In Cannes, heritage auctioned in NFT format

La Croisette, the Old Port, Île Sainte-Marguerite… Organized during the Cannes Lions Advertising Festival, which will take place from June 20 to 24, the town hall will offer at auction and in the form of non-fungible tokens ten of its heritage sites. A first in Europe.

What if it was possible to buy Boulevard de la Croisette, the Old Port or its famous market? This is not a Cannes version of Monopoly. But a virtual reality. The town hall of Cannes has announced that it is selling several of its heritage sites, in NFT format (non-fungible tokens). A desire for the municipality to become “the first European city to digitize the emblematic sites of its territory”.

“Cannes is the first city in France and Europe to invest the metaverse”announced the town hall in a series of tweets published on April 4. “The Town Hall of Cannes, looking to the future, has approached a Cannes company specializing in artificial intelligence to digitize and enhance elements of its heritage”, continued the municipality of 75,000 inhabitants. This project will be presented during the World AI Cannes Festival (WAICF), an event that brings together professionals and individuals around artificial intelligence until April 16.

A total of ten places will be auctioned. “The sites valued will be the Palais de Cannes, Boulevard de la Croisette , Port Canto , Sainte-Marguerite Island , the underwater ecomuseum , Malmaison , the old Port Forville market, Le Suquet, Pointe Croisette and Campus Georges-Méliès», listed the town hall of Cannes. All will be sold in NFT format, secured by the blockchain system, the database on which NFTs (non-fungible tokens) are stored, the format used by the town hall to sell part of its assets. “An NFT is a certificate of authenticity, immutably stored on a blockchain, which makes it more efficient than a paper certificate of authenticity”she explained.

The objective, for the mayor of Cannes David Lisnard, is to “enhance its heritage beyond all borders and position itself in a rapidly expanding innovative market, a source of attractiveness, influence and wealth”he explained to Parisian . Before continuing: “It’s a way of having a unique digital asset that exists in the real world. This may be of interest to people who have made their fortunes in cryptocurrency, investment funds, or wealthy people seeking fame.

The auction will take place from June 20 to 24, during the Cannes Lions advertising festival. Carried out under the aegis of the specialized company Pertimm, of which Charles-Henri Puaux is the director, sales could reach “several tens of thousands of euros to several tens of millions of euros”said the expert to the Parisian . The town hall agreed that the company would pay it royalties “according to a progressive scale based on the proceeds of the auction”, 10% of which will be directly donated to the Municipal Endowment Fund which finances environmental actions. And alongside the ten sites announced, an eleventh, for the moment kept secret, will be awarded by lot to one of the inhabitants of Cannes.

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In Cannes, heritage auctioned in NFT format

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