Artmarket.com: Classify NFT-related works into 4 types Artmarket.com: Classify NFT-related works into 4 types

AsiaNet 94634

[Paris February 28, 2022 PR Newswire] According to the Collins English Dictionary, NFTs are "the only digital certificates registered on the blockchain used to record asset ownership such as works of art and collectibles." In fact, non-fungible tokens can specify a wide variety of assets (art works, musical works, fashion accessories, etc.), whether tangible or intangible. These things seem to raise typographical issues not only to collectors but also to legislators.

Cherry Ehrmann, CEO of Artmarket.com and founder of the company and its Artprice division, said: "NFT-related technology opens up new artistic perspectives and attracts a wide range of artists and projects. From the drop that joins in the wallet started by @muratpak to the NFT of the British Museum created by @LaCollectionOff. Until now, NFTs have brought new art pieces to life, making it possible to duplicate works that have been loved and appreciated by people in the digital world. "

When there is no physical work

Originally, NFTs were designed to show ownership of digital works that can be copied endlessly between computers. All of Beeple's Instagram posts can be stored on your smartphone, but in fact NFTs are owned by only one person (or a very limited number of people).

As a result, images of digital works can be freely distributed on the Internet, but artists and collectors can control their ownership. In the case of Pak and Mad Dog Jones, the exhibition requires a display because the work does not have a mission to exist in the real world.

When it is possible to create a physical work

When Beeple's work was sold at record highs in Christie's in March 2020, painter David Hockney (1937) lamented Beeple's The First 5,000 Days not in "reality." .. Beeple said on Twitter, "I see. It's magical to print a work and it's magical. Nobody told me!" He also said, "I want to do my best. Which printer would you recommend? You have a budget of $ 69 million."

Behind this ironic exchange is the demand for physical works of NFT works. A recent article in The Wall Street Journal describes this demand as follows: NFT art that exists in the digital world. Collectors want to decorate their works on the wall. Digital work owners feel that swiping images of many works on their smartphones, laptops, etc. is not enough (Kelly Crow, February 2, 2022).

https://www.wsj.com/articles/nfts- hang-digital-art-real-life-11643761088

Already, Samsung and Infinite Objects offer elegant solutions that allow you to view your digital work in the living room. Beeple himself finally agreed to add digital prints to the NFT.

If a physical work exists and is available for purchase

In the digital world, paintings, sculptures, photographs and installations can be replicated with NFT technology, and NFTs and physical works can co-exist and be purchased separately. However, this duality raises some questions regarding the relationship between the works.

In March 2021, a group called Burnt Banksy, backed by the Injective Protocol, incinerated Banksy's work purchased for $ 95,000. At the same time, he made a digital copy associated with the NFT and immediately resold it on OpenSea for $ 380,000. These acts have a clear purpose of transferring the work and its value to the digital world and are prohibited by law. They seem to think that the value of NFT copies is always inferior to the original work. They came up with a way to solve the paradox by destroying the original and to add a lot of value at the same time by using radical and illegal means.

If the physical work exists but cannot be purchased

Finally, we will discuss the technical acquisition of ownership of digital copies of masterpieces owned by some of the world's leading museums. Major museums such as the Uffizi Gallery in France and the Hermitage Museum in St. Petersburg embarked on these adventures.

The British Museum in London has also begun selling some of its collections in NFT format via the LaCollection.io platform. Even if you haven't seen the Parthenon freezes and Rosetta Stone NFTed works yet, the British Museum and LaCollection.io platforms will feature digital collectors centered around works such as Hokusai and JMW Turner. Building a targeted community has already begun.

"Purchasing an NFT for sale by the British Museum will help the museum and mean a new experience as a collector, and will contribute to the dawn of the Metaverse in the history of art. It will also be. "

https://www.artprice.com/artmarketinsight/the-british -museum-offers-certified-nfts-of-works-by-jmw-turner

Image: [https://imgpublic.artprice.com/img/wp/sites/11/2022/02/Schema-NFT-EN.jpg]

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