Cannes Festival Palace sold virtually as NFT at auction

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.

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