Art market pushes on with rocky crypto romance

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PARIS, Aug 21 — The closest most people get to owning a world-famous artwork is to buy a cheap poster from a gallery, but art dealers are determined to harness technology to draw...

PARIS, Aug 21 — The closest most people get to owning a world-famous artwork is to buy a cheap poster from a gallery, but art dealers are determined to harness technology to draw in new collectors.

Although cryptoassets have been routed this year with plunging values, collapsing projects and widening scandals, the NFT art sector has weathered the storm better than other parts of the crypto world. Schneider’s Liechtenstein-based company Artessere offers squares of paintings by Soviet artists including Oleg Tselkov and Shimon Okshteyn for €100 or €200 a piece.Schneider owns the paintings she sells, thus avoiding legal complications, but attempts to offer novel digital ownership schemes for publicly owned works is proving more tricky.

A spokesman for the ministry was quoted in several outlets last month as saying the issue was “complex and unregulated” and asked museums not to sign any new contracts around NFTs.

 

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The reason why ART and crypto come together is because we know ppl purchase art with ill-gotten gains to launder money. Look at Jho Low.

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