Heirs of Pablo Picasso are vaulting into 21st-century commerce by selling 1,010 digital art pieces of one of his ceramic works that has never before been seen publicly.
Heirs of Pablo Picasso, the famed 20th-century Spanish artist, are vaulting into 21st-century commerce by selling 1,010 digital art pieces of one of his ceramic works that has never before been seen publicly — riding a fad for “crypto” assets that have taken the art and financial worlds by storm.
They’re looking to cash in on and ride a wave of interest in non-fungible tokens, or NFTs, which have netted millions for far-less-known artists and been criticized by some as environmentally costly get rich schemes.In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins — each one has the exact same value and can be traded freely.
The artist’s descendants are playing close to the vest, to drum up interest and protect — for now — a family heirloom. They’re showing only a sliver of the underside of the work linked to the NFTs, a ceramic piece about the size of a large salad bowl. The exposed parts show forms like a thick yellow line, a dribbling green splotch, and a brushed-on number “58″ at the base.“It’s a work that represents a face, and it’s very expressive,” she said. “It’s joyful, happy. It represents life ...
Noterman and Frazier said a first-phase, online sale of more than 1,000 other NFTs starts Friday through the Nifty Gateway and Origin Protocol platforms.An NFT Picasso brings with it almost epochal symbolism, something like when the Beatles collection was finally put up on iTunes. The family and its business managers say the aim is to create a younger community of Picasso fans.
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