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.
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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.”