Irreplaceable icons timidly advance in the art world – today 24

Unusable tokens, digital tokens based on the same technology as cryptocurrencies, are still emerging, but investors, both veterans and newbies, are trying to introduce them to the art world.

The Artiseri group, created by Anaida Schneider, who worked at a bank in Liechtenstein, proposes, for example, dividing a board into small square sections, each linked by a non-replaceable symbol known as “NFT”.

Each symbol of this type, which acts as an electronic property title, is sold at a price that ranges between $100 and $200, which allows, according to the owner of this initiative, “to populate art.”

“Not everyone has $100,000 or $1 million to invest,” Schneider told AFP. Hence the idea of ​​creating this mutual fund, which allows investing in a true work of art, based on blockchain technology.

This technology, known as “blockchain” in English, serves as vast digital records shared by a large number of users without central administration and is not falsifiable. This technology became known due to the popularity of the cryptocurrencies on which it is based.

Founded last year, Artessere presents artworks from notable names in nonconformist Soviet art, such as Oleg Tselkov (1934-2021) and Shimon Okstein (1951-2020).

The group intends to preserve these artifacts for up to ten years before reselling them on the market, as long as the profits are distributed to the owners of these digital tokens.

But what happens if the piece loses its value or is damaged, for example?

Artiseri fortified himself with an insurance contract, says Schneider. As for the risk of deterioration, “it will not happen. We are experts and we know very well what we do”.

This former bank employee denies that speculation is the only objective of this project, which fully respects the law adopted on blockchain in Liechtenstein in 2019.

This tax haven was one of the first countries to pass a special law to regulate activities based on this technology.

A survey of more than 300 fans collected in the first quarter of the year by the “Art+Tech Report” website showed that approximately 21 percent of them had started buying a non-fungible token that was part of a work of art.

These icons of the art world were worth a total of about 2.8 billion dollars in 2021, according to the French company “NonFungible”.

However, the ambiguity that still surrounds the rights to non-transferable symbols along with works of art discourages many museums from entering this field.

In Italy, known for its rich artistic heritage, the Ministry of Culture announced the suspension of its projects with symbols that cannot be exchanged for masterpieces due to the legal uncertainty of this issue.

Cinello has signed contracts with Italian museums to sell digital copies of their art treasures.

However, digital tokens are just one option among the wide range of options that Chinilo offers.

The company sells a high-resolution electronic version of the artwork in a computer case delivered to the buyer that connects to an artifact-sized screen surrounded by a handmade bezel that mimics the original work.

This digital version is equipped with a code system and comes with a certificate of authenticity that can be supplemented with a non-replaceable code if the buyer wishes.

Cinello has digitized 200 works of art, including works by masters such as Leonardo da Vinci. He confirms that these copies have generated some 296,000 euros for the Italian partner museums.

The founder of “Cinello”, information engineer Francesco Luzzi, remains conservative about the possibilities of promoting irreplaceable symbols in the art world.

“I’m not saying non-fungible tokens are going to go away,” he explains, but many of them “are not being used properly.”