Ink master Qi Baishi's first NFT piece to be auctioned

One of Chinese ink painting master Qi Baishi's artwork has been digitalized and turned into an NFT (non-fungible tokens) art piece. It will be auctioned at a hotel in Shanghai on December 31.

Qi's ink painting Shrimps was created in 1945 when the modern master, who was known for his painting of shrimps and insects, was 81. The collector of Shrimps got permission from Qi's family to digitalize the work and posted it on social media platform Sina Weibo.

TopHolder, an art platform dedicated to NFT art, turned the piece together with netizens' comments into an NFT work. It will be auctioned with other NFT artworks by Shanghai Jiahe Auction in Shanghai on December 31.

According to Shanghai Jiahe Auction, the original ink painting by Qi is worth tens of millions of yuan and its NFT work is estimated at between 300,000 yuan ($47,100) to 800,000 yuan. It's the first NFT artwork of Chinese ink paintings.

As one of the most well-known ink artists of the 19th and 20th centuries, Qi's ink paintings often fetch tens of millions of yuan at auction houses. He is also regarded as one of the most expensive modern Chinese ink painters.