Despite the collapse of cryptocurrencies, some investors and visionaries are still determined to make a connection between the world of “physical” art, paintings or sculptures, and “blockchain”, the digital technology that promises violence.
Created by a former bank director in Liechtenstein, Artesare’s offer is very rich: a faithful reproduction of a picture is created, it is “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,” Artesare’s founder, 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 “blockchain” mutual fund, he explained.
The company began its journey last year and currently features illustrators of Soviet non-conformist art such as Oleg Tselkov and Semyon Okshetin.
Schneider buys the paintings of these artists and gives 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 sold, each NFT owner will collect their respective 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’re doing,” he insisted.
The former banker did not give further details about his business plan and denied that his motives were purely speculative. He ensures that his project is fully supported by the “Blockchain Law” 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.
The NFT — a one-of-a-kind asset title for an intangible asset — will account for about $2.8 billion in the art world in 2021, according to the balance sheet of French company Nonfungible.
A survey conducted by the website Art+Tech Reports among more than 300 collectors in the first quarter of the year revealed that 21% have started buying “calibrated” artworks through NFT.
However, the art market has been rocked by scams involving cryptocurrency theft and counterfeiting of artwork registered via NFTs on the “blockchain”.
The problem is even more delicate with works that are in the public domain in museums or galleries.
The Italian Ministry of Culture recently announced that it was suspending its projects to create NFTs due to a lack of legal clarity.
The announcement came after thirteen Italian museums signed contracts with Cinello, a company that has patented a system for the digital reproduction of 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 footage, including a true copy of the frame, using a technology called DAW.
Cinello assured that he has already managed to digitize more than 200 works and a recent decision by the Ministry of Culture has not changed his plans.
“We don’t sell NFTs,” Losey insists.
A computer engineer, Losey is skeptical of the connection between NFT 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 marks) for Cinello,” explained a company press release.