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According to the Wall Street Journal, the Museum of Modern Art (MoMA) in New York is looking to purchase non-fungible tokens (NFTs) using money from an art collection auction belonging to William S. Paley. The museum, which has been keeping the collection assembled by the creator of the CBS television network since his passing in 1990, aims to sell it for $70 million. The collection contains "Guitar on a Table," a 1919 painting by Pablo Picasso, and pieces by Renoir and Rodin. At MoMA later this year, Sotheby's will hold an auction of 29 of Paley's 81 works.
Expansion Of Digital Traffic
Glenn Lowry, Director of the MoMA, noted that the objective is to expand the institution's digital reach because traffic fell off during and after the epidemic. He stated that last year, the museum's online material attracted 35 million visitors, up from 30 million before the epidemic, through its website, YouTube channel, and social media accounts on sites like Instagram and Weibo. According to Lowry, the MoMA has staff monitoring the market for digital art and is considering purchasing digital art related to NFTs.
Sprouting Of In-Person NFT Galleries
Since the asset class gained prominence last year, in-person NFT galleries have been popping up everywhere. SuperRare opened its first gallery in New York's SoHo in May. NFTs are a unique type of cryptocurrency asset that enables owners to demonstrate their ownership of actual or digital objects - typically the latter. Additionally, Lowry stated that the MoMA is uploading virtual tours of its exhibitions and recording video talks with its experts. However, the museum wants to boost production and may even have its streaming channel for art. It could collaborate with a university to grant degrees in the arts. MoMA already collaborates with the online education platform Coursera, whose art lessons have been taken by almost 1.6 million students from 250 countries since 2012.