The French city of Cannes has sold its landmarks as NFTs and made €330,000

This week, some of the landmarks of the French city of Cannes were auctioned as non-fungible tokens.

The auction, which included the sale of famous structures like the Croisette and the Palais des Festivals as NFTs, netted €330,000.

All together 10 emblematic locations from the southern French city went on sale on Tuesday, offering bidders 3D models and NFTs that they can eventually integrate into the metaverse in order to generate a profit by using them to host virtual cultural events.

“NFTs have only ever been used to create graphics up until now. We have offered NFTs linked to real estate locations for sale for the first time “, explained Arnaud Oliveux, the Artcurial auctioneer who oversaw the transaction.

What famous sites from Cannes were up for bid at the auction?

Some of France’s most exquisite architecture may be seen at Cannes, a city renowned for its famed film festival.

Buyers have access to the Old Port, Malmaison, and Le Suquet, the ancient birthplace of the Riviera city, in addition to the Croisette and the Palais des Festivals.

The Palais des Festivals, which sold for €65,000, received the highest bid out of the 10 lots that were offered.

The Croisette meanwhile garnered an amazing €59,040, with sales totalling €331,936 altogether.

By drawing lots, the Georges-Méliès Campus, the eleventh site, was selected.

What is an NFT?

NFTs are one-of-a-kind collectibles built on a blockchain that have been so ingrained in the public awareness that they have been named the term of the year for 2021.

NFT ownership and origin can always be established thanks to blockchain technology.

Every industry, from wine and sports to ballet, has been impacted by the tech boom.

It is claimed that buyers of the Cannes NFTs may use them to create virtual shops or host festivals in the metaverse.

Related

Why are NFTs being released by the city of Cannes?

Using the initiative Cannes intends to embed its rich history and tradition in the metaverse according to Mathilde Bernard, assistant to the cabinet of the mayor of Cannes, David Lisnard.

“We protect our history since the NFT is protected in the blockchain,” adds Bernard.

The unique technology of NFTs is believed to safeguard the city’s reputation over time.

Other well-known cities might soon follow suit now that Cannes has set the trend in motion.

According to Charles-Henri Puaux, CEO of e-commerce expert Pertimm, “Other cities are interested in this heritage approach, particularly in the Middle East.”

Related Posts

Pete Davidson's Rep Says Comedian Never Dated Olivia O'Brien

Pete Davidson’s Rep Says Comedian Never Dated Olivia O’Brien

Olivia O’Brien is telling everyone about her purportedly brief relationship with Pete Davidson. The “I Hate U, I Love U” singer stated that things were on and then off with…

Read more
Busy Philipps Arrested

Busy Philipps Arrested While Protesting After Roe v. Wade Overturned

Even if it results in a legal run-in, Busy Philipps has chosen to stand her ground. The Girls5eva star documented herself participating in a protest in Washington, D.C. in pictures…

Read more
Brittney Griner US basketball star appears in Russian court on drug charges

Brittney Griner: US basketball star appears in Russian court on drug charges

US basketball star Brittney Griner has appeared in court near Moscow on suspicion of possessing cannabis. Griner was arrested in February at Moscow’s Sheremetyevo Airport while traveling to play for a…

Read more
Inflation in the eurozone reaches new record high of 8.6%

Inflation in the eurozone reaches new record high of 8.6%

Inflation in the eurozone reached a new high of 8.6 percent in June due to rising energy costs. The record-breaking figure, up from 8.1 percent in May, portends bad news…

Read more
Same-sex marriage just became legal in Switzerland. This couple were among first to benefit

Same-sex marriage just became legal in Switzerland. This couple were among first to benefit

When same-sex marriage became legal in Switzerland on Friday morning, this pair was among the first to exchange vows. Laure and Aline, two Geneva residents, had been anticipating this day…

Read more
North Korea Blames 'Alien Things' From South For COVID-19 Outbreak

North Korea Blames ‘Alien Things’ From South For COVID-19 Outbreak

Since the outbreak’s start in early May, 4.7 million cases of “fever” have been documented across the nation. North Korea said Friday it had discovered the source of its ongoing…

Read more