NFTs? No, Wes Lang Is Dropping F.A.T.s
If you're confused by NFTs don't expect to find any relief in Wes Lang's new line of digital collectibles. Dubbed "F.A.T."s by his partner, Project MIDAS, Lang's NFTs purport to offer collectors a more concrete piece of the art world pie.
Backed by some tastemaking investors, Project MIDAS bills itself as "premium asset management using blockchain technology" and specializes in something called a C.A.T., a "Certified Asset Title." These C.A.T.s are basically authenticity certificates tied to the blockchain, which establish pedigree for luxury goods from the manufacturing process down to each point of sale.
Project MIDAS also creates F.A.T.s, or Fractionalized Asset Titles, which slice up expensive assets into more affordable pieces.
The practice of fractional art ownership is relatively old hat for the art biz, with companies like Masterworks, Artsquare, and Artopolie already providing similar services but Project MIDAS distinguishes itself by being entirely blockchain-centric.
In a sense, F.A.T.s are a heightened NFT, similarly partitioned but distinct in that Project MIDAS promises ample benefits.
For instance, everyone who's owned an NFT earns a share of royalties in perpetuity when that digital work is sold; Project MIDAS' F.A.T.s are tied to physical artworks and their real-world sales will benefit all investors.
American artist and former Ye collaborator Wes Lang is the first major artist to jump into MIDAS' world, parceling out three of his signature Americana-steeped artworks for the debut offering.
With shares ranging in price from $350 to $900, the Wes Lang F.A.T.s — limited to 100, up to 25% of each piece — are relatively affordable considering that even Lang's screenprinted editions can go for over $1,000 at auction. Buyers will actually receive stake in Lang's original compositions and they can get in with their credit cards, no digital wallet required.
MIDAS will retain majority stake in the works as it manages the "Wes Lang Metaverse" which is a pretty funny combination of words. Really, anything + "Metaverse" will take some getting used to but, hey.
Wes Lang F.A.T. owners will also enjoy early access to future Lang NFT offerings, physical merch drops, and a series of monthly Airdrops of "new and animated digital" iterations of the art they've purchased, though the big prize is a guaranteed chunk of the real artworks' sale price.
Complicated enough? Visit Project MIDAS' website for the full briefing and to RSVP for an in-person "minting" experience at BAIT's Los Angeles store that goes down on December 28, where any lingering questions can be sorted out.
