Ten emblematic places in the city of Cannes, in the south of France, including the Palais des Festivals, were sold virtually this Tuesday, in the form of NFT, in an auction that raised more than 330 thousand euros.
“For the first time, we are offering NFTs (‘Non Fungible Tokens’ or ‘Non Fungible Tokens’) linked to real estate locations”, said Arnaud Oliveux, auctioneer of the Artcurial house who managed the sale that took place in the port of Cannes.
NFTs are digital assets that, due to a blockchain technology, called “blockchain”, are registered as unique, unreplicable and whose transaction history can be followed from the origin.
Since March 1, French law has authorized auction houses to offer “intangible goods” and, this Tuesday, ten emblematic places in the city famous for its international film festival were auctioned.
In addition to the Palais des Festivals, the Croisette – the seaside promenade – and the Old Port or Suquet, the historic birthplace of the city, were also up for auction.
The highest bid was for the Palais des Festivals, which was acquired for €65,000, while the Croisette netted €59,040, the auction house said in a statement.
The auction totaled 331,936 euros, including costs, highlighted Artucurial, who considered this type of sale “a success”.
Buyers will receive a secure digital key containing the NFT and a 3D model of their purchase, which they can then integrate into the metaverse (virtual world) to make commercial or cultural use of them, explained Charles-Henri Puaux, CEO from Pertimm, a specialist e-commerce service provider (online commerce).
Among other possibilities, the buyer can open virtual stores on the Croisette or hold events or festivals at the palace, “respecting the uses provided for in the contract”, added Puaux.