NFT at the heart of a legal vagueness that is bringing the art world back

While the smell of sulfur hangs over the world of cryptocurrencies, some investors are looking to introduce NFTs to the world of art galleries and museums. Virtually cutting a painting into small squares, each associated with an NFT: this is what Artessere proposes, a company created by Anaida Schneider, a former banker from Liechtenstein.

Each NFT, a kind of electronic ownership certificate, is sold for 100 to 200 euros, which, according to the latter, allows “Democratize art”. “Not everyone has $ 100,000, or a million, to invest. Hence the idea of ​​creating a sort of mutual investment fund “ making it possible to invest in very real work based on blockchain technology, he told AFP.

Artessere began last year and offers works by representatives of non-conformist Soviet art, such as Oleg Tselkov (1934-2021) and Shimon Okshteyn (1951-2020). According to Anaida Schneider, Artessere plans to keep the paintings for up to ten years before reselling them on the market. The added value will then be shared between the NFT owners of the paintings.

But what happens if the work loses its value, or if it is destroyed? “We are insured”says Schneider. As for the possible loss of value, “We think it won’t happen. We are experts. We know what we are doing “, she says.

The former banker denies that his goal is purely speculative and assures that his project fully complies with the blockchain law, adopted by Liechtenstein in 2019. The principality and tax haven was one of the first countries in the world to pass a specific law for supervise activities based on this technology.

According to a survey conducted in the first quarter by Art + Technology relationship of over 300 collectors, about 21% had started purchasing NFTs that represent a fraction of a work of art. NFTs in the art world represented a cumulative value of about $ 2.8 billion in 2021, according to a report by French firm NonFungible.

However, the vagueness that still surrounds the rights attached to an NFT tied to a work of art dissuades public museums from exploiting the vein. In Italy, where the artistic heritage is immense, the Ministry of Culture has declared to suspend its NFT creation projects related to works of art, due to lack of legal certainty.

A digital Leonardo da Vinci

The Cinello company has signed contracts with Italian museums for the sale of digital reproductions of their artistic treasures. But the associate NFT is just an option offered to the buyer, Cinello points out, eager to stand out from the general excitement.

Cinello sells a high definition digital reproduction of the work, contained in an electronic box given to the buyer. This case is connected to a screen the size of the work, surrounded by a handcrafted frame that reproduces the original frame.

The digital reproduction is protected by a system of codes and accompanied by a certificate of authenticity which can, if necessary and if the buyer requests it, be integrated by NFT. Cinello indicates that it has already digitized 200 works, including those by illustrious masters such as Leonardo da Vinci, and claims that his reproductions have already provided € 296,000 in revenue to Italian partner museums.

In general, Cinello’s founder, IT engineer Francesco Losi, is still skeptical about the potential of NFTs in the field of art. “I’m not saying NFTs will go away”, he told AFP, but many are “Used incorrectly”.

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