The article discusses the impact of the NFT (non-fungible token) boom on the art industry, highlighting major art #museums’ increasing acquisition of #NFT-based artworks. The boom gained significant attention after Beeple’s digital mosaic, “Everydays,” sold for $69 million in #2021. NFTs function as certificates of ownership, creating digital scarcity and value for easily replicable digital assets.
The #Whitney Museum, having acquired its first NFT in 2018, now owns 30, showcasing the industry’s shift toward digital art. Museums like MoMA in New York have accepted NFT-based works, such as “Unsupervised” and “3FACE,” as part of efforts to enhance their digital offerings. Some curators remain skeptical, keeping their distance from NFTs, while others see the boom as bringing digital art into the public eye, providing opportunities for digital artists in the traditional #art #world.
The article also notes the potential future evolution of the digital art market, with curators and gallerists navigating NFT marketplaces and artworks’ values determined by critical consensus rather than cryptocurrency health. Despite a decline in prices, auction houses like #Christie’s and Sotheby’s insist on the continued growth of #digitalart artwork sales. The art world is described as being in the “stone age of the virtual turn,” with some hoping the NFT moment marks the beginning rather than the end of a trend, similar to the dotcom bubble.
August institutions are adding tokenised artworks to their collections. Why? https://lnkd.in/eRb9bmN3
Image: The Museum of Modern Art/ Robert Gerhardt
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