Artmarket.com: Four Types of Works Associated with NFTs
PR94634
PARIS, Feb. 22, 2022 /PRNewswire =KYODO JBN/ --
According to the Collins English Dictionary, an NFT is “a unique digital
certificate, registered in a blockchain, that is used to record ownership of an
asset such as an artwork or a collectible”. In reality, non-fungible tokens can
designate a wide variety of assets (works of art, pieces of music, fashion
accessories, etc.) that may be tangible or intangible, and some of these appear
to be posing typological problems for collectors as well as for legislators.
According to thierry Ehrmann, CEO and Founder of Artmarket.com and its Artprice
department, “The technology surrounding NFTs has opened up completely new
artistic perspectives attracting a wide range of artists and projects. From the
drops initiated by @muratpak which combine inside our wallets, to the British
Museum NFTs minted by @LaCollectionOff, NFTs have given birth to new works of
art and made it possible to duplicate works that we already love and treasure
in the digital sphere”.
Where a physical work does not exist
Originally, NFTs were designed to indicate ownership of digital works that can
travel from one computer to another and be copied endlessly. We can all save a
work by Beeple posted on Instagram on our smartphones; however only one
individual (or a very limited number) actually owns the NFT.
As a result, the image of a digital work can circulate freely on the Internet,
while the artist and collectors retain control over its ownership. In the case
of Pak or Mad Dog Jones, the works have no vocation to exist in the real world,
because no support lends itself better to their display than a screen.
Where a physical version could be created . . .
After with the record price recorded by Beeple at Christie's in March 2020, the
painter David Hockney (born in 1937) regretted that Beeple’s The First 5,000
Days does not ‘really’ exist. To which Beeple replied via twitter, “OK well
nobody told me you need to print them out to magically turn them into art!! !
and he continued… “Guys I really wanna go legit, looking for printer
recommendations.. budget is $69 million”
Behind the ironic nature of this exchange, there lies a genuine demand for a
physical counterpart to NFTs. This need was recently the subject of an article
in the Wall Street Journal: NFT Art Exists in the Digital World. Collectors
Want to Put Them on the Wall. Swiping through a vast inventory of images on a
cell phone or laptop isn't doing it anymore for digital art owners (Kelly Crow,
2 February 2022)
https://www.wsj.com/articles/nfts- hang-digital-art-real-life-11643761088
Already, Samsung and Infinite Objects are offering elegant solutions enabling
the display of digital works in our living rooms, and Beeple himself has
finally agreed to accompany his NFTs with digital print-outs.
Where a physical work exists and can also be acquired
NFT technology also makes it possible to duplicate the property of a painting,
a sculpture, a photo or even an installation in the digital universe in such a
way that the NFT and the physical work coexist and can be purchased separately.
However, this duality raises several questions as to the links between them.
In March 2021 the BurntBanksy collective, backed by Injective Protocol, burned
a Banksy print, acquired for $95,000, and, at the same time, minted a digital
copy with an associated NFT which it immediately resold on OpenSea for
$380,000. This operation, prohibited by law, very clearly aimed to transfer the
work and its entire value into the digital universe: in the eyes of the
collective, the value of the NFT copy would have always remained subordinate to
that of the original work. By destroying the latter, they found a radical and
illegal solution to resolve a paradox and simultaneously add a lot of value.
Where the physical work exists but cannot be acquired
Lastly, it is now technically possible to acquire the ownership of digital
copies of masterpieces belonging to the world’s most prestigious museums. Some
major institutions, such as the Uffizi Museum in Florence and the Hermitage
Museum in Saint-Petersburg have embarked on this adventure.
London’s British Museum has also started selling several pieces from its
collections in the form of NFTs via the LaCollection.io platform. Although you
won’t yet find NFTized versions of the Parthenon Friezes or the Rosetta Stone,
the museum and the LaCollection.io platform has already begun to build a
community of digital collectors around works by Hokusai and JMW Turner:
“Acquiring an NFT issued by the British Museum is a way of supporting the
institution, living a new experience as a collector and contributing to Art
History’s initial exploration of the Metaverse.”
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]
Copyright 1987-2022 thierry Ehrmann www.artprice.com - www.artmarket.com
- Don’t hesitate to contact our Econometrics Department for your requirements
regarding statistics and personalized studies: econometrics@artprice.com
- Try our services (free demo): https://www.artprice.com/demo
- Subscribe to our services: https://www.artprice.com/subscription
About Artmarket:
Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and
Euroclear: 7478 - Bloomberg: PRC - Reuters: ARTF.
Discover Artmarket and its Artprice department on video: www.artprice.com/video
Artmarket and its Artprice department was founded in 1997 by its CEO, thierry
Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur,
created in 1987.
See certified biography in Who's who (C):
Biographie_thierry_Ehrmann_2022_WhosWhoInFrance.pdf
Artmarket is a global player in the Art Market with, among other structures,
its Artprice department, world leader in the accumulation, management and
exploitation of historical and current art market information in databanks
containing over 30 million indices and auction results, covering more than
770,000 artists.
Artprice by Artmarket, the world leader in information on the art market, has
set itself the ambition through its Global Standardized Marketplace to be the
world's leading Fine Art NFT platform.
Artprice Images (R) allows unlimited access to the largest Art Market image
bank in the world: no less than 180 million digital images of photographs or
engraved reproductions of artworks from 1700 to the present day, commented by
our art historians.
Artmarket with its Artprice department accumulates data on a permanent basis
from 6300 Auction Houses and produces key Art Market information for the main
press and media agencies (7,200 publications). Its 5.4 million (‘members log
in'+social media) users have access to ads posted by other members, a network
that today represents the leading Global Standardized Marketplace® to buy and
sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3
of Article L 321.3 of France's Commercial Code).
Artmarket with its Artprice department, has been awarded the State label
“Innovative Company” by the Public Investment Bank (BPI) (for the second time
in November 2018 for a new period of 3 years) which is supporting the company
in its project to consolidate its position as a global player in the market art.
Artprice’s 2020/21 Contemporary Art Market Report by Artmarket.com:
https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2021
Artprice by Artmarket's 2020 Global Art Market Report published in March 2021:
https://www.artprice.com/artprice-reports/the-art-market-in-2020
Index of press releases posted by Artmarket with its Artprice department:
serveur.serveur.com/Press_Release/pressreleaseEN.htm
Follow all the Art Market news in real time with Artmarket and its Artprice
department on Facebook and Twitter:
www.facebook.com/artpricedotcom/ (over 5,4 million followers)
twitter.com/artmarketdotcom
twitter.com/artpricedotcom
Discover the alchemy and universe of Artmarket and its artprice department
https://www.artprice.com/video headquartered at the famous Organe Contemporary
Art Museum “The Abode of Chaos” (dixit The New York Times):
https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013
- L'Obs - The Museum of the Future: https://youtu.be/29LXBPJrs-o
- www.facebook.com/la.demeure.du.chaos.theabodeofchaos999 (4.4 million
followers)
Contact Artmarket.com and its Artprice department - Contact: Thierry Ehrmann,
ir@artmarket.com
Photo - https://mma.prnewswire.com/media/1751566/Artmarket_Artworks.jpg
Logo - https://mma.prnewswire.com/media/1009603/Art_Market_logo.jpg
Source: Artmarket.com
本プレスリリースは発表元が入力した原稿をそのまま掲載しております。また、プレスリリースへのお問い合わせは発表元に直接お願いいたします。
このプレスリリースには、報道機関向けの情報があります。
プレス会員登録を行うと、広報担当者の連絡先や、イベント・記者会見の情報など、報道機関だけに公開する情報が閲覧できるようになります。