The decision comes after the Uffizi Galleries made a profit from the sale of a Michelangelo's 'Doni Tondo' NFT.
The Uffizi Galleries and three other Italian museums entered into a five-year contract with an NFT production company called Cinello, one of several start-ups that is attempting to carve out a niche in providing digital ownership services for museums and cultural institutions.
“Museums need revolution if they want to survive,” Guido Guerzoni, a professor at Bocconi University in Milan, told when the Cinello NFTs were unveiled this past February. “In one year of the pandemic, European museums lost 70 percent of their visitors, and between 70 and 80 percent of their revenues.”
With the NFT market crashing over the past year and summer tourism going back up in Europe, that narrative may no longer apply.sold for €140,000 , but the Uffizi only made €70,000 from the sale after splitting the profits with Cinello. Crucially, Cinello also raked in an additional €100,000 in production costs, an Uffizi spokesperson told theCinello’s existing contracts will still be in effect, but no new contracts will be issued until further word from the government.
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