The ailing art NFT market received a dose of good news this week as contemporary Chinese artist Yue Minjun’s debut NFT collection, “Kingdom of the Laughing Man: Boundless,” was snapped up in a mere two hours on the LiveArt Web3 platform.

Launching his collection of 999 digital pieces at a price point of $700 each on, Yue, one of China’s most esteemed living artists, saw the value of his collection surpass the $1 million mark within the first hour. According to Boris Pevzner, LiveArt’s CEO and co-founder, “Yue Minjun’s entry into Web3 is a landmark moment, showcasing the potential when traditional artists embrace the digital frontier with our guidance.”

As the week unfolds, aficionados of Yue Minjun’s work can anticipate the unveiling of the collection’s final pieces. Adding to the allure, a select few buyers might find themselves in possession of one of the five rare NFTs that are accompanied by a print bearing the artist’s signature.

Vincent Harrison, the founder of iv gallery and a partner at LiveArt, noted that “collectors have the chance to acquire a signed print of their NFT for $1,800. Given Yue Minjun’s auction track record, this presents an unparalleled collecting prospect.”

This initial triumph marks the beginning of a series of releases within the “Kingdom of the Laughing Man: Boundless” collection, encompassing 3D animated art and culminating in an Interactive Immersive Experience.