Success for the first NFT crypto-art public sale in Paris

Not everyone was able to enter, and some bid from the street. Lucie-Eléonore Riveron, co-founder and director of the young auction house FauveParis, will have honored her nickname of “Madonna of the NFTs”, by managing to organize the first public crypto-art auction, Thursday evening March 10, in an effervescent atmosphere, in front of an audience of rather young crypto-addicts and curious people. The 47 lots gathered for the occasion and projected on screen offered a broad overview of this international scene, between big names (including Beeple, Pak and XCopy), young artists, collectibles (series of virtual figurines, including a comic by Takashi Murakami), fragments of works, GIFs or photographs.

The flamboyant young woman immersed herself in the whirlwind and the NFT ecosystem a year ago, when the phenomenon of these non-fungible token (“non-fungible tokens”), virtual creations payable in cryptocurrency and secured by blockchain technology), was revealed with the record sale of the American Beeple, a digital artist until then almost unknown to the general public and the world of art, with an NFT sold for 69.3 million dollars (62.9 million euros) at Christie’s.

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Law void

“I saw there the possibility of the development of digital art. This market has enabled the promotion and validation of these artists. And I wanted to organize a sale in Paris,” sums up the professional, who was called to order by the Sales Council, the sector’s regulatory authority, during a first attempt. The fault of a legal vacuum concerning the sale of intangible assets for auction houses in France. Scheduled for February 24, “The Prohibited Auction” had therefore been canceled. But, in the process, the National Assembly, then the Senate voted a law, promulgated on 1er March, to extend public auction sales to certain “intangible” assets.

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Results of this “experimental” sale: 60% of the lots were sold, the rest did not reach the reserve price, confidential

However, there remains a vagueness, in particular with regard to the implementing decree. So Lucie-Eléonore Riveron played it safe in organizing this sale, titled “The Burnt Auction” (“the burnt auction”): were officially on sale, this Thursday evening, only prints on A4 sheet of “smart contracts” (the details of the works’ online contracts), ironically tangible pieces that the NFTs “accompanied”. The practice of ” to burn “ NFT exists (to destroy them), but it was there hijacked, since the buyers were invited to burn the paper contracts with matches distributed to the public.

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Success for the first NFT crypto-art public sale in Paris

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