For an exclusive interview before the formal launch this week, Picasso’s granddaughter, Marina Picasso, and her son Florian Picasso opened up their apartment — which is swimming in works from their illustrious ancestor — in an upscale Geneva neighborhood. There they offered up a glimpse, however tantalizingly slim, of the piece behind what they’re billing as an unprecedented fusion of old-school fine art and digital assets.
They’re looking to cash in on and ride a wave of interest in non-fungible tokens, or NFTs, which have netted millions for far-less-known artists and been criticized by some as environmentally costly get rich schemes.
A Picasso, his family’s promoters say, would mark the entry of a Grand Master into the game.
In economics jargon, a fungible token is an asset that can be exchanged on a one-for-one basis. Think of dollars or bitcoins — each one has the exact same value and can be traded freely. A non-fungible object, by contrast, has its own distinct value, like an old house or a classic car.
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