NFTs of Klimt’s “Kiss” are only worth half as much

© APA / AFP / DIETER NAGL – Montage KURIER

After this Belvedere now also puts Viennese Leopold Museum on non-fungible tokens. From 16 May, 24 work at Egon Schiele as NFTs Must be offered. In any case, the sale was worthwhile for Belvedere, which was the first major museum in Austria to offer NFTs. So far, the digital tokens have brought around 4.4 million euros one.

was offered 10,000 NFTs of the painting “The Kiss” by Gustav Klimt, whose digital reproduction was divided into as many individual parts. 2,415 pcs was according to Belvedere at a price of each 1,850 euros or 0.65 ethers since the start of the campaign on Valentine’s Day this year via thekiss.art website.

Buyers can exhibit the digital excerpts in virtual spaces, print them out, add dedications to them and trade with them. They do not receive ownership rights to the original or a portion of the proceeds from “Kiss” sales of goods.

Worth less than half

So far, however, they have not been a good deal for buyers either. In the marketplace OpenSea the non-fungible tokens are available today at less than half the original sale price. The floor price, i.e. the cheapest price for a Belvedere NFT on the platform, is included there 0.29 ethers specified. With the current course, it is close 770 eurosmore than 1,000 euros less than the issue price.

Course History Key NFT

Course development of the “Kiss” NFTs on the OpenSea marketplace

In the last 30 days, Klimt NFTs have changed hands at prices between 0.28 and 0.45 ether, around 740 euros and 1,190 euros at the current exchange rate. Transactions above 0.7, 1 and even 1.44 Ether, which took place shortly after the debut of the NFTs, caused peaks but remain exceptions.

According to Belvedere is so far 130 of Klimt The NFTs have been resold in the secondary market. Because the museum in every transaction 10 percent of the net selling price this gave an income of 8 ETH (around 21,680 euros). In total, trading volume in the marketplace has so far been 81.3 ethers.

No price adjustments

Belvedere is not impressed with the loss of value in the NFT market. It is said that kissing the NFTs is rated very differently there. In any case, no price adjustments are planned by the museum. The more than 7,500 Belvedere will continue to offer the remaining Kiss NFTs for 0.65 Ether. According to the spokeswoman, the museum already has plans several works of art released as NFTs.

Unlike “native” NFTs from the digital environment, NFTs from museums tend to have difficulties on NFT trading platforms. No spectacular price increases have been reported so far. The number of museums relying on the sale of NFTs of their art treasures has so far been limited. Many houses are interested but have concerns about climate protection, partly due to the high energy requirements to generate the tokens.

The Leopold Museum wants to offset the consumption of NFTs by planting trees. With the profits from the sale of the Schiele collection, which also includes the rediscovered early work Leopold Czihaczek at the piano belong, they want to finance the purchase and restoration of the Schiele image. With the digital collection, the intention is not to “cash out”, as a spokesman for the museum says, but instead to give the NFT community and new audiences the opportunity to own works of classical art and the Leopold Museum in digital form.

They are offered on the French platform LaCollection, which specializes in NFT art from established museums and already sells NFTs from the British Museum.

LEOPOLD MUSEUM SUCCESS SENSATIONAL DISCOVERY: TASTE SCHIELE DISCOVERED AFTER MORE THAN 100 YEARS

“Leopold Czihaczek at the Piano” by Egon Schiele

market in free fall

However, market conditions have changed recently. The market for non-fungible tokens, which experienced a real boom last year, has lost significant volume. According to market analysts at NonFungible, the number of sales plunged to around 19,000 a day from a peak of 225,000 a day in September last year. The number of active wallets with the NFTs fell by 88 percent from just under 120,000 to 14,000 in the same period. The “Wall Street Journal” even talks about a collapse.

NFTs, which raised millions in the past year, have recently been offered a little more than a few hundred dollars. The market analysts at NonFungible do not want to hear anything about a collapse and talk about a consolidation of the market, but admit: “Making money with NFTs in 2022 will not be as easy as in 2021.”

Art NFTs

The sale of a 5,000-image image file by Mike Winkelmann in March 2021 for nearly $ 70 million kickstarted the NFT art market. Numerous artists, including approx Erwin Wurm and soon the American ruler jeff koonshave since launched their works as non-fungible tokens.

Last year, the influential British magazine “ArtReview” even voted the non-fungible tokens to the top of its “Power 100” ranking, which brings together the most influential movements and personalities in contemporary art.

DIRECTION-US-ART-IT

“Everydays: The First 5,000 Days” by artist Beeple (Mike Winkelmann) sold for $ 69.3 million in 2021

But art NFTs have not achieved spectacular awards in a long time. Today, they remain – if at all – the so-called collectibles or digital trading cards reserved, such as pictures of bored monkeys Bored Ape Yacht Clubs or the Cryptopunkerswhich is traded for hundreds of thousands of euros.

Illustration image of Ethereum with

According to NonFungible, the art token accounts for 8 percent of the total market for NFTs. Measured by the number of active wallets, according to the analysis company NonFungible, it is 6 per cent.

This is far more than NFTs associated with the hyped term metaverse. It’s relatively small compared to collectibles, which account for 76 percent of trading volume and 32 percent of active wallets, and gaming NFTs, which account for more than half of active wallets.

You can read more news about Bitcoin and other cryptocurrencies on our cryptocurrency channel futurezone.at/krypto.

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