Sotheby’s Opens Muhammed Ali’s “Fight Of The Century” Artwork NFT For Bidding

On Friday, at the same time as the opening ceremony of the Summer Olympics, Muhammad Ali Enterprises and the excellent auction house Sotheby’s will be bidding on a non-fungible token (NFT). The NFT presents an unreleased piece of original artwork that was created by Muhammad Ali.

Sotheby Bidding Rare Muhammed Ali Art Portraying The 1971 “Fight Of The Century”

Both the firms, Sotheby’s and Muhammad Ali Enterprises are planning to disclose these NFTs on the 23rd of July. The organization will conduct exhibitions and auctions on the opening day of the Olympic Games itself. The auction by Sotheby’s portrays an NFT of an artwork that portrays the famous “Fight of the century”. This piece was created by the great boxer Muhammed Ali himself. The artwork has his own interpretation of the amazing fight between him and Joe Frazier. On the same day of the auction, Sotheby has also revealed that it will auction its Olympic collection as well. This collection consists of 50 of the rarest pieces of Olympic history.

Lonnie Ali, Muhammed Ali’s wife says, “This mixed media illustration by Muhammad has been hanging in our home for almost 20 years and was a part of his personal art portfolio that he amassed throughout his life. It’s so exciting to see this piece transformed into an NFT. My husband was such an extraordinary person, and like NFTs that live forever, he will too.” 

Both the firms disclosed the two major and unique features of the NFT. First, the NFT is a 50-second loop to celebrate the 50th anniversary of one of the greatest fights in the history of sports. The second one is the cheering and applauding of the crowd that will be played for a total of 15 seconds representing the 15 rounds of their fight. The head of streetwear and modern collectibles at Sotheby’s, Brahm Wachter stated, “This marks the first sports-related NFT Sotheby’s has offered for sale.” Wachter further said, “We cannot think of a more perfect way to enter the market than through this unique NFT, which shows Muhammad Ali’s creative side, exploring the boundaries between highly valued sports memorabilia and art.”

NFT Market’s Current Condition

In May this year, NFTs dropped by almost 90%. However, these digital collectibles in the market seem to be recovering from such a terrible crash. This is because the price of NFT was at around $58 million on July 22. It won’t take long for them to continue their upward trend in the future since they are becoming common in major auction houses like Sotheby’s. They were also a part of Marvel collectibles. Also, bitcoin crashed at the same time as the NFT market now is trading around at approximately $32,000. The value of cryptocurrencies has increased by 2% in the past 7 days.

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