The Saint Petersburg cultural space ‘Third Place’ has begun selling non-fungible tokens (NFTs) granting ownership of a stake in the painting by French artist Pierre-Auguste Renoir, ‘The Double Portrait of Jeanne Baudot’.
Dear participants! ⚡️⚡️
✨ The sale of the NFTs for the ownership of the Renoir masterpiece STARTS NOW! ✨
You can purchase your particles of the painting here: 👉🏼 https://t.co/Oq1AYIbtpO⚠️ Please address all questions related to the purchase to the chat community 🆘 pic.twitter.com/WfDWDbPvsQ
— Third Place NFT (@nft_third_place) December 22, 2021
The painting was divided into 1125 NFTs listed on the Third Place NFT platform. The nominal price of one token is 0.5 ETH or 7000 EVER (~$2000 at the time of writing).
Representatives of ‘Third Place’ published a photo of the painting’s certificate of authenticity and said that the deal is conducted through a professional buyer. The sale organizers told ForkLog that they had signed an agreement to purchase the work, which is in a Paris gallery, and paid a deposit for it.
If the target fundraising amount is reached, the NFTs will be sent to buyers; otherwise they will have their cryptocurrency returned. According to the sale page, legally the painting will be owned by the non-profit organization Third Place Foundation.
«According to the public offer and the legal information embedded in the token, we are selling сервитут on the right to ownership. The painting itself will be transferred with this encumbrance to the balance of the non-profit organization. If the organization tries to sell the painting, the buyer will receive it with the same encumbrance. We plan to pursue this matter to set a precedent», — explained ForkLog founder Olga Zvagolskaya.
After purchase, the work is planned to be transported to Russia, undergo a re-examination and be exhibited at the ‘Third Place’ cultural space on Liteyny Avenue.
The token will give its owner the right to access the painting at any time, regardless of the exhibition schedule, as well as to the control sensors and real-time surveillance of the artwork.
The secondary sale of NFTs will open on the Third Place NFT marketplace, launched in October on the Everscale blockchain.
The purchase of the Renoir painting is the first phase of the art project announced by ‘Third Place’ at the launch of the NFT platform. It involves acquiring works by renowned artists through tokenization of collective ownership.
In addition to Renoir, the roadmap envisages the purchase of paintings by Paul Gauguin, Pablo Picasso, Jackson Pollock and others.
A representative of ‘Third Place’ told ForkLog that governance mechanisms could be used in the project. NFTs could be sent to staking and receive governance tokens in return to vote on proposals for its further development. In particular, to choose the next painting for purchase.
Earlier in April, Justin Sun purchased Pablo Picasso and Andy Warhol for their tokenization.
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