Art is becoming more and more democratized on the Web3, particularly with NFTs. Today, museums are beginning to develop virtual art projects. We can ask ourselves how will museums be in the future.
Various NFT projects
Thanks to the internet, digital works of art can be viewed anywhere in the world. Recently, the family of artist Frida Kahlo unveiled a collection of original works of art. This event took place on the Metaverse of Decentralized for Art Week last August.
Work by Frida Kahlo on Decentraland
In Belgium, at the Royal Museum of Fine Arts in Antwerp (KMSKA), it is possible to be co-owner of a painting by James Ensor for 150 euros.
« The Flemish Government’s Masterpieces Fund (‘Topstukkenfonds’) supports museums with the acquisition and restoration of collector’s items says Jan Jambon, minister-president of the Flemish government. ” However, art is highly sought after and even for a government, it is not always easy to play on equal terms in the international art market. We therefore warmly welcome the initiative of KMSKA and the Rubey platform. By investing in their collection in this innovative way, the KMSKA and the Rubey platform are writing history. They make private heritage accessible to the public again and ensure that everyone can invest in first-rate work. A fine example of a public-private partnership”
Thus, the museum can offer a greater number of works thanks to this initiative. It is also a new way to interact with art fans around the whole world.
A way to preserve works of art
In Ukraine, due to the conflict, the Kharkiv Art Museum has partnered with Binance to launch a collection of NFTs. The goal here is to preserve cultural capital while raising funds to save the works. You can find in the NFT collection artists like Simon de Vlieger, Ivan Aivazovsky, or Georg Jacob Johann van Os.
“Today, we are erasing borders and entering the digital age. With the help of Web3 technologies, the collection of the Kharkiv Art Museum can be exhibited anywhere in the digital world. The masterpieces kept by the museum will be able to contribute to its development in such a difficult period” said the CEO of the Ukrainian agency Honcharov, Oleksandr Honcharov.
Cryptocurrencies are very volatile. No consumer protection.
What future for museums?
With the arrival of digital works, several questions arise. Indeed, will museums be just huge NFT galleries? What about ownership of works of art?
Next Decentrum Technology is a company that supports museums to help them integrate NFTs into their galleries. Its CEO, Hussein Halak thinks it is inevitable that museums will eventually turn into huge NFT galleries. “We think everything will be an NFT. Just like a serial number, there will be an NFT for each product.”
He added that “NFTs are an essential technological innovation that museums cannot afford to ignore if they want to take a step into the future”. However, he tells us “[les NFT] must be part of a broader strategic modernization roadmap”
The fact that art is dematerialized makes it plus accessible. But what about the value of the works? Halak tells us it’s like a business that was private and goes public.” Making art more accessible through fractional ownership or limited digital editions will most likely generate interest, increase appreciation for the art and the artist, and ultimately increase its value.”
Today, it is estimated that the NFT market will be around $231 billion in 2030.
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