The company proposes to sell works in pieces using Blockchain technology

Despite the collapse of cryptocurrencies, some investors and visionaries are still determined to establish a link between the world of “physical” art, paintings or sculptures, and “blockchain”, the digital technology that promises violence.

Created by a former bank executive in Liechtenstein, Artesare’s proposition is very rich: a faithful reproduction of a painting 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 founder Anada Schneider told AFP by video conference.

“Not everyone has a million dollars or a million to invest. So I thought of creating a kind of blockchain investment fund,” he explained.

The company started its journey last year and currently features illustrators of Soviet maverick 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, so 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’re insured,” says Schneider. And as for the devaluation, “I hope this never happens. We are experts in this. We know what we are doing”, he insisted.

The former banker does not elaborate on his business plan and denies that his motives are purely speculative. He claims 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.

NFTs, a unique asset title for an intangible asset, represent about $2.8 billion in the art world by 2021, according to a balance sheet by French company Nonfungible.

A survey conducted by the website Art+Tech Reports of more than 300 collectors in the first quarter of the year revealed that 21% have started buying “calibrated” artworks using NFT.

However, the art market has been rocked by scams involving the theft of cryptocurrencies and the forgery of artwork registered using 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 system for digital reproduction of classical works of art.

Cinello creates accurate digital reproductions of works by masters such as Leonardo da Vinci, which are then sold in limited editions.

The company plays back high-definition, full-size frames, including a faithful copy of the frame, using a technology called DAW.

Cinello has assured that he has already been able 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,” insists Losi.

A computer engineer, Losi is skeptical about the link between NFTs and the world of physical arts.

“I’m not saying NFTs are going away, but NFTs being misused are,” he explains.

“So far, the Italian museums have generated additional income of 296,000 euros (equivalent to 35,000 stamps) for the Cinello,” explains a press release from the company.

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