Czech nobles will digitize their heritage and sell it as NFT tokens

The Czech prince has announced plans to digitize his family’s 700-year-old castles and art collections — virtual images of ancient works of architecture and art will form the basis of the NFT collection.

As it became known, the NFT collection with the heritage of one of the most famous noble families in the Czech Republic, the Lobkowitzes, will consist of 20,000 non-fungible tokens. The digital art will be available for purchase at an auction to be held in September at the Lobkowitz Palace Museum (Prague Castle). 50% of the proceeds from the sale of NFTs will be used to finance the restoration of ancient castles and works of art of the Lobkowitz family. The rest of the funds will be used to pay the digital artists who created the NFT collection. Prague Castle ****

According to the prince who initiated the digitization of his family’s heritage, William Rudolf Lobkowitz, the works of art are «in desperate need of restoration,» including manuscripts by Mozart and Beethoven. The initial cost of each NFT will be 400 euros.

However, it is impossible to predict whether the collection will be successful and generate the expected profits, as sales of digital NFT art have fallen 50 times in a year. Thus, at the annual auction of NFT art, Christie’s raised $ 4.6 million, and last year artists sold their own works at the same auction and received $ 150 million.