UK EARL INTERNATIONAL AUCTION LTD announced that it plans to acquire NFT development company REVA in the near future to layout its digital art NFT collection market. At present, the acquisition amount has not been disclosed, which is estimated to be more than tens of millions of dollars.
UK EARL INTERNATIONAL AUCTION LTD was founded by UK EARL Group in 1886. With a history of 100 years, it is one of the oldest art auction houses in the world. EARL Group has many branches, including antique art auction houses, luxury goods, catering, hotels, entertainment clubs, clothing and so on.
The acquisition of REVA marks the official launch in NFT of UK EARL INTERNATIONAL AUCTION LTD.
In March this year, at Christie's auction house, artist Beeple's NFT digital art "Everydays - The First 5000 Days" sold to Metakovan for $69.34 million, creating the most iconic NFT moment. While refreshing the transaction record of digital art NFT, it also made the word NFT break into the public's view. This will undoubtedly be a decisive moment for the future of encryption art, and announce to the world that NFT is a force that can not be ignored.
Since then, the stars, artists and enterprises have created and launched their own NFT products, and digital art NFT has become one of the fastest application scenarios of NFT.
Although the total monthly sales of NFT market have fluctuated, according to nonfungible.com, the figure in the first half of the year has remained between $180 million and $2.1 billion. The total monthly sales of NFT market reached a record high of $3.7 billion on September 4 after rising steadily in late July. At present, $31 million of the total sales of NFT market comes from the sales of art assets. During this period, digital art markets such as OpenSea also gained prominence during this period. It is reported that as of August 2021, the trading volume of this market accounted for 98% of the trading volume of this market.
Art dealers and museums have noticed this and have begun to emulate the funds in this new market. Sotheby's and Christie's have successfully held many NFT auctions in the previous months. Sotheby's, Christie's and other giants in the traditional auction industry competed to enter the market and build their own digital art NFT collection platform. UK EARL INTERNATIONAL AUCTION LTD in this environment, joining NFT is the general trend, but also demonstrates its strong capital and international resources.
REVA is a technology company founded in the United States in 2019. Most of the team members are from Silicon Valley. The company mainly designs and operates NFT market, games and communities compatible with Ethereum. Different from general technology companies, REVA's main business has been in the high-end collection market of NFT since its establishment. REVA has led many digital art NFT auctions and launched rare high-end NFT works, which have won warm praise from customers and bidders from all walks of life. It has been invited to hold many offline NFT art gallery exhibitions in New York, becoming a force that can not be underestimated in the field of NFT. This also makes REVA's early rounds of financing reach more than 10 million. UK EARL INTERNATIONAL AUCTION LTD is interested in REVA, which has both technology and channels, and resolutely proposed the acquisition. It is reported that after this acquisition, REVA's management will continue to operate the company and focus on building UK EARL INTERNATIONAL AUCTION LTD's blockchain, NFT and P2E collaborative work and product distribution.
REVA plans to use the newly raised funds to develop its engineering team to continue to build REVA's NFT platform and establish more partnerships to launch the digital art (NFT) market of specific brands. NFT's operation mode is different from traditional e-commerce platforms such as Amazon and ebay, which may bring a new revolution in technology. REVA has set itself an ambitious goal, that is, to build a Metaverse open to Web3 and finance.
UK EARL INTERNATIONAL AUCTION LTD and REVA, as leaders of traditional auction houses and troublemakers in the field of NFT respectively, are looking forward to the upcoming acquisition.
