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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]

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Artmarket and its Artprice department was founded in 1997 by its CEO, thierry

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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

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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

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