Sygnum Bank and Artemundi have created NFT (Non-fungible token, in French) representing part of a Picasso painting. To become one of the owners of the painting, you have to pay
What if buying a Picasso painting using the blockchain became possible?
Sygnum Bank and Artemundi have created NFT (Non-fungible token, in French) representing part of a Picasso painting. To become one of the owners of the painting, you have to pay $ 6,000.
The affected table is “The Girl with a Beret“, Sold in 2016 at 3.68 million dollars. This 1964 oil painting will be sold through digital tokens issued via technology blockchain. It is indeed the property of the painting which is sold, and not the painting itself, which is kept in a secure establishment.
AT 6,000 dollars the fragment of painting, this would theoretically allow more than 600 people to have access to the Picasso work. According to Javier Lumbreras, partner of Artemundi, “Artistic and cultural objects of universal appeal, once reserved for an elite group of collectors or museums, can now be owned securely and directly without having to endure high barriers to entry.”He adds that the current art market is opaque and inefficient, but that those days will soon be over.
The NFT can only be purchased by sophisticated or institutional investors via the Swiss bank Sygnum Bank. A second exchange via SygnEx, the bank’s digital asset trading platform, is required to complete the transfer of ownership. Each transaction is carried out in Swiss Franc (CHF) with the stablecoin DCHF, the first digital version of the currency. The property will be recognized by Swiss law.
Blockchain: a revolution in the art market?
The art market is not at its first attempt with the crypto universe. In June, Sotheby and Mira Imaging wanted to auction the painting “The painter and his model”By Picasso in the form of NFT based on Ethereum (ETH). This project ended in failure since the painting was sold without using the technology blockchain. The second, “The Burned Picasso”By the artist collective Unique.One Community consists in burning a painting by the painter to transform it into digital tokens. The auctions are online for the next two weeks with a starting price of 0.25 ETH or around $ 500.
Becoming the owner of a fragment of a Picasso painting is now possible thanks to the NFT. The art market is undergoing a digital transformation and continues to democratize.
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