13 Dec We have a Rembrandt!
Last week the news reached us that we have a real Rembrandt in our possession. For 175 million, the Netherlands will own the canvas ‘the standard-bearer’. It is paid for by the government for the most part from the reserves (by you and me). In addition to collective pride in owning one of the world’s most coveted paintings, however, I also had another thought. How nice it would be, if we, taxpayers, could all benefit from this undoubtedly good investment. A gratification around the holidays at the end of the year in this already difficult time. What do Non-Fungible Tokens have to do with this?
With technology today, we can digitize a painting and also tokenize it. This gives everyone an exclusive virtual piece of the painting in their wallet. Nice to collect, nice for later, or maybe interesting to do something with it. With blockchain technology we create Non-Fungible Tokens (NFT’s) for the painting. These are non-exchangeable, digital certificates of an object registered in a blockchain database. Anyone can see the registrations. They are recorded transparently, verifiably and immutably.
With the purchase of our Rembrandt, the government becomes the new owner. How could we make a profit from it as well? The painting is royalty free, but that doesn’t mean you can use any photo of the painting. This is because the creator of the picture has copyright. So what if the government (as a thank you to its citizens) makes a special digital print of the canvas and starts issuing it with NFTs? We, Rembrandt Token holders, will then have the exclusive right to use this digital copy. We can then do something with it. Compare it to the exclusive broadcasting rights of a soccer match. Only the broadcaster who has the rights may broadcast the images. These rights therefore have a financial value. So too in the case of our Rembrandt Tokens. We get a digital certificate, a signed copy with a limited edition of about 17 million pieces. Like you can have a signed copy of a biography. But now fully in the digital world and with additional information and agreements, listed on your NFT certificate. With NFT technology, we can create scarcity while building a new value system. The emergence of NFT technology creates new potential revenue models for everyone. Why not start with our national pride? After all, it belongs to all of us!
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