Phillips to Offer REPLICATOR by Mad Dog Jones, The First NFT in Company History; Bidding Begins on April 12
Multi-Generational NFT Designed to Automatically Create New Unique Works of Art Every 28 Days
NEW YORK, April 12, 2021 /PRNewswire/ -- Phillips is pleased to announce the sale of REPLICATOR by Mad Dog Jones, the first NFT to be offered by the auction house in company history. With an opening bid of $100, the work was created with the ability to generate new unique NFTs from itself every 28 days. REPLICATOR will be offered in an online-only auction, open for bidding to collectors around the globe on phillips.com from 12-23 April.
Edward Dolman, Phillips' Chief Executive Officer, said, "Phillips is pleased to begin our NFT journey with such a hugely celebrated digital artist who has both shaped and transcended the crypto community. REPLICATOR is a first-of-its-kind work to appear at auction, redefining the expectations of a work of art as it draws a compelling relationship between medium and form. We look forward to bringing this exciting project to new audiences at Phillips and seeing its unique iterations and the future of this market unfold."
According to artist Michah Dowbak, aka Mad Dog Jones, "REPLICATOR is the story of a machine through time. It is a reflection on forms of past groundbreaking innovation and serves as a metaphor for modern technology's continuum. I'm interested to see how collectors will respond as the work evolves and the NFTs in their possession continue to create new generations."
Best known for his cyberpunk, dystopian imagery that explores themes of beauty, nature and technology, Michah Dowbak a.k.a. Mad Dog Jones has risen to fame in the world of crypto art with the recent success of his Crash + Burn series of NFT artworks. Now a headliner in the first major NFT art exhibition at UCCA Center for Contemporary Art in Beijing, Mad Dog Jones continues to explore the possibilities of the medium with this new digital work.
Rebekah Bowling, Phillips' Senior Specialist of 20th Century & Contemporary Art, said, "We are absolutely honored to have been entrusted with the sale of this multi-generational NFT. A gamechanger in the field, it uniquely links form, subject, and function as it is completely dependent on the capabilities of an NFT to exist and perform the role it's been given."
REPLICATOR is an NFT experience comprising 7 unique generations of artworks. Generation 1, to be sold at auction, begins as a singular Genesis illustration of a photocopy machine in an office space. This first generation NFT will produce 6 NFTs at the rate of 1 per month, with each generation being unique from those before and after it. Each subsequent generation will produce one less artwork in its lifetime until it reaches Generation 7, which will produce no new NFTs. Note, after any artwork is sold the new owner will possess all subsequent replicants or jams from said NFT.
Much like a photocopier, REPLICATOR can also jam. When a "Jam Artwork" is produced, it is unique to its generation but will no longer replicate. The jam rate is between 50-80% for generations 2 through 6, which also serves to curb exponential growth. Each generation may have up to 3 unique Jam pieces. Due to statistical variance it is impossible to predict the exact number. After 1 million simulations the average is approximately 220 with a 99% chance that the total artworks generated will be between 75 and 300, with an average time of 1 year from start to finish.
ABOUT PHILLIPS
Phillips is a leading global platform for buying and selling 20th and 21st century art and design. With dedicated expertise in the areas of 20th Century and Contemporary Art, Design, Photographs, Editions, Watches, and Jewelry, Phillips offers professional services and advice on all aspects of collecting. Auctions and exhibitions are held at salerooms in New York, London, Geneva, and Hong Kong, while clients are further served through representative offices based throughout Europe, the United States and Asia. Phillips also offers an online auction platform accessible anywhere in the world. In addition to providing selling and buying opportunities through auction, Phillips brokers private sales and offers assistance with appraisals, valuations, and other financial services. Visit www.phillips.com for further information.
*Estimates do not include buyer's premium; prices achieved include the hammer price plus buyer's premium.
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