So far, the museum has only attached a quarter of the published work snippets. Things are not looking rosy on the secondary market.
Three months ago, the Belvedere offered digital excerpts of Gustav Klimt’s world-famous work “The Kiss” for sale, making it the first federal museum to jump on the NFT train. According to a report by “futurezone.at”, the “Standard” reports that 2,415 of 10,000 units have been sold so far, with individual work snippets showing a loss in value.
The sale of the 2,415 units raised 4.4 million euros, according to Belvedere, 130 non-fungible tokens (NFTs) have been resold on the secondary market so far. As Wolfgang Bergmann, commercial director of the Belvedere, explained to the APA, the sale of a few NFTs below the purchase price is by no means unusual. “As long as the primary market is not sold out, a price increase on the secondary market is not to be expected either.”
On average, the price on the secondary market has fallen by around twelve percent. Individual NFTs were sold more expensively, with the top price being 4,500 euros. According to the “Open Sea” platform, the so-called floor price – i.e. the currently cheapest individual part on offer – was 954 euros with a starting price of 1850 euros.
“Since the image sections are sent to the buyer via a random generator, they naturally look very different. More colorful parts of the work may appear more valuable to some buyers than other parts,” says Bergmann.