Multi-million dollar NFT of Gustav Klimt's "The Kiss" from Belvedere Gallery
Belvedere Gallery reported on sales of the tokenized “Kiss” by Gustav Klimt.
Although the NFT hype has died down, some museums continue to enjoy runaway success as a fundraising tool, including the Belvedere Gallery in Vienna.
According to the official website of the Belvedere gallery, more than 2 tokenized fragments of the painting have currently been sold out. Over 600 thousand tokens are available for purchase on the project website.
An NFT based on the iconic painting by Gustav Klimt was released in the winter of 2022, timed to coincide with Valentine’s Day.
A digitized copy of the painting “The Kiss” was broken into 10000 unique fragments. The value of one NFT is estimated at 1850 euros, as stated on the site https://thekiss.art, which was converted to 0,65 ETH and suggests that the total face value of the NFT painting is 18.5 million euros or $21 million. However, at the time of publication, only 33.3 ETH, or $103, had been received, and more than 900% of the collection remains unsold. After payment is made, the buyer is sent a randomly selected NFT fragment.
The relatively low demand for Belvedere's Digital Declaration of Love NFT collection may indicate that each piece was priced too high, or that NFT buyers are less interested in traditional art at this point in the market's evolution.
According to the New York Times, the gallery's income from the sale of the Kiss NFT amounted to 4,4 million euros.
Source: aam-us.org
The photo: https://thekiss.art
The news was prepared by Inna Melnikova
