The fusty world of antiques is getting a youthful breath of fresh air, thanks to non-fungible tokens .The fusty world of antiques is getting a youthful breath of fresh air, thanks to non-fungible tokens .
One batch of 30 NFTs is linked to a bronze, ceremonial sword from the Qing dynasty with gold decorations inspired by the “green dragon crescent blade”, a weapon wielded by the legendary warrior Guan Yu during the late Eastern Han dynasty of China .While the NFTs do not give their holder a part-ownership of the actual weapons, they confer the right to bid for them within one year of the launch. This effectively caps the demand for the physical weapon at 30 bidders.
The NFT also confers the right to view the swords, which are being stored in a safe belonging to the gallery.“We normally don’t open the weapons to public viewing, so this is an exclusive right granted only to the NFT holders,” said Cheng. “While the blockchain has a lot of value in helping to prove the authentification of an artwork, an NFT has brought us a new group of younger buyers, who are in their 20s and who have become interested in the history associated with antiques,” said Cheng.
As Covid-19 forced events to be cancelled and lockdowns hit sales at art galleries, dealers turned to new technologies to generate interest among potential buyers who spend more time online. Still, there are also people willing to bid for NFTs that are completely decoupled from the physical objects.
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