When Florence’s Uffizi Gallery bought an NFT of Michelangelo’s Doni Tondo for € 240,000 last year, it looks like there has been a huge new stream of money. But it turned out that the technology company he had joined to do the digital work took a lot of money to get to the museum. It only raised € 70,000 ($ 70,500) of that. Meanwhile, the Italian industry has asked the country’s museums to terminate agreements with NFT suppliers.
The sale of the Uffizi was arranged by Milan -based technology company Cinello, which was given a five -year agreement (ending in December) to recreate works of art from the Uffizi collection. .
Each of the digital works, called Cinello’s DAWs, is certified on the Ethereum blockchain and sold as an NFT in partnership with Unit, a vendor now in London. The works were carried out in nine, costing between € 100,000 and € 250,000 ($ 114,000– $ 284,000) each.
Cinello’s statement told the Nupepa Kii The company will share the proceeds with the Uffizi 50/50—later labor costs. Those costs — including taxes, a platform commission, the cost of creating the image, and a 20 percent labor cost — total € 100,000.
Initially, the NFT was designed into a digital and physical image, which included a wooden copy of the original image, with a cover and a box where the copy of the original was recorded. acts as an NFT.
However, the sale drew public attention after the Italian daily newspaper. The Republic He ran a headline last May wondering who owns the digital rights to Michelangelo. Doni Tondo. In that Articlethe Uffizi official, Eike Schmidt, admitted that the museum had not acted properly when it came to negotiating the agreement around the NFT.
“It’s important to understand yourself not just from a technical point of view, but from a legal point of view,” he said. Adding “some sites where you register as drunk may not provide the necessary credentials, and you risk losing everything,” he said.
By purchasing digital copies of works in the Uffizi collection, newcomers can show and protect their augmented authenticity and authenticity, as well as where they stand. measuring as the metaverse. This can leave companies like Uffizi high and dry when it comes to managing transactions purchased from its own collection on metaverse platforms.
“Because this is a complex and unresolved issue,” said a spokesman for the Italian industry of cultural institutions. Nupepa Kii“The agency has asked its agencies to refuse to sign agreements regarding NFTs. The main focus is to prevent unfair agreements.”
For its part, Cinello retains all responsibilities of working with the museum, adding that its goal is “not to scatter Italian heritage around the world,” but to help the museum find the right royalties and help increase the amount of money that is much needed to be avoided. , preserves, and preserves the originals in his collection.
Although its contract with the Uffizi has expired, Cinello is working with 10 Italian museums, including the Museo di Palazzo Pretorio and the Pinacoteca di Brera di Milano.
The company did not respond to a request to continue awarding and developing similar NFT agreements.
Other companies, such as LaCollection, now published similar organizations, including the British Museum and the Museum of Fine Arts, Boston.
The State Hermitage Museum in Saint Petersburg, Russia, and the Belvedere Museum in Vienna also have similar features. In September, at the Hermitage kudalaia NFT copies of his five famous paintings, which earned him $ 444,000 at the time. Ka Belvedere sealed and detached a portrait of Gustav Klimt To kiss, released as 10,000 NFTs last Valentine’s Day, each was sold at .65 Ethereum (about $ 1,950 at the time), making about $ 4.5 million.
While moving on to the counting of fearless artwork it seems that there will be steam (although the new damage around NFT prices in general), the question of who is profitable in a market has not been resolved.
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