Art Lovers Can Own Part of an NFT of Gustav Klimt's Famous Painting "The Kiss"

The Belvedere Museum in Vienna has partnered with the artèQ investment fund to launch an NFT inspired by one of Austrian painter Gustav Klimt's most famous works, The Kiss.

On Valentine’s Day, a digital copy of this early 20th-century portrait of the lovers was split into a 100×100 grid, with 10,000 individual pieces released as NFTs.

According to the series' website, the cost of one NFT is estimated at 1,850 euros, which converts to 0.65 ETH on Feb. 14, meaning the NFT painting has a total notional value of 18.5 million euros ($21 million). However, as of the time of writing, sales amounted to just 33.3 ETH ($103,900), with more than 80% of the collection still unsold.

The relatively low purchase volume of Belvedere's "Digital Declaration of Love" NFT collection may indicate that each piece is overpriced, or that NFT buyers are less interested in traditional art at this stage of the market's development.

In 1908, the painting was purchased for 25,000 crowns ($240,000 in today's dollars) and has remained in the Belvedere ever since.

The issued NFT certificate reveals the digital portion of the painting purchased and includes a personal dedication if gifted to a loved one.

Happy Valentine's Day!

Today is a big day for lucky Kiss NFT holders from all over the world!

Release day! @arteQio & @belvederemuseum

Still looking for a last-minute Valentine's Day gift?

♥️

— artèQ (@arteQio) February 14, 2022

Ahead of the release, Belvedere managing director Wolfgang Bergmann said in a statement:

"The number of shares in the global market is very small, and each piece is unique, and that is where the value of these tokens lies."

Nanne Dekking, CEO and founder of blockchain-secure art and collectibles registry Artory Inc., echoed the same sentiment in an interview with Cointelegraph. Such a move, she said, "allows us to completely rethink art patronage," adding, "enabling museums to engage with the interests of their larger community rather than being limited to a small number of donors."

In fact, the tokenization of physical artwork is just one way for museums to engage with existing communities and tap new ones. Russia's State Hermitage Museum has recently moved beyond the confines of digital replicas, launching a fully digital exhibition in the museum's Metaverse-inspired reconstruction.

Dekking added that the tokenization of artworks “ultimately enables the art market to reach a wider group of art lovers,” while also potentially providing museums with royalties.

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