Despite the collapse of cryptocurrencies, some investors and visionaries are still determined to make the connection between the world of “physical” art, paintings or sculptures, and “blockchain”, the digital technology that promises violence.
Created by a former bank executive in Liechtenstein, Artesare’s proposal is very rich: a faithful reproduction of a painting is created, it is “cut” into small digital squares and NFTs (Non-Fungible Tokens, an asset) are created. Encrypted) Digital) Each coin costs 100 or 200 euros per coin.
The goal is to “democratize the arts,” Artesare founder Anada Schneider told AFP by videoconference.
“Not everyone has a million dollars or a million to invest. So I thought of creating a kind of mutual fund on the “blockchain”, “he explained.
The company began its journey last year and currently offers illustrators of Soviet nonconformist art, such as Oleg Tselkov and Semyon Okshetin.
Schneider bought the paintings of these artists and gave himself a maximum of 10 years to resell them on the market.
The idea is that the boards will increase in value over time, and so when they are sold, each NFT owner will collect their respective capital gains.
But what happens when a work of art loses its value or is destroyed?
“We are insured,” says Schneider. As for the devaluation, “I hope it never happens. We are subject matter experts. We know what we are doing,” he insisted.
The former banker does not give more details on his business plan and denies that his motives are purely speculative. He assures that his project is fully supported by the “Blockchain Act” approved by Liechtenstein in 2019.
The tax haven was one of the first regions in the world to adopt a specific law to regulate the world of “blockchain” and NFTs.
NFTs – a one-of-a-kind asset title for an intangible – are worth some $2.8 billion in the art world in 2021, according to a report by French firm Nonfungible.
A survey by the Art+Tech Reports site of more than 300 collectors in the first quarter of the year revealed that 21% started buying “calibrated” works of art via NFTs.
However, the art market has been rocked by scams involving the theft of cryptocurrencies and the counterfeiting of works of art saved via NFTs on the “blockchain”.
The problem is even more delicate with public works in museums or galleries.
The Italian Ministry of Culture recently announced that it was suspending plans to create an NFT due to a lack of legal clarity.
The statement comes after thirteen Italian museums signed contracts with Cinello, a company that has patented a system for digitally reproducing classic works of art.
Cinello creates accurate digital reproductions of works by masters such as Leonardo da Vinci, which they then sell in limited editions.
The company reproduces the images in high definition, full size, including a carbon copy of the image, using a technology called DAW.
Cinello has assured that it has already been able to digitize more than 200 works, and a recent decision by the Ministry of Culture has not changed its plans.
“We don’t sell NFTs,” Losi insists.
A computer engineer, Losi is skeptical of the connection between NFTs and the world of physical arts.
“I’m not saying NFTs are going to go away, but misused NFTs are,” he explains.
“To date, Italian museums have generated €296,000 in additional revenue (equivalent to 35,000 stamps) for Cinello,” says a company press release.