© kleee02 NFT laser projection at villa diana, zurich, 2019
Non Fungible Token
Built on blockchain technology and cryptocurrencies, non-fungible tokens (NFTs) have been a defining theme of the art market over the past two years. The SAMA refrains from judging whether this is a paradigm shift in the art business or merely a temporary hype. Regardless of this, Switzerland, with Crypto Valley as the world’s leading blockchain location, is in the focus of the development of new technologies that also offer themselves to art market participants.
We therefore see NFT primarily as a new, decentralised structure for certifying property and transferring rights. Moreover, this technology makes it possible to also make digital artworks or collectibles unique and thus attractive for collections. Moreover, digital art, “collectibles” and NFTs seem to be particularly attractive to a younger audience and thus enable addressing a new generation of collectors combined with the possibility of attracting them to classical art collecting as well.
The technological applications and the associated digital worlds such as Metaverse et al. are, mind you, still in the early stages and valid standards of regulation for the protection of copyright holders or buyers have yet to be established. The SAMA is following these developments for its members and also offers assistance when it comes to using professional and legally secure digital tools in this area.
If you are interested, you will find a list of partners and specialists pre-selected by the SAMA here. As a SAMA member, you will receive special preferential conditions with these partners and specialists selected by the SAMA.