Vietnamese artist's painting fetches half a billion VND at auction via NFT platform.

Xeo Chu (real name Pho Van An, born in 2007 in Ho Chi Minh City) is a familiar name in the art world. Born into a family with a tradition in the arts, Xeo Chu began painting at the age of four and has had over 300 works exhibited both domestically and internationally. According to Reuters, Chu is compared to the American painter Jackson Pollock, a prominent figure in the abstract art movement of the 1940s and 1950s.

On August 6th, the painting "Lucky Plum Blossom" by Xeo Chu was successfully auctioned on the Binance NFT exchange. The painting had a starting bid of over $5,000 (114 million VND). The bid then rose to over $10,000 (228 million VND). Finally, the artwork sold for nearly $22,899 (522 million VND). A Binance representative stated that this is the highest-priced painting from Vietnam on the NFT exchange.

"Lucky Plum Blossom" is Xeo Chu's first artwork of 2021. The young artist spent about two months completing the painting. The artwork was inspired by the early spring days when the family's plum tree unexpectedly bloomed twice in one year. According to local beliefs, this is a lucky plum tree, signaling many new things and successes to come for the children in the house. Xeo Chu's family wanted to buy the tree back from the owner who rented it out. However, the owner absolutely refused to sell it. Therefore, Xeo Chu decided to paint "Lucky Plum Blossom" as a memento.

Sharing his thoughts on his first successful digital artwork auctioned, Xeo Chu said: "The NFT space is a whole new world. I am incredibly excited to see my artwork transcend conventional physical boundaries to reach those who appreciate it." All proceeds from the auction of his first NFT artwork will be donated to charity.

Creating digital artwork is becoming a popular trend among artists worldwide. Vietnam has also had two artists, Phong Luong and Tu Na, participate in art exhibitions on Binance NFT. Tu Na's painting sold for over $5,000, while Phong Luong's painting sold for $3,000.

Additional information

Non-fungible tokens (NFTs) are a type of token on the blockchain that represents a single asset. This can be a virtual asset or a digital version of a real-world asset. Because NFTs are non-interchangeable, they can function as proof of authenticity and ownership in the digital realm.

NFT artwork is authenticated using blockchain technology and bears the digital signature of the owner. Buyers can trace the original artist without needing any intermediary or auction house to verify the information.

Bo Di