Italy's Uffizi Gallery sells Michelangelo's work as an NFT for $170,000.
The Uffizi Gallery located in Florence, Italy has recently decided to offer up some of its most iconic artworks for sale as NFTs. The first of the works that were offered was Michelangelo’s painting Doni Tondo, painted circa 1505. The work has already been sold as a birthday gift for a prominent art collector for $170,000. The price might seem enormous for some, but it is just a drop in the bucket compared to the original piece.
The proceeds from the sale will be shared between the Uffizi Galleries and Cinello, who are offering collectors a chance to purchase digital copies of renaissance artworks. Digital artworks are generated in exact dimensions of the original and are almost impossible to duplicate. These copies are then sold with a certificate of authenticity signed by the museum and are accompanied by an NFT token.
For those who don't know, a non-fungible token (NFT) is a unit of data stored on a digital ledger, called a blockchain, that certifies a digital asset to be unique and therefore not interchangeable. NFTs can be used to represent items such as photos, videos, audio, and other types of digital files. Earlier this year, an NFT by Beeple was sold for almost $70 million.