The French city of Cannes made €330,000 by selling its landmarks as NFTs
In June, 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.
On Tuesday, ten iconic places from the city in southern France were put up for auction, offering potential buyers 3D models and NFTs that they can someday incorporate into the metaverse to use as virtual event venues for money.
“NFTs have only been able to create graphics up until this point. We have first-time offered NFTs connected to real estate locations for sale “, revealed Artcurial’s auctioneer Arnaud Oliveux, who oversaw the transaction.
France’s most stunning architecture may be seen in Cannes, which is renowned for hosting a major film festival. The Old Port, Malmaison, and Le Suquet, the historical cradle of the Riviera city, were also accessible to buyers, in addition to the Croisette and the Palais des Festivals.
The Palais des Festivals, which went for €65,000, received the highest bid out of the 10 lots that were offered for sale. Sales of €331,936 were made altogether, including an astonishing €59,040 from the Croisette. By drawing lots, the Georges-Méliès Campus, the eleventh site, was selected.
Why are NFTs being released by the city of Cannes?
According to Mathilde Bernard, a cabinet assistant to Cannes Mayor David Lisnard, Cannes aims to use the effort to establish its rich history and heritage in the metaverse.
As a result of the NFT’s protection on the blockchain, Bernard claims that they protect their heritage.
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.
Charles-Henri Puaux, CEO of e-commerce expert Pertimm, claims that other cities, particularly those in the Middle East, are interested in similar historical approach.
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