GIFTO collaborates with Kevin Abosch to create crypto-artwork

GIFTO collaborates with Kevin Abosch to create crypto-artwork

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February 7, 2018 by Hitesh Malviya
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GIFTO Kevin Abosch

World-renowned conceptual artist Kevin Abosch and blockchain virtual gifting protocol company GIFTO announced a collaboration to create a unique crypto-artwork, called “The Forever Rose”, to stimulate a deeper discussion on the state of the crypto and blockchain industry, which has captured the world’s attention over the last few months.

The Forever Rose is set to be the world’s most valuable piece of virtual art ever, with a price tag of US$1 million in cryptocurrency, to be sold on Valentine’s Day. The project is symbolic of the current massive global popularity of cryptocurrency and also aims to drive discussion regarding the entry of blockchain technology into the mainstream economy.

The Forever Rose’s US$1 million price tag will be paid using two cryptocurrencies – GTO by GIFTO and IAMA by Kevin Abosch. After it is sold, a dedicated website will be available to track the value of the artwork based on movements of GTO and IAMA and giving the public a visual representation of the movements and trends in the current cryptocurrency environment.

Through the sale of the artwork, the project also aims to tap on technology to benefit young people all around the world. The US$1 million worth of cryptocurrency raised from the sale of the Forever Rose will be donated to The CoderDojo Foundation, whose mission is to ensure that every child around the world should have the opportunity to learn code and to be creative with technology in a safe and social environment. With the donation, Mr Abosch and the GIFTO team aim to inspire future generations to continuously push the boundaries and tap on technology to create a better world.

Ms Giustina Mizzoni, Executive Director of the CoderDojo Foundation, said: “I’m delighted that Kevin and GIFTO have chosen to support CoderDojo with this new project. Seeing someone combine art and technology resonates with what I see young people do so naturally in Dojos around the world every week.”

Mr Abosch is most famous for creating and selling his iconic photographic portrait of a potato – “Potato #345” for US$1 million in 2016 and is much sought after for his portraits of top global celebrities from the entertainment and technology sectors. He has been pushing the limits of visual art for most of his career.

He said: “Symbols are especially important when trying to communicate complex concepts like love. The rose persists as one such symbol.  With the Forever Rose, I want to take a step beyond the physical, and present a unique, virtual work of art that I believe will help bring the owner to an even deeper sense of engagement. The Forever Rose is not just a symbol — it is Proof of Love.  By creating the Forever Rose as an Ethereum token, I want to create a visual symbol to help the public see and understand the potential of blockchain technology in a tangible and meaningful way.”

The unique virtual artwork will be the most valuable crypto art that resides on the blockchain. It will be made available for a single purchaser, who can then hold the item, sell it, or give it as a special gift for Valentine’s Day or any other special occasion.

Significant interest in the project has already been raised, with five potential buyers indicating a strong interest to ballot for the right to purchase the Forever Rose. Other interested buyers can also sign up to purchase the Rose athttps://www.foreverrose.io. A ballot will be held to determine the individual who can purchase the Forever Rose on 14 February at 14:00 Hong Kong time.

All interested buyers will need to be users of Binance, the world’s largest cryptocurrency exchange, which will facilitate the sale. To purchase the gift, the selected buyer will need to pay US$500,000 worth of GIFTO tokens (GTO) and US$500,000 worth of IAMA Coin tokens (IAMA) on the exchange. The exact number of tokens required will be determined according to their value on 14 February at 00:00 GMT.  

The GTO and IAMA tokens will be paid to a publicly visible address that is designated for the CoderDojo.

The GTO token, which completed the fastest-ever token sale in Asia in 1 min, is the underlying currency of GIFTO’s universal gifting protocol. The protocol is a blockchain virtual gifting platform from the makers of Uplive (http://up.live/#/home), one of the most popular live streaming mobile applications in Asia with over 30 million users. IAMA Coin is a crypto-art project that Mr Absoch launched recently (http://www.iamacoin.com/), in which the artist himself explores the value of a crypto coin.

Mr Andy Tian, CEO and founder of GIFTO, said: “2018 is the year blockchain will break into the mainstream market, and what better way to show the power of blockchain than the Forever Rose. Gifting, such as buying a rose for a loved one, is a universal human social behaviour, and we strongly believe that virtual gifting will come to be accepted as normal and mainstream in the very near future.”

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