Heirs of Picasso climb to ‘cryptographic’ wave with NFT

Geneva -

The heirs of Pablo Picasso, the famous Spanish artist of the twentieth century, launched into the 21st century trade when selling 1.010 pieces of digital art of one of his ceramic works that had never been exhibited to the public, following a fashion by the “cryptographic” assets that have taken the world of art and finance assault.

Picasso's granddaughter, Marina Picasso, and her son Florian opened the doors of her apartment, full of works by her illustrious ancestor, in a luxurious Geneva neighborhood for an exclusive interview.There they offered a brief glimpse to the chosen piece for what they described as an unprecedented fusion of Fine Arts of the old school and digital assets.

The heirs hope to get revenue in taking advantage of the interest in NFTs, protected digital files that have meant millions of dollars in transactions for much less known artists and generated criticisms of those who consider them maneuvers to enrich themselves with a high environmental cost.

A Picasso, according to relatives, would mean the entrance of a great art master in the game.

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In economic jargon, a fungible good is an asset that can be replaced by another equivalent, such as dollars or bitcoins.On the other hand, a non -fungible object like NFTs has its own value, as well as an old house or a classic car.

By combining this idea with cryptocurrency technology known as blockchain, NFTs are obtained, token in English or non -fungible piece.In practice, they are digital certificates of authenticity that can be associated with digital art pieces or any other digital file, whether sound, video, animation or even a news article on the Internet.

"We try to build a bridge between the world of NFT and the world of fine arts," said Florian Picasso, the artist's great grandchildren.

The descendants of the artist have been discreet to collect interest and protect - now - a family heritage.As soon as they show a strip from the lower part of the work shown by the NFT, a ceramic piece of the size of a large salad bowl.In the part that has been shown, there are a thick yellow line, a green stain and the number "58" written at the base.

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Marina Picasso says that the treasured pottery piece was made in October 1958, when she was a child.

"It is a work that represents a face, and is very expressive," he said."It's happy, happy.Represents life (...) It is one of those objects that has been part of our life, our private lives, my life with my children ”.

Sotheby’s will celebrate an auction in March that will include a unique NFT, as well as the ceramic bowl itself.

Florian Picasso said they had chosen that piece because it was "a fun" to start.

The family and their business managers say that their goal is to create a community as a picasso fans.

Part of the benefits will be donated: a part will go to a charity organization that tries to help counteract a shortage of nurses, and another to a non -governmental organization that tries to reduce carbon dioxide in the atmosphere.NFTs will also include music created by Florian Picasso, which is DJ and musical products, along with composer John Legend and rapper NAS.Nor will that musical work be public.

AP Boris Heger's video reporter contributed this note.