First NFT auction in France

With President Joe Biden poised to sign an executive order regarding the regulation of cryptocurrencies, nothing can, for now, tame the enthusiasm for NFTs. In France, they now have their place in auctions.

This is a great first for FauveParis, already renowned for breaking the codes of the profession: the auction house organized this Thursday the first sale of NFT in France. No less than 47 works by artists were put up for auction during “The Burnt Auction” at 7 p.m.

Until now, only art galleries and NFT platforms allowed selling or bidding on “non-fungible tokens”. A small revolution in the art world, a law promulgated on 1er mars authorized the sale of “intangible personal property” at public sales.

A puzzling approach

Educational, the exhibition catalog provides potential interested parties with instructions for selling NFT, a practice that is still obscure for a large number of regulars in traditional sales. The auction house therefore recommends creating your digital wallet before acquiring your NFT so that you can then enjoy it on your browser, on dedicated online platforms… or on a screen hanging on the wall.

Among the artists in the sale was the American Beeple who holds the record amount for an NFT sale. Last year his work, “Everydays: The First 5,000”, sold for $69.3 million at Christie’s. An unprecedented sum for an entirely digital creation which now makes him one of the most expensive artists in the world during his lifetime, as explained by the British auction house.

And for the most skeptical, Lucie-Eléonore Riveron, president of FauveParis, wants to be reassuring: “This is a cry from the heart: there is no need to understand NFTs, you just have to feel! », she writes instead of the introduction of the sales catalog. A reflection that is intended to go against the current debates on NFTs, their usefulness and their ecological impact.

A valuation that questions

Object of financial speculation or real artistic production, the NFT divides. “Having a rating is a form of recognition for artists, and only the passage in public sale can create it”, explains Lucie-Eléonore Riveron. The sale of NFT would then constitute a means of promoting a new burst of digital and 3D artists, allowing them to integrate into a more traditional trajectory.

But is this essential, when the formula used to authenticate the blockchain of an NFT is considered particularly energy-intensive? Discussions are going well on the ethical and ecological aspects of NFTs, but the FauveParis house prefers to refocus on what it brings to artists.

The cheapest works were estimated between 500 and 800 euros. On the contrary, the GIF of the Italian duo Hackatao, “My Personal Monolith”, was estimated between 220,000 and 260,000 euros. And if many works were sold during this auction evening, up to 28,600 euros for that of the British artist Brendan Dawes, “Here And Elsewhere”, not all of them found a buyer. 20 lots including “My Personal Monolith” or the production of Beeple remain unsold, despite their reputation. The value of these digital works depends largely on the notoriety of their artists, but the idea of ​​ownership appears central: in the age of the Internet, where the image is by definition infinitely reproducible, the sale of NFT would make it possible to become its sole owner… An acquisition proven by the “blockchain” of the NFT but which, in practice, does not prevent anyone from taking advantage of it and reproducing it since it is not a question of purchase of copyrights.

NFT

The name NFT is an acronym for the English “non-fungible Token”, or in French a “non-fungible token”. A “non-fungible” item cannot be exchanged for something of equal value. A plot of land, a jewel, a work of art, a bottle of wine are for example non-fungible, since they each have their own characteristics which can be subjective.

With an NFT, you then become the owner of a tamper-proof certificate of your purchase, like a digital property contract.

blockchain

The blockchain (translated into French by chain of blocks) is a technology that makes it possible to secure and verify in a transparent and tamper-proof manner a set of information.

This verification process is guaranteed by part of the users in an automatic and decentralized way thanks to cryptography which is an encryption technique at the origin of bitcoin. As soon as new information is recorded on the network, the previous one is recorded in a digital register and can no longer be modified.

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First NFT auction in France


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