Art museums and NFT: a possible meeting?

In recent months, artists, collectors and professionals from the traditional art world have constantly questioned themselves about the artistic value of Crypto Art and NFTs. Many wonder how they can be collected and exhibited.

On collecting, well, the answer is simple and immediate: you just need a wallet and a lot of ETH. But if this answer is valid for the private collector, it certainly is not for traditional museums.

Because if entire museums can be created on the metaverse – Decentraland, Somnium Space or Arium among the most used – to accommodate hundreds of thousands of crypto art, it is not certain that this is also the way to go for physical museums, which do not always have the resources to implement their collections with new pieces.

The meeting between art museums and NFT is possible, here are the cases that prove it.

Institute of Contemporary Art in Miami acquired Cryptopunks 5293’s NFT

This is not a real acquisition through the NFT platform, but a donation from the museum’s Trustee member, Eduardo Burillo and thanks to him the museum will be able to exhibit the work already in a few weeks, reflecting the commitment of the institution in promoting a wider experimentation and understanding of contemporary art.

CryptoPunk 5293 is one of 10,000 unique 24 by 24 pixel icons, created in 2017 by the Larva Labs collective, as one of the first NFT series ever offered for trading on the Ethereum blockchain. Inspired by British punk rock culture, CryptoPunk are designed to appear as “misfits and nonconformists”, according to their creators. Each has its own unique combination of features randomly generated by a software algorithm. CryptoPunk 5293 is one of 3,840 female punks.

ICA Miami Artistic Director Alex Gartenfeld commented on the donation:

Larva Labs challenged and revolutionized our understanding of the meaning of objects of art and property when they pioneered the creation of some of the first ever NFTs in 2017. In doing so, they helped launch a ‘cryptoart’ movement that it is emblematic of the ways in which our digital and physical worlds are merging and becoming inextricably intertwined, influencing contemporary art and culture in a myriad of ways. The ICA Miami collection represents the most urgent and pioneering art and ideas of the present moment, across cultures and mediums, as well as historical works that influence today’s artistic production. CryptoPunk 5293 joins the ICA Miami collection as a work that is truly representative of the cultural spirit of the time and will have historical significance for generations to come, reflecting ICA Miami’s commitment to promoting an expansive understanding of contemporary art and cultural production. in the 21st century. We are enormously grateful for Eduardo Burillo’s extraordinary vision and generosity with this historic gift to the museum“.

The Hermitage Museum in Russia raises funds thanks to NFTs

On the other side of the world from Miami, however, news has spread that the Hermitage Museum in St. Petersburg is considering issuing NFTs for the works of art in its rich collection and is discussing with the Binance platform about the possibilities. .

The museum management expects the tokens to bring additional funding, as long as Russian authorities do not tax NFTs under current digital asset regulations.

In fact, for the Hermitage to issue its tokens, Russian legislation may require some clarification. Marina Tsyguleva, head of the museum’s legal department, said this type of token could be excluded from the scope of digital asset regulations, as proposed by the Russian central bank.

All that remains is to wait for further developments on the story, but there is also excitement in the world of museums

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