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Art market pushes on with rocky crypto romance | Fin24

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Thirteen Italian museums recently signed deals with Cinello, a firm that sells limited edition digital reproductions to offer ownership of digital replicas of masterworks.

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. A fifth of 300 collectors surveyed by the website Art+Tech Report said they had already engaged in so-called fractional ownership.

The company held a splashy London show in February displaying digitised works by Renaissance masters including Raphael, Leonardo and Caravaggio. It has since sold a handful of them. Cinello boss Francesco Losi was not pleased with the characterisation, telling AFP:"We don't sell NFTs." The NFT sector, which covers anything from avatars in computer games to million-dollar cartoon apes, is replete with scams, counterfeit works, thefts and wash trading.

 

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