Italy Protects Its Museums Against NFTs

The Italian government has intervened in an effort to defend the country’s priceless works of art against the so-called “digital invasion” posed by non-fungible tokens (NFTs).

It’s possible that Web3 technology will be the next big thing in the art world, but the traditional market isn’t prepared to give up control that simply. Despite the fact that many museums and galleries have embraced the digital shift in order to partner with Web3 enterprises in the age of NFT art, there are still plenty that prefers to carry out their operations in the traditional manner.

The country of Italy is home to some of the world’s most famous works of art; but, in recent years, reproductions of these priceless works have started making their way into the innovative and fascinating realm of non-fungible tokens (NFTs).

NFTs, also known as non-fungible tokens, are essentially digital representations of art, media, and collectibles that are kept on the blockchain. They make establishing ownership of works of art as well as authenticating works of art more straightforward.

However, it appears that the Italian government is concerned about the potential impact that NFTs could have on the country’s treasured works of art.

Following a recent event that involved one of Michaelangelo’s most famous works of art, the director-general of museums in Italy, Massimo Osanna, stated on Friday that the Italian government is considering putting an end to the sale of its iconic artworks through digital means. An NFT of Michelangelo’s Doni Tondo brought in a total of €240,000, with the host gallery, the Uffizi in Florence, collecting only €70,000 of the sum.

According to the paperwork of the deal, the corporation was given fifty percent of the earnings, while the Cinello mint in Milan, which was responsible for producing the work, was given seventy thousand euros.

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It has been claimed that the Web3 corporation set aside 100,000 Euros to cover the costs related to the development of the NFT. Concerns were raised in regard to the stipulations of the contract, which stated that “income due to the reproduction of the image is split in half between the company and the museum; the Cinello copy made about €140,000 [on the sale], so the Uffizi received €70,000,” according to a spokesperson for the Uffizi. This led to the aforementioned concerns being raised.

In the month of May, the Italian newspaper La Repubblica posed a series of questions regarding the potential for the country to lose its heritage if it allowed copies of its most famous masterpieces to be sold as NFTs. These questions focused on the potential for the country to lose its cultural identity.

“Who owns Michelangelo’s Doni Tondo? Who has the legal rights linked to the work? If the buyer ever decides to exhibit it, can he do it without the permission of the Uffizi? Basically, do we not risk losing control of our heritage in a time when we are increasingly moving towards the metaverse?”

However, because to the absence of a well-defined legal framework, Osanna was unable to provide an exhaustive response to the queries this week.

“Given that the matter is complex and unregulated, the ministry has temporarily asked its institutions [museums and archaeological sites] to refrain from signing contracts relating to NFTs,” the statement reads. According to what he explained, the primary goal is to steer clear of unjust contractual arrangements.