AFTER UFFIZI GALLERIES MADE A PROFIT FROM THE SALE OF MICHAELANGELO’S PIECE OF ART, THE GOVERNMENT DECIDED TO FORBID SALES FROM NFTS BASED ON RENAISSANCE PAINTINGS!
The Italian government prohibited the sale of NFTs of Italian Renaissance paintings after the Uffizi Galleries made only a tiny profit of €70,000 from the sale of Michaelangelo’s Doni Tondo (1505-06) NFT. The Michaelangelo NFT was sold to a collector in Rome for €240,000.
Cinello, an NFT production company, signed contracts with four Italian art galleries, including the Uffizi Gallery in Florence, to create 40 encrypted digital artworks (DAWs). According to theartnewspaper.com, the collaboration lasted five years and will end in December 2021.
Cinello produced only the Tondo during this transaction. It is Michelangelo Buonarotti’s only panel painting that has survived to the present day, as well as Michaelangelo’s only work in Florence.
According to Uffizi spokesperson, the profit from the sold image reproduced as NFT will be split equally between the company and the museum. According to the Artribune website, the remaining €100,000 was spent on “production costs.”
The decision by the Italian government to halt the sale of NFTs of Italian Renaissance paintings stems from a debate in Italy about the legal ownership of the artwork. The newspaper La Repubblica has expressed concern about losing control of [our] heritage when we are increasingly moving towards the metaverse.