Friday, February 23

León Tourism Museum or when exhibiting something of no value serves to understand the world of NFTs

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The Casa Botines Museum is also the headquarters of the León Tourism Museum and, for a few weeks, its interior has been exhibited an asset that, paradoxically, has no value.

Its about facsimile of an original document that does not physically exist. It is that original document that does not physically exist that is supposed to have value. Welcome to the wonderful world of NFT’s.

The year we just left behind has been the year of digital art. NFTs (non-fungible tokens), as they are already known, are non-physical assets considered unique in the virtual world and whose originality is suitably certified through mechanisms of blockchain.

Worldwide, 2021 was the year in which the first non-physical work of art was sold for 58.5 million euros – ‘Everydays: The First 5000 Days’, de Beeple- or in which the first tweet in history was auctioned for 2.4 million euros.

At the Spanish level, the NFTs are beginning to show their heads. Examples? It was in the month of July when the first sale of an NFT took place in Spain, a historical moment that has the Burgos artist Suleiman Lopez. He sold one of his pieces to the Fundación El Secreto de la Filantropía for 12,000 euros.

Already in September, teacher and digital artist Paco Bree -also a D + I collaborator- became the first Spanish artist to illuminate the Burj Khalifa in Dubai (United Arab Emirates) with his digital work. And, in October, the Zaragoza City Council organized the Offering to the Virgen del Pilar around the NFTs, raffling the virtual replicas of their traditional big heads, with certificate of authenticity.

The experts, who speak of a business volume that already exceeds 3,000 million euros, are divided among those optimists who value the advantages more –put an end to middlemen in the art world and among those who are not so much and warn a bubble that, at any moment, could burst.

Draw attention?

In Spain, cases such as those of Paco Bree or the Zaragoza City Council show that it is a sector that is still growing and whose actions, on many occasions, are more educational or promotional than commercial.

And at this point of diffusion of this new way of conceiving art through technology or even this new way to get attention It is where that tourist NFT that we talked about at the beginning could fit in.

But what NFT are we talking about? As well, This digital asset is the document by which six hotel chains – Alma Hoteles, Castilla Termal, Fontecruz Hotels, One Shot, Room Mate Hotels and Único Hotels- formalized a strategic alliance for the digital transformation of the sector, technology transfer, the promotion of talent …

In short, the original contract, the one that really has value, does not physically exist. The original contract is an NFT.

Practical case Imagine that, within a few years, this hotel alliance becomes the main actor of an unprecedented growth in the sector, turning the agreement signed years before into a moment in history and, the original document that attests it, into an asset of undeniable value.

In the case at hand, whoever is willing to pay for having the honor of possessing the original document of the signing of this alliance, would have to invest a financial amount for something that does not physically exist. I would pay for an NFT.

Single bid: 197 euros

Fernando Gallardo, president of EuroFintech, the cluster that promoted the alliance, explains that “We are encouraging the digitization of the tourism sector with new technological proposals such as the tokenization of non-fungible assets. “

Thus, “with the creation of this NFT, Spain leads the world in cutting-edge applications “, he sums up with obvious optimism.

The fact is that this curious NFT It was put up for sale for auction through the Rarible platform on June 15 becoming the first NFT created by a Spanish tourism company.

Seven months later, the truth is that the success has not been very noticeable. Only one bid, 20 days after the auction opened, which has remained unchanged since then in the 197 euros, as D + I has been able to verify.

The promoters of the alliance, leaving the impact of the NFT aside, maintain that this alliance is historic. Diego Ortega, CEO of Fontecruz Hotels and president of the Hotel Alliance, recalls that “It is the first time that such a large and well-known group of hotel chains has come together to work together., not only with the aim of concurring in the best possible conditions to the non-refundable financing proposed by the European Union, but also to promote the internationalization of Spanish tourism companies and lead in the near future the export of tourist know-how to the rest of the world. world”.

For Alberto Bosque, coordinator of the Tourism Museum, this document “is undoubtedly a double historical document. First, because the constitution of the Alliance is unprecedented in Spanish hotel history. Second, because the hotel sector in our country is at the forefront of the world with the certification blockchain in NFT format of a collaborative document “.

Yes indeed, Let’s not forget that what is exhibited in León has no value; the value is held by a document in digital format hosted on the largest showcase ever invented: the internet.