NFTs - the Banksy of 2022 (lettuce explain)
Now for something different.
15 years ago, mention the word “graffiti” in a fine art institution, and you’d be kicked out.
But then Banksy artworks started selling for $29M and being purchased by people like Brangelina and Drake.
Now a similar thing may be playing out with NFTs.
The Museum of Modern Art (MoMa) New York is planning to sell off ~$70M worth of Picassos, Renoirs and more, in order to “expand their digital footprint,” by exploring a range of different ideas, including:
Collaborating with universities to offer online courses.
Launching its own streaming channel, where it can host virtual exhibits and video chats with creators.
...and - wait for it - purchasing its first NFT(s).
Here’s why this is cool:
For MoMa: They’re showing the world that they’re innovative and are leading the way in displaying this new art movement.
If they decide to purchase a collection of NFTs, it’s so unique compared to what’s included today that it may end up attracting more customers than displaying, say, another Picasso.
For the art industry: NFTs have already revolutionized the way the business model works - for every secondary sale the artist receives a commission. This means continued revenue, in perpetuity, from a single work.
If MoMa jump into the NFT collecting game, it would further legitimize NFTs and chances are, other museums will follow suit.
For NFTs: While we’re all for utility in NFTs, digital art has its place in history for popularizing the medium.
Also, demand for the NFT collections purchased by MoMa will probably rise (similar to Banksy’s art after those celebrity buyers).
While this would be cool, and we hope it happens - we’re just impressed that MoMa’s even thinking in this way.
Maybe WAGMI after all.
