The ‘ETH In Mellieha’ NFT Changes The Concept of Using NFTs to Claim Asset Ownership

There are many types of non-fungible tokens to explore. Some favor the collections, whereas others look for unique NFTs. For example, ETH in Mellieha may seem like a simple picture, but the depicted oil painting represents so much more than just a car with an “ETH” number plate. 

Understanding The Power of ETH In Mellieha

The NFT industry is home to many unique artworks that may or may not relate to existing artwork. For example, the NFT of ‘ETH In Mellieha’ depicts a car in Mellieha with the number plate ‘ETH’. That is not necessarily exciting to those with no ties to cryptocurrency, but it is not just about the number plate. There are many other aspects to consider, including the documentary documenting the making-of of this NFT and its impact on the rights to claim certain assets. 

First, one must acknowledge the oil painting depicted in the ‘ETH In Mellieha’ NFT is no longer among us. It was burnt during a bonfire ceremony right after the non-fungible token was minted on the Ethereum blockchain. However, the number plate visible on the car still exists and will be sent to the winning bidder under a legally binding contract. That number plate may change the way people think about how NFTs pertain to rights to claim certain assets. 

Second, there is the documentary regarding the ‘ETH in Mellieha’ NFT creation. More specifically, the documentary was filmed by Eric Bartolo, a Maltese videographer known for his work on ‘Silent Islands’. The documentary focuses on how the NFT was created and the initial oil painting that is crucial in the process. Moreover, the digitization of the oil painting is made possible by photographer Matthew Mirabelli (The Times of Malta, Press Photographer of the year in 1999,2010, 2011). 

Third, the oil painting was created by Debbie Bonello, a native artist from Mellieha. The painting and all of its sketches were burned during the bonfire mentioned above ceremony on the Mellieha seafront. Debbie’s friends and family attended the event, as did various local and national members of parliament. There is tremendous meaning behind the ‘ETH In Mellieha’ project that cannot be understated. 

A Boon For Malta In The NFT Space

The role of Malta in this NFT project is significant for multiple reasons. While the location – Mellieha – is front and center in this non-fungible token, numerous Maltese individuals are involved in the creation, bonfire ceremony, and so forth. However, the Maltese angle goes much further than one may realize at first.

As the winning bidder of the ‘ETH in Mellieha’ auction will receive the customized number plate, Transport Malta had to get involved. As a result, transferring a customized number plate ownership is possible, regardless of the winning bidder owning a car or residing in Malta. Moreover, the transfer can occur under escrow conditions, as escrow is recognized in Malta. 

Overseeing the legal side of the ownership claim to this asset is Mamo TCV Advocates, one of the island’s leading law firms. The agency drafted the necessary terms and conditions to oversee the transfer of the ‘ETH’ number plate. While Malta is one of the few developer countries allowing fully customized car number plates, it remains crucial to dot all i’s and cross the t’s to ensure everything is legally binding. 

Closing Thoughts

The ‘ETH In Mellieha’ NFT will be put up for auction on OpenSea later this year. The winner will receive the NFT and the ‘ETH’ number plate and highlight Malta’s importance in the NFT and broader cryptocurrency ecosystem. Interested parties can learn more about the project via the website, Twitter, and Instagram. 

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