The Italian government has withheld the sale of NFTs based on classic Italian Renaissance paintings. Art newspaper Report.
A spokesman for Massimo Osanna, the director of the Italian museum, said, “Given that the problem is complex and unregulated, the ministry has asked the agency to temporarily refrain from signing contracts related to NFTs. I requested it. “ Art newspaper.. “The basic intention is to avoid unfair contracts.”
This decision is made after the Uffizi Gallery makes a small profit from the sale of Michelangelo. Holy family (1505–06) NFT.
The Uffizi Gallery and three other Italian museums have spent five years with an NFT production company called Cinello, one of several start-ups seeking to develop a niche that provides digital ownership services to museums and cultural institutions. I signed a contract.Cinero created an NFT for works like Leonardo da Vinci Portrait of musician (1490) and Amedeo Modigliani Lady’s head (1915).
When the Cinello-Museum partnership first began, the story, like many cultural institutions around the world, has been hit hard by the pandemic and needs to embrace the fast-growing NFT market. It was that.
“A revolution is needed for the museum to survive,” said Professor Guido Guerzoni of the University of Bocconi in Milan. Artnet news When Cinello NFT was announced this February. “In a pandemic year, museums in Europe lost 70% of their visitors and 70-80% of their revenue.”
With the collapse of the NFT market over the past year and the return of summer tourism in Europe, the story may no longer apply.
NFT Holy family Sold for € 140,000 ($ 170,000), the Uffizi Gallery earned only € 70,000 from the sale after splitting its profits with Cinello. Importantly, Cinello has raked in an additional € 100,000 in production costs, a Uffizi spokeswoman said. Art newspaper..
Cinello’s existing contract will continue to be valid, but no new contract will be issued until further contact from the government.