.svg)
Menu
One of the most common challenges when evaluating portfolios is undoubtedly the valuation of rare, unique, and/or illiquid assets. How can one assess an NFT that lacks any points of comparison? In the case we will examine today, it involves a historic collaboration between some of the greatest artists in the history of on-chain art. This piece serves as a quintessential example of a unique work with neither comparable references nor liquidity.
The First Supper is a homage to the Last Supper of Christ before his crucifixion. In the original artwork, Christ is depicted at the center of the table, surrounded by his 12 apostles.
In the First Supper, one of Hackatao's iconic characters takes the central position, symbolizing Christ, flanked by 12 other figures created by the collaborating artists, each rendered in their distinctive style.
While the Last Supper symbolized a final moment of sharing before separation, the First Supper conveys the opposite: the values of artists coming together and celebrating the beginning of their journey in the NFT space. The work carries a slightly irreverent and thoroughly modern tone, where every detail embodies the Web3, crypto, and avant-garde imagination of these trailblazing creators.
Name: First Supper
Minted on: Async Art
Mint date: 11/02/2020
Artists:
- Alotta Money
- BlackBoxDotArt
- Coldie
- Connie Digital
- Hackatao
- Josie Bellini
- MLIBTY
- Matt Kane
- Rutger Van Des Tas
- SHORTCUT
- TwistedVacancy
- VansDesign
- XCOPY
Number of Layers: 22
Owner: Metakovan
Assessing such a work is undoubtedly a never-ending conundrum due to the following factors:
1) It is a unique piece with no direct points of comparison.
2) The work has experienced no liquidity since its acquisition.
3) It represents an exclusive collaboration (one that has not occurred since).
A common approach is to consider offers to estimate what potential buyers might be willing to pay for the work.
However, this indicator is often below the true value of the asset, as bidders typically aim to secure a bargain.
In our case, the offers (as of December 5) are as follows:
- 0.0825 ETH ($321)
- 0.01 ETH ($39)
Given the reputation of each artist and the historical significance of the piece, it is easy to conclude that these offers cannot be considered representative of the artwork's true value.
The floor price, strictly speaking, is irrelevant for this type of artistic asset, as the floor of the collection encompasses all works ever minted through AsyncArt.
- Collection Floor (on OpenSea): 0.01 ETH
The artwork is not currently for sale, and thus we lack any indicator of the perceived value of the piece from its owner’s perspective.
In the absence of sales or other indicators mentioned earlier, the most reliable points of reference become the sale prices of 1/1 works by each of the artists.
Thus, it is essential to determine the average sale (or resale) price of 1/1 works for each artist across all marketplaces.
The values listed below correspond to the average sale prices of 1/1 works for each of these artists.
Alotta Money - $140,000
BlackBoxDotArt - $7,900
Coldie - $216,000
Connie Digital -$3,909
Hackatao - $246,000
Josie Bellini - $16,500
MLIBTY - $6,300
Matt Kane - $146,000
Rutger Van Des Tas - $1,900
SHORTCUT - $1,900
TwistedVacancy - $527
VansDesign - $1,900
XCOPY - $1,006,845
A straightforward evaluation would involve applying a basic average of the 1/1 market values for each of the participating artists, resulting in an estimated value of approximately $140,000.
However, we know that the inclusion of certain artists significantly impacts the value of the artwork, driving its price upward—particularly artists like XCopy, Hackatao, or Alotta Money. To account for the importance collectors place on these artists' participation, a weighting system must be applied to each artist to produce a more refined valuation.
This weighting is based on several factors, including the artist's influence on social networks, the liquidity of their works, and more. Once the weightings are applied, the estimated value rises to approximately $450,000.
By incorporating necessary safety margins, the final valuation for the First Supper as of December 2024 falls within a range of $400,000 to $550,000.
Finally, it is important to note that this evaluation is purely an estimation, which must ultimately be tested against the realities of the market to be confirmed or refuted.