Sorainen has advised Tallinn-based Temnikova & Kasela art gallery on a non-fungible token project.
Temnikova and Kasela Gallery is an Estonian art gallery run by gallerists Olga Temnikova and Indrek Kasela.
According to Sorainen, “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.”
According to the firm, “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.”
Sorainen’s team included Partner Kaupo Lepasepp, Counsel Kart Anna Maire Kelder, and Senior Associate Olivia Kranich.