NXTdrop is a fractionalized oil painting created on the NXT blockchain on May 14, 2014. It is the only known art or NFT type asset on the NXT blockchain and is understood to represent shares of ownership in a physical 18x24 inch oil painting which primarily depicts the NXT blockchain logo. The artist and creator, who goes by the name theironman, claimed at the time that it was the world’s first fractionalized painting offered in the world's first initial painting offering (IPO). The painting exists entirely offline and no digital version was associated with the token. The exact manner in which the NXTdrop tokens can be redeemed for the physical painting isn't defined. According to the developer, the original physical painting is held in his personal collection and is ready to be shipped to an art gallery or museum.
NXT is an open-source Proof of Stake (POS) blockchain that was launched on Nov 24, 2013. It has a built-in decentralized asset exchange and supports creating icustom tokens, which makes it a versatile platform for various use cases such as crowdfunding and digital asset management. Despite the fact that NXT blockchain has dozens of assets, NXTdrop is the only known art or NFT type asset.
The NXTdrop token was created on May 14, 2014, and what is claimed to be the world's first initial painting offering (IPO) occurred on May 25, 2014. Offered at 1 NXT per share, it quickly sold out by the next day. The official description provided under the NXTdrop asset description reads:
"“NXTdrop” is the worlds first decentralized oil painting. To have an possibility to follow this paintings value in realtime and to have it as an decentralized asset; is totally a new concept in the world of fine art. I am looking forward to ship this painting over to the NXT-team to take it in a very public places and to take a good care of it. Hopefully, some day, it will find its way to a nice (modern art) museum. More info available in: http://nxtdrop.blogspot.fi/"."
The NXTdrop oil painting was presented at PayExpo in London, UK from June 11-12, 2014. This remains the only time that the actual painting was seen in a public event.
NXTdrop was rediscovered in November 2021 and the small portion of the supply available on the native NXT exchange was quickly bought by collectors. Since then, holders have been hoping that Emblem Vault would integrate with NXT in order to give the majority of collectors who are mostly familiar with collecting assets on Ethereum and OpenSea access.
Supply and rarity
There are 100,000 NXTdrop shares in total with many likely being lost in old wallets. The few available on the NXT exchange were quickly bought by collectors after the initial rediscovery.