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A digital reproduction of six Italian masterpieces known as the “NFT” is being presented in London as part of the first physics exhibition in the United Kingdom dedicated to this technology. This raises jealousy and concern in the art market.

The exhibition, entitled “History of Eternal Art”, presents works by “Representative of Italy, from the Renaissance to Modern Art”, and on Tuesday Cinelo’s Serena Tapachi digitally recreated the original paintings.

In collaboration with Italian museums each work was copied “at the highest possible resolution”, and digital copies were certified “NFT”, non-fungal tokens – or “non-fungal tokens”. In English – allow. You must attach a certificate of authenticity to any virtual object.

In theory, NFTs are designed using “blockchain” technology, which is the basis for cryptocurrencies such as Bitcoin. Popular in the art market, they promise collectors against the risk of copying.

Rare access

As can be seen on the screens, the six Italian works are displayed in the same form as the original paintings and the frames around them have been recreated identically.

The exhibition, which opens at the Unit London Gallery on Wednesday and runs until mid-March, is ‘the first of its kind in the UK’ to allow the public to ‘physically’ enjoy this new art form, while supporting museums. I was really affected by the epidemics, “said Joe Kennedy, director of the gallery.

He adds that the idea is to “show masterpieces that are rarely accessible to us” for reasons of security or transportation costs. Half of NFT’s net sales related to exhibitions or sales are devoted to efforts to preserve original works in Italy.

Market on the plane

In agreement with the museums, nine NFTs were awarded for each painting. Some have already been sold, including a copy of Hayes’ “Le Baiser” for about 95,000 francs.

The NFT market in 2021 rose to $ 44.2 billion worldwide, with sales in the arts but also in other sectors, such as video games, according to data from Synalysis.

Their development also raises concerns. In a statement on the topic, Chainalysis estimates that NFT transactions through wallets linked to illicit transactions increased by 2021 and reached $ 1.4 million in the fourth quarter.

On Monday, British tax authorities announced the seizure of three NFT jobs, the first of its kind in the country, and the arrest of three people suspected of attempting to evade taxes using crypto-assets.

This article was automatically published. Sources: ats / afp

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