A work of art by Guercino will be sold on an NFT platform and paid for in Binance Coin (BNB). In addition to the physical asset, the buyer will also receive a certificate of authenticity in the form of an NFT.
Giuseppe and the wife of Putifarre, Guercino’s work becomes NFT
The painting in question is ‘Giuseppe and the wife of Putifarre’, painted in 1631 in Modena by Giovanni Francesco Barbieri, known as Guercino. For years the work was believed to be missing, but was finally identified in 2011 when it became part of the collection of the Zanasi Foundation, which curated the exhibition. It is now owned by a private collector who entrusted the sale to InArtNFT.
It was commissioned by the Duke of Modena and Reggio Francesco I d’Este. It depicts the young Jew Giuseppe, who preserves his integrity by rejecting the seductive attitude of the wife of his Egyptian master, Putifarre. The patron wanted the painting to:
“strongly illustrate the importance of justice, moral responsibility and personal freedom in the lives of the subjects”.
This is at least the reconstruction of art expert Nicholas Turner.
The work for sale in the NFT marketplace
‘Giuseppe and the wife of Putifarre’ will be sold on InArtNFT, the platform of Artvise, an internationally renowned art heritage consultancy and asset management company.
In order to purchase the work, it will be necessary to own BNB. By connecting a MetaMask wallet, the buyer will receive a certificate of authenticity in NFT format in his wallet. The work will then be physically delivered to the user.
A new way of experiencing art
This means that it is not a work in the form of an NFT, but an authentic art piece. The NFT serves “only” as a guarantee. This form of purchase is intended to innovate the art world. Giorgio Cuneo, co-founder of Artvise, explains:
“NFT technology is an ideal tool for enhancing the value of those assets that in economics are defined as ‘non-fungible’. Today, innovation offers us the possibility to provide a new standard to the world of Art, capable of transforming works from an investment often perceived as risky, since it is based on mere attribution, into a true financial ‘asset’ class. This is all the more true in the case of paintings such as Guercino’s ‘Giuseppe’: once thought to be lost, it has now been attributed and authenticated. The decentralized, transparent, verifiable and non-falsifiable blockchain certification proposed by Artvise will therefore provide investors with a tool to gain a competitive advantage in diversifying their assets, while also benefiting from the work of art as a safe haven asset capable of revaluing safely over time”.
This is an example of how NFTs are changing the art world, integrating with classical works, which they complement in a way.