Cannes announced on Tuesday that it will be the initial European city to convert its iconic landmarks to NFTs. The city will sell these NFTs via an auction. In other words, you now have the chance to own Boulevard de la Croisette or the Palais des Festivals as NFTs. This move by the city is done as an attempt to “invest” in the metaverse.
Cannes NFTs: Everything you need to know
Cannes will convert a total of 11 attractions to NFTs. This consists of Port Canto, Île Sainte-Marguerite and its Fort Royal, Malmaison, and the Old Port. Others on the list include Forville market, Le Suquet, Pointe Croisette and the Georges Méliès Campus.
“This project plans to advance the beauty of the Cannes destination via the improvement and promotion of its historical heritage, vector of identity and authenticity,” the municipality stated.
Cannes is working with a city-based company called Pertimm to convert these locations into NFTs. Pertimm is a novel French company with more than 20 years of experience in artificial intelligence and e-commerce.
Cannes will auction ten NFTs during the Cannes Lions International Creativity Festival. The festival will be held from June 20 to 24, 2022. After that, it will donate the 11th NFT to a Cannes resident via a lottery. In addition, the city will donate a part of the NFT sales to the Cannes Foundation to develop environmental projects.
Across Europe, different initiatives have been launched to promote NFTs in the last few months. Last month, for example, the NFT Factory revealed its plans to open a 400-square-meter space in Paris in September 2022. A collective of Web3 pioneers, the NFT Factory plans to make France a leader in the Web3 space.