Despite the collapse of cryptocurrencies, some investors and visionaries are still determined to create a link between the world of “physical” art, paintings or sculptures, and “blockchain”, the digital technology that promises violence.
Created by a former banking executive in Liechtenstein, Artesare’s proposition is very rich: a faithful reproduction of a painting is created, “cut” into small digital squares and NFTs (Non-Fungible Tokens, an asset) are created. Encrypted) Digital) Each piece costs 100 or 200 euros per piece.
The goal is to “democratize the arts”, the founder of Artesare, Anada Schneider, told AFP via video conference.
“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 non-conformist Soviet 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 paintings will gain value over time, and therefore, when they are sold, each NFT owner will collect the corresponding capital gains.
But what happens when a work of art loses value, or is destroyed?
“We’re insured,” says Schneider. And as for the devaluation, “I hope that never happens. We are experts at this. We know what we are doing,” he insisted.
The former banker does not give further details about his business plan and denies that his motives are purely speculative. He ensures that his project is fully supported by the “Blockchain Act” adopted by Liechtenstein in 2019.
The fiscal 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 special title of an asset type for an intangible asset – represent about 2.8 billion dollars in the art world in 2021, according to a balance sheet by the French company Nonfungible.
A survey conducted by the website Art+Tech Reports among more than 300 collectors in the first quarter of the year found that 21% have started buying “calibrated” artworks via NFTs.
However, the art market has been rocked by scams involving the theft of cryptocurrencies and the forgery of artworks registered via NFTs on the blockchain.
The problem is even more subtle with public works in museums or galleries.
The Italian Ministry of Culture recently announced that it was suspending its projects to create an NFT due to a lack of legal clarity.
The announcement came after thirteen Italian museums signed contracts with Cinello, a company that has patented a digital reproduction system for classical 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 high-definition, full-size frames, including a true copy of the frame, using a technology called DAW.
Cinello 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,” insists Losi.
A computer engineer, Losi is skeptical about the connection between NFTs and the world of physical arts.
“I’m not saying NFTs are going away, but misused NFTs are going away,” he explains.
“To date, Italian museums have generated €296,000 in additional revenue (equivalent to 35,000 stamps) for Cinello,” explains a company press release.