We advised the Temnikova & Kasela art gallery, based in Tallinn, Estonia, on the launch of their NFT (non-fungible tokens) project.
Artists Tommy Cash, Ilja Karilamp, Nik Kosmas and Katja Novitskova have teamed up with gallerist Olga Temnikova and NFT collector Edgar Aronov to create a line of artworks that form an ecosystem with independent value.
Each artist has created a number of artworks based on which genesis NFTs are minted. As a result of burning mutagen NFTs, the genesis NFTs containing the artworks will mutate into variations.
First NFT project in Estonia
NFTs—digital tokens tied to assets that can be bought, sold and traded— are a recent addition to the art scene. Collectors and speculators have spent more than USD 200 million on an array of NFT-based artwork, memes and GIFs in the past month alone, according to market tracker NonFungible.com, compared with USD 250 million throughout all of 2020. The project was the first of its kind in Estonia.
Valued experts in the field
Temnikova and Kasela Gallery is an Estonian art gallery run by gallerists Olga Temnikova and Indrek Kasela. The gallery has mediated Estonian art to the collections of Kiasma and Deutsche Bank, and to private collections in Russia, Finland, Austria and England. In 2015, Kris Lemsalu’s installation “Whole Alone 2” presented by Temnikova and Kasela was chosen as one of the five best exhibitions at the Frieze New York fair.
Our services and client team
We assisted the client with determining and regulating the parties’ rights and obligations.
Our client team included partner Kaupo Lepasepp, counsel Kärt Anna Maire Kelder and senior associate Olivia Kranich.