Despite the collapse of cryptocurrencies, some investors and visionaries are still determined to make 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 proposal is very rich: a faithful reproduction of a painting is created, it is “sliced” 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”, Artesare’s founder, Anada Schneider, told AFP via 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 non-conformist 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 their respective capital gains.
But what happens when a work of art loses value, or is destroyed?
“We are insured,” says Schneider. And as for devaluation, “I hope that never happens. We’re experts at this. We know what we’re 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” approved by Liechtenstein in 2019.
The tax haven was one of the first regions in the world to pass a specific law to regulate the world of “blockchain” and NFTs.
NFTs—a one-of-a-kind asset title for an intangible asset—represent some $2.8 billion in the art world in 2021, according to a balance sheet by French company Nonfungible.
A survey conducted by the Art+Tech Reports website among more than 300 collectors in the first quarter of the year revealed that 21% have started buying “calibrated” works of art via NFTs.
However, the art market has been rocked by scams involving the theft of cryptocurrencies and counterfeiting works of art registered via NFTs on the “blockchain”.
The problem is even more delicate with publicly owned 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 statement 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 frames in high definition, at full size, 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,” Losi insists.
A computer engineer, Losi is skeptical of the link between NFTs and the world of physical arts.
“I am not saying that NFTs are going away, but misused NFTs are,” he explains.
“To date, Italian museums have generated €296,000 in additional revenue (equivalent to 35,000 stamps) for the Cinello,” explains a company press release.