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Prague's first-ever NFT sale off to an embarrassing start

Out of over 1,300 available non-fungible tokens offered by the capital, less
than 10 have been sold in the space of over two months.

  [41]Thomas Smith

  Written by [42]Thomas Smith Published on 03.05.2023 07:30:00 (updated
  on 03.05.2023) Reading time: 2 minutes
  [43]Culture [44]Daily News
  Photo via Prague City Tourism Photo via Prague City Tourism
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  [46]Privacy Policy

  Prague City Tourism’s launch of non-fungible tokens (NFTs) can be
  described as a tangible failure. Of over 1,300 tokens issued in late
  February, just nine have been purchased. The average cost of one NFT is
  about CZK 2,600 (converted from cryptocurrency prices).

Showcasing and helping Prague

  The collection, entitled Bohemian Muse, features artwork that depicts
  “the bohemian soul of Prague” and the “authenticity, creativity, and
  unconventionality” of some people living in the capital, an
  [47]official press release writes.
  [48]Advertisement [49]Max Removals - In-article (Daily news, Expat
  life)

WHAT IS AN NFT?

  An NFT is a digital asset that is unique and cannot be replaced by
  another identical item. It is best imagined as a one-of-a-kind trading
  card or a collectible item, such as a rare stamp or a piece of art.
  NFTs are created using blockchain technology, which means they can be
  verified and authenticated as original and unique.

  All the NFTs – purchasable only via a cryptocurrency – feature a woman
  standing beside well-known Prague attractions, such as the Astronomical
  Clock.
  [50]Advertisement [51]Narodni Galerie Praha - In article Banner
  Architecture

  Prague City Tourism released exactly 1,357 NFTs, symbolically
  reflecting the year in which construction started on Charles Bridge.

Would you buy a Prague NFT?

  For sure 3 %
  Absolutely not 93 %
  I'm thinking about it 4 %
  118 readers voted on this poll. Voting is open

    With Bohemian Muse [52]#Token, Prague is among the first capitals to
    set foot in the [53]#NFT world. Muses have inspired artists in
    Prague for centuries. 🎨🖼️ Now you have a chance to get your
    own Bohemian Muse 🎠[54]https://t.co/xGkDP8dWqg
    [55]pic.twitter.com/1cv872msSD
    — City of Prague (@PragueEU) [56]February 28, 2023

  According to the municipality of Prague’s official tourism board,
  proceeds from the NFTs’ sales are intended to be used for restorative
  work on the capital’s cultural landmarks.

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First doesn't mean best

  Boasting its exclusivity, the press release writes that Prague is said
  to be one of the “first metropolises in the world” to introduce NFTs.
  Prague City Tourism says that it spent about CZK 500,000 in developing
  and releasing the NFTs.

  The organization’s spokesperson said two months ago that the campaign
  targets “more creditworthy clients.”

  According to Prague City Tourism, “full-fledged support” and marketing
  online have not yet begun – potentially explaining poor sales thus far.
  [59]Advertisement [60]UNYP - In-article banner (Education, Daily News)

  People in the capital may have noticed an offline campaign of sorts,
  with a series of [61]street art paintings resembling the theme of a
  Bohemian muse displayed in underpasses in Prague 2’s Legerova Street or
  in Strahov (Prague 6).

  A Czech [62]survey from April 2022 found that eight in 10 respondents
  in the country did not know what NFTs were, and 73 percent would not
  pay over CZK 99 for one NFT.

  Owners of the Prague NFTs can also get extra benefits, such as a visit
  to normally inaccessible areas of the Old Town Hall or Strahov
  Monastery. However, further inspection finds that such bonuses are not
  always included and can only be arranged after prior agreement via
  e-mail, [63]CzechCrunch writes.

Poor execution

  According to a consultant in the NFT realm, Julie Šislerová, the
  project’s execution has been its downfall (so far).
  [64]Advertisement [65]Damejidlo.cz - In-article Banner

  Releasing over 1,000 NFTs with the same theme at once, she explains,
  reduces their value and exclusivity. “If the buyer had no idea in
  advance how rare - and therefore valuable - the NFT would be, the
  collection would be much more attractive," she summarizes.
  RECOMMENDED ARTICLE
  [66]Nikola Márová performs Odette from "Swan Lake." Photo: Pavel Hejný.

[67]Czech National Theatre issues its first NFT

  Despite a boom in 2021, global NFT sales have nosedived in the past
  year, with sales of the tokens declining by a seismic [68]83 percent
  year on year in 2022. Although ambitious, Prague’s release of NFTs
  appears both poorly implemented and ill-timed.
  [69]#art [70]#cryptocurrency [71]#daily news [72]#digital art [73]#nft
  [74]#Prague City Tourism [75]#tokens
  Would you like us to write about your business? [76]Find out more

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