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HomeNFT NewsGustav Klimt's "The Kiss" NFT can be purchased by art lovers.

Gustav Klimt’s “The Kiss” NFT can be purchased by art lovers.

The Museum with the largest collection of Gustav Klimt paintings in the world celebrates Valentine’s Day with a digital declaration of love.

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Art lovers can own part of an NFT of Gustav Klimt's 'The Kiss'

The Belvedere museum in Vienna collaborated with the arteQ investment fund to launch a nonfungible token (NFT) drop inspired by one of Austrian painter Gustav Klimt’s most famous works “The Kiss.”

Released on Valentine’s Day, a digital copy of this early 20th century depiction of a pair of lovers was divided into a 100-by-100 grid of 10,000 individual pieces offered as NFTs.

The cost of one NFT was estimated at 1,850 euros, as stated on the collection’s website, which converted to . 65 ETH on Feb. 14 and suggested the total nominal value of the NFT painting was 18.5 million euros or $21 million. However the time of publication, only 33.3 ETH, or $103,900 had been received and more than 80% of the collection remained unsold. The low interest in the Belvedere’s NFT collection “A digital declaration to love” could indicate that the pieces were priced too high, or that NFT buyers are less interested traditional art at this stage in the market’s evolution.

The painting has been housed at the Belvedere since 1908 when it was purchased for 25,000 crowns, equivalent to $240,000 today. The NFT certificates showed the digital portion of the painting and, if given to a loved one as a gift, an individual dedication.

— arteQ (@arteQio) February 14, 2022

Ahead of the drop, Wolfgang Bergmann, managing director of the Belvedere, said in a statement:

“The very small number of shares for the world market and the fact that each piece is unique is what makes these tokens so valuable.”

Nanne Dekking, CEO and Founder of Artory Inc., the blockchain-secured registry of artworks and collectibles, spoke to Cointelegraph and echoed the sentiment. Initiatives like these “allow us to completely rethink art patronage,” she said. “

Related: NFTs could mark a resurgence in art galleries

Indeed, physical artwork tokenization is just one way that museums can interact with their existing community and tap into new ones. The State Hermitage Museum in Russia recently went beyond digital reproductions and launched an entirely digital exhibition within a metaverse style reconstruction of the museum.

Dekking added that tokenization of art “ultimately enables the art market to reach a wider community of art lovers,” while also potentially providing royalty payments to the museum.

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Henry Hicks
Henry Hickshttps://nonfungibletalk.com
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!
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