Cannes: the Croisette and the Palais des Festivals sold virtually in NFT

Cannes: the Croisette and the Palais des Festivals sold virtually in NFT

The highest bid went to the Palais des Festivals acquired for 65,000 euros.

Ten emblematic places in the city of Cannes, including the Croisette and the Palais des festivals, were sold on Tuesday virtually in the form of NFT, during auctions which brought in a total of just over 330,000 euros. “Until now NFTs (Non-fungible token, or non-fungible token, digital assets) were limited to graphic creations. For the first time, we have put up for sale NFTs linked to real estate locations”explained Arnaud Oliveux, auctioneer for Artcurial, who led the sale organized at the harbor master’s office in Cannes.

While French law has authorized auction houses since March 1 to offer “intangible property”ten emblematic places of the city famous all over the world thanks to its international film festival, were auctioned including the Croisette, the Palais des Festivals, the Old Port, Malmaison or even Le Suquet, the historic cradle of the Riviera town.

The ten lots all found takers. The highest bid returned to the Palais des Festivals acquired for 65,000 euros while the Croisette soared to 59,040 euros, announced the auction house in a press release. The sale totaled 331,936 euros, including costs, said Artucurial for whom “this sale event is a success”. Purchasers who will receive a secure digital key containing the NFT and a 3D model of their acquisition “will be able, after having integrated them into a metaverse (virtual world), to make a commercial or cultural use of them”, added Charles-Henri Puaux, CEO of Pertimm, service provider, e-commerce specialist.

The will of the city of Cannes was to “to be anchored on something innovative and to anchor the heritage in the metaverse”, explained Mathilde Bernard, adviser to the cabinet of the mayor LR of Cannes, David Lisnard. “We protect our heritage because the NFT is protected in the blockchain” (a large database), the technology behind NFTs and cryptocurrenciesadded Ms. Bernard, specifying that a certain number of uses are authorized “provided that the prestigious image of Cannes is respected”.

Note that it was impossible to pay for acquisitions in cryptocurrency. An 11th site in the form of NFT was to be won by drawing lots, representing the Georges-Méliès Campus in Cannes. After Cannes, “Other cities are interested in this heritage approach, particularly in the Middle East”further indicated Mr. Puaux.

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