Reddit’s New NFT Marketplace Already Has More Users Than OpenSea, and Other News

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Examples of Reddit avatars. Image courtesy of Reddit

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Reddit’s newly launched NFT marketplace already has more users than OpenSea.

“Quietly, and seemingly overnight, Reddit has become one of the biggest crypto-art marketplaces—and it did so by avoiding the acronym NFT.  Earlier this month, Reddit CPO Pali Bhat revealed that 3 million users have created Vaults—the site’s name for a blockchain wallet—since the company launched the product this summer. Of those, an estimated 2.5 million were set up to purchase Reddit’s own Avatars—the site’s name for profile picture-style NFTS—he explained. That means that Reddit, which just formally entered the crypto-collectible space this summer, already has more users than OpenSea, one of the most established NFT platforms, has active accounts.” [H/T Artnet News]

The Bronx Museum of the Arts will undergo a $26 million renovation by Marvel.

“New York City’s Bronx Museum of the Arts today revealed the schematic design for the planned $26 million rehabilitation of its Grand Concourse entrance. Scheduled to be completed by 2025 and jointly funded by the city and state, the renovation will mark the fiftieth anniversary of the institution, New York’s only contemporary art museum that is free to visitors year-round. The restoration is being done by New York—and San Juan, Puerto Rico–based urban architecture firm Marvel, under the guidance of the New York City Economic Development Corporation on behalf of the New York City Department of Cultural Affairs. Marvel’s plan calls for the integration of the museum’s south and north wings via what a press release characterized as a ‘unifying architectural language.’” [H/T Artforum]

Francis Gallery in Los Angeles. Photography by Rich Stapleton

Francis Gallery’s newly opened L.A. outpost draws influence from Korean design.

Francis Gallery showcases contemporary art against a backdrop that’s subtly influenced by what founder Rosa Park describes as “Koreanness.” Located on Melrose Avenue, the arts space offers a beautifully spare experience—all wooden floorboards, white walls, and clean lines. But it sets itself apart from the trad white cube aesthetic by embracing Korean aesthetics. The outdoor space is a take on traditional hanok courtyards, and the striking curved wall at the centre of the gallery gestures to the white porcelain moon jars made in the country in the 15th century.” [H/T The Spaces]

Zegna is acquiring high-end fabric makers in a push to move the brand upmarket.

“Italian luxury menswear company Ermenegildo Zegna is planning to acquire high-end fabric makers as it looks to step up growth in the upper range of the menswear industry, chief executive officer Gildo Zegna said. The fashion house, which already manufactures some of its own fabrics, knitwear and yarns, last year bought Italian cashmere maker Filati Biagioli Modesto along with Prada SpA. Zegna also acquired a majority stake in Tessitura Ubertino, a northern Italian tweed and jacquard fabric specialist. The moves could help Gildo Zegna, 67, pull off the ambitious transformation of a 112-year-old family-run menswear company into a modern, high-end leisurewear brand.” [H/T Business of Fashion]

425 Park Avenue by Foster + Partners in New York. Photography by Nigel Young

Foster + Partners finishes the long-awaited 425 Park Avenue skyscraper in New York.

“Foster + Partners has completed a skyscraper in New York, which is the ‘first full-block office building’ to be built on Park Avenue in more than 50 years. The highly anticipated 47-storey tower, named 425 Park Avenue, occupies a plot alongside landmarks including Ludwig Mies van der Rohe’s Seagram Building and Lever House by SOM. Designed to push ‘the boundaries of workplace design,’ it features double-height planted terraces as well as an external structure that gives rise to column-free interiors. Alongside private office spaces, its 860-foot-tall form incorporates a number of public spaces including a triple-height lobby, a restaurant, and a showroom.” [H/T Dezeen]

Perrotin will soon open its first Middle East gallery within a tax-free zone in Dubai.

“Perrotin will open a space in Dubai this November, its first in the Middle East. The gallery also has locations in New York, Hong Kong, Shanghai, Seoul and Tokyo. The 1,076-square-foot space will be located in the Dubai International Financial Centre, an autonomous economic zone in the city center that lets businesses based there pay zero taxes on corporate income and profits, or import and export duties. Other art businesses set up in this area or nearby include Sotheby’s, Christie’s, and Opera Gallery. These businesses are not fully exempt from a new 9 percent corporate tax hike in the United Arab Emirates, set to begin in June 2023. However, the UAE’s Ministry of Finance will honor the corporate tax holiday offered to free zone companies—typically 50 years in the case of DIFC—provided they do not conduct business in mainland UAE.” [H/T The Art Newspaper]

Orbital Assembly’s space hotel. Image courtesy of Orbital Assembly

Today’s attractive distractions:

You may be able to stay in Orbital Assembly’s space hotel as early as 2025.

This new Black-owned condom brand provides no-nonsense wellness tips.

TikTokers are taking the art of the scathing restaurant review to the next level.

Andy Warhol’s former New York City building is heading to the auction block.

All Stories