Santa Casa ends NFT Venture after €500,000 investment

Santa Casa ends NFT Venture after €500,000 investment

Portuguese charitable organization Santa Casa da Misericórdia de Lisboa (SCML) has concluded its foray into the non-fungible token (NFT) world. After making a significant investment of half a million euros to break into the virtual art market, the initiative yielded disappointing outcomes.

Artentik closure

The venture, named Artentik, was initially launched in December 2021. SCML’s ambitious endeavor focused on offering digital twins of various relics from the Museu de São Roque, in addition to other artifacts from the sacred art collection of the Santa Casa da Misericórdia de Lisboa.

Santa Casa ends NFT Venture after €500,000 investment - 1

The driving force behind this move was twofold. Santa Casa aimed to generate revenues that could be funneled into their day-to-day operations supporting charitable causes. At the same time, this move was seen as a continuation of their extensive, 500-year-long tradition of assisting the underprivileged.

It’s relevant to note that Artentik is not the only art platform forced to close its doors. Just yesterday, Async Art, an art platform created back in 2020, also announced it would be shutting down services.

Stagnant sales

Santa Casa failed to merge the ancient with the innovative, blending historical relics with cutting-edge technology. The institution’s objective of supporting societal causes via this new medium will now have to find a different avenue.

Despite their noble intentions, sales have remained stagnant for over a year and a half. With no significant uptick in sight, the decision to shutter Artentik became inevitable.

Speaking to PÚBLICO, SCML confirmed the termination of the project. Interestingly, the original plan had earmarked an investment of four million euros, a substantially larger sum than what was ultimately dispensed.

Unwavering commitment by Santa Casa

Despite the setback, the commitment of Santa Casa da Misericórdia de Lisboa to serve the disadvantaged remains unwavering. The organization will undoubtedly continue its storied legacy of aiding those in need through other means.

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