Doni Tondo

In the museum sector, institutions have experimented with producing tokenized digital versions of famous works from their collections.

And one very early example was the Uffizi Gallery in Florence, which produced an NFT connected to Michelangelo's Doni Tondo.

Or the State Hermitage Museum in St. Petersburg also auctioned digital versions of several major artworks.

Uh, in each case, the physical work, of course, remained in the museum.

However, the market has been extremely volatile, and museums face substantial technical, legal, and also ethical uncertainty, so they need to understand copyright, image rights, taxation, and also environmental implications of blockchain technology.

Uh, so the Uffizi example is very instructive.

So the digital version of, uh, Doni Tondo artwork was reportedly sold for approximately two hundred forty thousand euro, which initially appeared to be quite major success.

However, the museum received only about seventy thousand euro because a substantial proportion went to the technological company that, that was involved.