NFTs settle in Paris

Posted on June 26, 2022


Cryptocurrency prices have fallen sharply in recent weeks. The cyclical nature of this new type of asset is well known, even if the magnitude of the decline surprised and demotivated many observers and speculators. Many enthusiasts of the blockchain technology on which these projects are based nevertheless see it as an opportunity to continue to build an ecosystem with a longer-term perspective, convinced that the situation will become more favorable again.

What are NFTs (non-fungible token)

One of the most concrete applications of blockchains are NFTs, these tokens introducing scarcity and ownership into the digital world. The currently most popular use of NFTs is to serve as certificates of authenticity for works of art, most often purely digital.

In particular, this allows artists to sell these certificates and receive a share of the price in the event of resale. Even if this world is full of abuse and speculation without much connection with art, one can think that it is an achievement for contemporary artists and an opportunity to create communities between these artists and art lovers. More explanations can be found in the interview with collector Benoît Couty, creator of the Museum of Crypto Art, published in Counterpoints.

This art is often purely digital, possibly interactive, but it can also be physical, like the Undergroud Chapel by Pascal Boyart that you were presented with Counterpoints.
This link with the physical can also be achieved through the presentation of digital works on screens, as in the recent Art Basel fairs.

A physical space in Paris for NFTs

The way in which this link between NFT and physical space will be perpetuated in France is the upcoming opening of the NFT Factory Paris. This 400 m² space, whose exact location has not yet been revealed, will open in September. It will host exhibitions, conferences or training related to NFT.

This project was set up by a team of enthusiasts involved in the artistic, commercial, technical or legal aspects of NFTs in France.

An originality of this project is its use of NFT as a membership card. Anyone with an NFT from the NFT Factory Paris in their virtual wallet will be considered a member with privileged access and discounts on the services offered by the place.

The number of these members will be limited to 1000, ie there will only be 1000 editions of this NFT, possibly transferable. Some of these NFTs have already been pre-sold to people who have proven their involvement in the NFT universe. The remaining NFTs will be sold from Monday, June 27 at noon for the sum of 0.2 ETH, or approximately 200 euros at the current price (this price is the same as in pre-sale). Note that NFTs will only be on sale on the official website and that is where you should log in to avoid any risk of fraud.

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NFTs settle in Paris

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