escendants of the famous artist Pablo Picasso are reportedly set to sell one of his ceramic pieces that has never been seen by the public before – as an NFT.
Non-fungible tokens (NFTs) are a popular and somewhat controversial kind of asset ownership in the form of a digital ledger that stores data on a blockchain, much like cryptocurrencies, such as Bitcoin.
The ceramic work of art, which was created by the artist in 1958 and reportedly has the number 58 on its base, has reportedly never been shown in public before.
This marks the Picasso firm’s entrance into the growing NFT market. The piece, is reportedly part of Marina’s private collection.
Pablo Picasso’s son Florian Ruiz Picasso is also reportedly composing the “soundtrack” that will go with the NFTs. He is a DJ and is reportedly working on the music with John Legend and the rapper Nas.
The tokens, sold in five series of 200 pieces each, are being sold through the Man And The Beat platform nft.manandthebeat.com which was created by Marina and Florian. The remaining 10 tokens will be sold through the Nifty auction house niftygateway.com.
Marina and Florian reportedly want to unite the conventional art market with that of “cryptographic assets”.
Part of the profits from the auction will be donated to the Nurseheroes.org charity, which is geared towards tackling the ongoing shortage of nurses in the health industry. Some of the profits will also be going to an NGO called Carbon180, which is involved in the ongoing global fight against CO2 emissions that cause climate change.
Pablo Picasso (1881-1973) was a Spanish painter, sculptor, ceramicist and printmaker who spent most of his life in France and who is widely considered one of the greatest artists of all time.