Buy $5,000 worth of Picassos as NFTs? The latest idea from a Swiss bank

How about some digital Picasso? – Swiss digital asset bank Sygnum has already made news recently by offering ethers staking on Ethereum 2.0

to its customers. This time, the forward-thinking bank has tokenized ownership of a Picasso painting and will offer shares of it for sale.

The “Fillette au béret” immortalized on the blockchain

The news

, notably reported by Reuters, came out this July 15. The Swiss bank Sygnum will offer for sale the painting by the painter Pablo Picasso entitled “Fillette au béret”, by creating shares of ownership of the work in the form of tokens of a blockchain (most likely Ethereum). Le tableau « Fillette au béret » de Pablo Picasso qui sera vendu sous forme de NFT The painting “Fillette au béret” by Pablo Picasso – Source: artnet.fr

This oil painting, made in 1964, was previously purchased for nearly $2.5 million. This time it will be offered for sale for a total price of 4 million Swiss francs, or about $3.7 million.

Fans of the Cubist painter will be able to purchase tokenized shares of the work for a minimum of 5,000 Swiss francs (just under $5,000). The sale will be conducted in partnership with US fund Artemundi, which

specializes in art investments. L’attribut alt de cette image est vide, son nom de fichier est CTA-SwissBorg-interets-ETH-Ethereum.png.

Crypto invades the art sector

“This is the first time that the ownership rights of a Picasso, or any other work of art, have been transposed onto a public blockchain by a regulated bank. “

Sygnum statement

Even though works by current artists inspired by Picasso <a href=”https://journalducoin.com/actualites/picasso-prix-casse-ethereum-presque-poss

ible/” target=”_self” rel=”noopener”>were sold as NFT

in December 2020, this is indeed a first for a real original painting by the painter.

While they will own a piece of ownership of this Picasso painting – the value of which is likely to continue to grow over time – buyers will not be able to get their hands on it, as it will remain stored in a high-security facility, from which it will only be taken out for loan to museums and exhibitions.

Affiche annonçant la tokénisation de la propriété du tableau « Fillette au béret » de Pablo Picasso Announcing the tokenization of ownership of Pablo Picasso’s “Fillette au béret” – Source: insights.sygnum.com

In a sense, this makes ownership of this physical painting just as virtual as ownership of an NFT work

. What’s

actually quite crazy with the onslaught of change and innovation that cryptocurrencies bring is to think that such a purely digital NFT work, like the artist Beeple

‘s

, was sold for $69 million by Christie’s

.

More inspired by Bitcoin and crypto than abstract art? A limited offer these days allows you to get up to €300 in cryptocurrencies for free (subject to a minimum deposit of €150)! Take advantage of this offer, while supporting the work of Le Journal du Coin by using this affiliate link to sign up on the Swissborg reference platform (see conditions of the offer on the official website).