“For several months, the crypto-art market has experienced a real international boom”

New Publications: Howdefine oneNFT?
Romain Verlomme-Fried:
Anything that can be scanned, video, rare image of a perfume that doesn’t exist, music, sports activities, art… will probably become an NFT. And selling very expensive – up to tens of millions – because it is fashion and fashion follows cryptocurrency craze. NFT is compared to a “token” or digital asset supported by blockchain, a decentralized storage technique whose function is to transmit information transparently and securely. In the world of NFTs, anything can be and remain anonymous. Seller as buyer. As for the transfer of funds, it does not go through any trusted third party (gallery, music producer, auctioneer, etc.). Let’s take an example. For example, if I sell a car or some other tangible item, I should wait about ten days for my payment. With an NFT, I receive it in the second, regardless of the amount. Since it is not stored in any bank, the transfer is therefore instantaneous. So the more the currency is used, the more it increases in value. A bitcoin today represents about 50,000 dollars, and in some states, such as El Salvador, it is recognized as official currency along with legal tender, which is strongly linked to the dollar.

The purchased work canso stay online as a photograph? What future does she want? Can we resell it?
First, you need to know that every transfer between buyer and seller is recorded on the blockchain with some kind of time stamp, which creates security. Because it is easy to make a copy and paste of the work available online and shared by millions of Internet users, and to claim ownership of an original when you only have a copy. Reselling an NFT is easier than reselling a painting hanging on your wall. NFT increases in value if the purchase currency has increased and if the artist sees his valuation increase. For the same reasons, he may lose some too!

NFT sold at auction?
Absolutely not. French law—and it dates from 1556, from Henry II—does not allow it, which prohibits the auctioning off of what is “incorporeal,” intangible, intangible. Only material movable property can be made the subject of public sale. And while certain gateways exist and provide access to stocks, company shares, goodwill… they are the exception. France remains the only country that regulates public sales. Traceability, guarantee, origin, identity make it possible in case of a problem or dispute to find all the parties concerned, which is impossible with NFTs where everything is anonymous. It was therefore necessary, while waiting for a decision from the Sales Council, which is currently investigating the matter, to find a way around this ban. Either by organizing a sale outside France (e.g. in Brussels), or by summoning a bailiff or by accompanying the digital work with a physical medium. I am thinking here of the special edition of 20 minutes sold in NFT accompanied by newsprint.

Finally, to return to the auctions, those who want to acquire an NFT in the auction room today can turn to international auction houses, such as Christies or Sotheby’s, to achieve the prestige of a large auction house, which is unlikely to add any added value for their purchase. But the NFTs that are hot today and that collectors are snapping up are also available at the same price on decentralized online sales platforms like Opensea. It is clear that the auctioneer’s role is to accompany his customers during the purchase or sale and always offer them the best. We also have, with the company that I created (tokentome.io) a gallery on this marketplace for the artists that we support.

In summary, what iscurrently the probability that your auctioneer will sell an NFT in public sale?
They are small. Personally, I can’t sell, but I can connect. I can also “bypass” the ban. By selling a painting for example and its digitized version to the same person. In this specific case, the NFT will represent an indisputable certificate of ownership and can even, if necessary, be resold by its owner.

In conclusion, and to see further, the idea today is to introduce NFT to the art market through the back door to allow it to enter tomorrow’s world of cryptocurrency. . We therefore offer artists to accompany them during their digital conversion, so that they can gain access to a larger platform and increased visibility. They are also offered digital galleries where NFTs are stored and sold live. Widespread in English-speaking countries, USA, India, China… where NFT’s online auction platforms represent a turnover of more than one billion euros per month, while the product in France was 2.9 billion. in 2020… NFT sales under the hammer are still waiting to be approved in France by the sales council, which is working to secure any transaction and allow auction houses to proceed with it.

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