Vietnamese artist's painting auctioned for half a billion 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 an artistic tradition, Xeo Chu has been painting since the age of 4 and has had more than 300 works exhibited at home and abroad. According to Reuters, Chu is compared to the famous American painter Jackson Pollock, a name in the abstract school of the 1940s - 1950s.

On August 6, the painting titled “Lucky Plum Blossom” by Xeo Chu was successfully auctioned on the Binance NFT exchange. The painting had a starting price of over 5,000 USD (114 million VND). After that, this painting was auctioned up to over 10,000 USD (228 million VND). Finally, this work was sold for nearly 22,899 USD (522 million VND). A Binance representative said this is the highest priced painting from Vietnam on this NFT exchange.

“Lucky Apricot Blossom” is Xeo Chu’s first work in 2021. It took the young artist about two months to complete the painting. The work was inspired in the early days of spring when the family’s apricot tree unexpectedly bloomed twice a year. According to people’s beliefs, this is a lucky apricot tree, signaling many new things and success will come to the children in the house. Xeo Chu’s family wanted to buy the apricot tree from the garden owner. However, this person refused to sell it. So Xeo Chu decided to repaint the Lucky Apricot Blossom painting as a souvenir.

Sharing about his first successful digital artwork auction, Xeo Chu said: "The NFT space is a whole new world. I am extremely excited to see my artwork go beyond the usual physical boundaries to reach out to fans." All the auction proceeds from his first NFT painting will be used by Xeo Chu for charity purposes.

Creating digital art is becoming a popular trend among global artists. Vietnam has also had two artists participating in the exhibition on the Binance NFT platform, Phong Luong and Tu Na. Tu Na once sold the highest priced painting for more than 5,000 USD, while Phong Luong's highest priced painting was 3,000 USD.

More information

A Non-fungible Token (NFT) is a type of token on the blockchain that represents a unique asset. This can be a virtual asset or a tokenized version of a real-world asset. Since NFTs are not interchangeable, they can act as proof of authenticity and ownership in the digital realm.

NFT artworks are authenticated using blockchain technology, with the digital signature of the owner. Buyers can trace the author's ownership without the need for an intermediary or auction house to verify.

Ba Di