Abreu Advogados advises SCML on the launch of the NFT platform “Artentik”
Abreu Advogados, a Portuguese law firm, advised on the creation and launch of the “Artentik | NFTs for good causes” platform of Santa Casa da Misericórdia de Lisboa (SCML) – a Portuguese charitable organization. Artentik is an Non-fungible tokens (NFTs) marketplace, registered on the Ethereum blockchain network, linked to images belonging to its art collection, relics, reliquaries, sculptures or artefacts and other objects belonging to its cultural heritage, and authenticated by Santa Casa da Misericordia de Lisboa.
The Law Firm advised on all legal aspects related to the creation and development of this platform, namely in the interaction with the supervising entities of virtual assets service providers; in the contracting with crypto active minting providers, crypto-active exchange and interplanetary file systems providers; in the development of terms and conditions; in the definition of rights associated to NFTs and in the tax analysis of the entire operation.
The Abreu Advogados team involved in this operation was coordinated by Diogo Pereira Duarte, Professional Partner and coordinator of Abreu Advogados’ FinTech practice, Ricardo Henriques, Partner and coordinator of the Intellectual Property and IT practice area, and Alexandra Courela, Partner and coordinator of the Tax practice area. Also involved in this operation were Associated Partner Joana Maldonado Reis, Senior Associates Isabel Pinheiro Torres, Susana A. Duarte and José Maria Alves Pereira, and Trainee Lawyers Sofia Lopes Agostinho and João Carlos de Gusmão.
This the first worldwide web 3.0 platform in which a public utility and cultural purpose entity uses the tokenization of its cultural heritage and artistic assets to allow the public to own the crypto-assets associated with these assets, enabling their dissemination and monetization and, simultaneously, additional funding for the good causes it pursues. In statements to the press, SCML revealed that prices could range from €100 to €200,000 and payments are made exclusively in cryptocurrencies.