MUSEUMS NFTS
More museums are converting to NFTs
NFTs have transformed the art world to make masterpieces more accessible to admirers. Museums, individuals, and initiatives in the Metaverse have used NFTs as a new medium to reinvent themselves in front of their fans.
Frida Kahlo's family unveiled previously unseen art and personal artifacts of the artist at an exclusive event at Decentraland for its Art Week in August.
The Seattle NFT Museum, the first museum dedicated to digital art, opened Jan. 14 in the Pacific Northwest. Founded by entrepreneurs Jennifer Wong and Peter Hamilton, the museum will feature works by influential artists, coveted collections, and new coinage.
In Belgium, the Royal Museum of Fine Arts in Antwerp has become the first European museum to symbolize a classical art masterpiece worth millions of euros.
Hussein Hallak, founder and ceo of Momentable, a company serving museums to help with NFT integration, believes it is "inevitable" for museums to eventually turn into a giant NFT gallery.
In an interview with the Cointelegraph masthead, he said:
"We believe that everything will be an NFT, just like a serial number, for every product there will be an NFT."
According to Hallak, it is just a matter of technology becoming easier to use to become ubiquitous. For now he foresees that the most common use of NFTs by museums should be for testing and maintaining objects in their collections, second would be publicly accessible digital editions.
"NFTs are an integral technological innovation that museums cannot afford to ignore if they want to enter the future,"
says Hallak.
"Making art more accessible through fractional ownership or limited digital editions will most likely spark interest, increase appreciation of the art and the artist, and ultimately increase the value."
Over time, NFTs will increasingly become an opportunity for museums to capitalize on their collections and curatorial skills in a digitized future. A recent study estimated that the NFT market will be worth nearly $231 billion by 2030.
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