''At Magic Eden, we are constantly seeing the NFT space evolve. The trend for blockchain technology's use in securing tangible assets is rapidly growing and we're excited to bring HOFA DAO's inaugural portfolio of masterful artworks come to market through Magic Eden's world-class Launchpad.''
Danilo S. Carlucci, Co-founder and CEO, Morningstar Ventures: ''Since at Morningstar Ventures we are increasingly investing our resources in establishing new NFT-related ventures, partnering with HOFA on this DAO project allows us to explore new use cases. The marriage between art and web 3 is here to stay, and we are just getting started to see new ideas and concepts coming to fruition.''
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