{"id":13238,"date":"2023-09-01T11:08:55","date_gmt":"2023-09-01T09:08:55","guid":{"rendered":"https:\/\/affidaty.io\/blog\/?p=13238"},"modified":"2023-09-01T11:09:00","modified_gmt":"2023-09-01T09:09:00","slug":"nft-museums-on-chain-art","status":"publish","type":"post","link":"https:\/\/affidaty.io\/blog\/en\/2023\/09\/nft-museums-on-chain-art\/","title":{"rendered":"NFT increasingly mainstream: major museums look to the future."},"content":{"rendered":"\n
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While the media proclaim the death of <\/em>NFT<\/em><\/strong>s, major <\/em>museums <\/em><\/strong>are embracing their adoption. Is this a contrarian move or are we witnessing the institutionalization of a new expressive art form?<\/em><\/p>\n<\/blockquote>\n\n\n\n

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Introduction<\/h2>\n\n\n\n

In recent months, the Non-Fungible Tokens (NFT<\/strong>) sector has experienced a decline in sales and prices, following the Ftx, Luna, Celsius scandals, and substantial losses in Bitcoin and Ethereum after the peak in November 2021.<\/p>\n\n\n\n

The trading volume on the Opensea marketplace plummeted by 90% between 2021 and 2022, causing the market value to drop from around $3 billion to just $350 million within a year. Specifically, focusing on NFT<\/strong> art sales, after incredible growth in both value and volume (rising from $605,000 in 2019 to $2.9 billion in 2021), a significant reduction was observed in 2022, with sales reaching just under $1.5 billion. According to the Art Market Report 2023 by Art Basel and UBS, the value decreased by 49% year over year, but this didn’t impact sales, which were over 70 times greater than those in 2020.<\/p>\n\n\n\n

With the cooling of the NFT market<\/strong>, the hype that characterized 2021 quickly dissolved. The initial media frenzy gave way to first fear of failure and then precipitous pessimism. Until 2021, when Beeple’s artwork “Everydays: the first 5000 days” was auctioned by Christie\u2019s for $69.3 million, NFTs<\/strong> were hailed as “protagonists of the next chapter in art history.” However, over the last year and a half, a different narrative emerged: “NFTs<\/strong> are dead, useless, just for trading.” In a few years, the celebrated Non-Fungible Tokens, symbols of a significant technological revolution based on blockchain, became the target of numerous controversies, sometimes related to sustainability, other times to legal and financial disputes, rapidly dampening investor enthusiasm.<\/p>\n\n\n\n

Amid those declaring the collapse of the NFT<\/strong> world and those persistently presenting data that hints at possibilities beyond the reality, the truth lies in between. Today, the entire Web3 is undergoing social reconsideration and stringent legal regulations. The prevailing sentiment is that the NFT market <\/strong>is entering a new phase of consolidation, moving beyond wild speculations (hampered by a general rise in interest rates). According to the prestigious US magazine Forbes, the initial euphoria has subsided, and the NFT market<\/strong> is now witnessing more targeted and informed investments. The focus is shifting toward the actual benefits of assets, paving the way for future global-scale crypto adoption. NFTs<\/strong> are far from dead; in fact, they are becoming increasingly mainstream.<\/p>\n\n\n\n

However, it’s known that mass adoption of new technologies takes time to comprehend their real utility and associated advantages. While professionals in the field understand the benefits of Non-Fungible Tokens, one might wonder how clear these benefits are to individuals unfamiliar with cryptocurrencies. In my view, there’s an urgent need for crypto and Web3 education, but most importantly, the natural integration of NFTs<\/strong> into real-life events, essentially bringing people closer to digital transformation.<\/p>\n\n\n\n

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NFT<\/strong>s Enter Museum Permanent Collections<\/h2>\n\n\n\n

Early signs of integration are emerging in the museum sector. Five major museums <\/strong>have chosen to include NFT<\/strong> artworks in their permanent collections, either through donations from collectors or acquisitions.<\/p>\n\n\n\n

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1. The LACMA (Los Angeles County Museum of Art) received a donation of 22 on-chain artworks<\/mark><\/em> (LACMA opted for the term “blockchain art” or “arte on-chain,” distancing itself from the controversies surrounding the term NFT<\/strong>) from crypto collector Cozomo de’ Medici last February. The collection comprises works from 13 international artists, almost half of whom are women, depicting the history of the Crypto Art movement. Besides the crypto collector’s donation, the museum’s board approved the acquisition of another 15 blockchain artworks, totaling 37 NFTs<\/strong>.<\/p>\n\n\n\n

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2. The Centre Pompidou acquired a series of 18 NFTs<\/strong> by 13 prominent French and international artists, which will become part of France’s national collection of modern and contemporary art. Artists include Fred Forest, Larva Labs, Jill Magid, Robness, and John F. Simon Jr. The acquisition was jointly initiated by the French Ministry of Culture and the Pompidou’s director, Xavier Rey, who stated,
“Web3 is an innovative realm that artists have now exploited to create original and bold works, and this collection underscores our support for artists in their quest for new means of expression, which is the foundation of modern art.\u201d<\/p>\n\n\n\n

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