How Museums are Using NFTs to Monetize and Preserve Art

As more and more artists and collectors turn to NFTs - museums are starting to take notice. Digital artworks offer museums new opportunities and new challenges.

MONETIZATION

There are a few ways for museums to monetize, including gift shops, though they often rely on donations to support their operations. While some mind that selling world-famous masterpieces as NFTs is a copyright infringement, we should take a closer look into museums’ gift shops where those masterpieces are displayed on pens, umbrellas, and notebooks. Museums can use NFTs to monetize their collections or create new revenue streams. And NFT mints can help them expand their global audience.

PRESERVATION

There are some concerns in terms of the preservation of NFTs at museums. One of the primary issues is ensuring the long-term stability and accessibility of the NFT artworks. Because NFTs rely on blockchain technology for their authentication, it is important to ensure that the blockchain remains secure and accessible over time. This is a young technology that is still working on its standards, so the liability issue might take some time to circumvent.

EXISTING SCENARIOS OF NFTs IN MUSEUMS

France's Centre Pompidou adds 18 NFTs to its collection of modern and contemporary art, acquired from 13 renowned French and international artists, including Bruce Nauman and Bill Viola. This marks the first NFT acquisition by a major French public museum, with support from the French Ministry of Culture and Pompidou’s director, Xavier Rey.

Vienna's Belvedere Palace Museum sold 10,000 digital tiles, each a reproduction of the masterpiece, at the time for €1,850 or 0.65 ETH. Each tile is an inimitable piece of the painting, with NFT certificates showing the exact part purchased.

The Los Angeles Country Museum of Art joins this growing list with a notable collection of 22 digital artwork pieces donated by well-known Twitter personality, Cozomo de’ Medici. Among the pieces is the highly sought-after CryptoPunks NFT #3831, previously sold for $2.1 million worth of ETH in 2021.

Last but not least, Florence's Uffizi Gallery sold NFTs of its art to raise funds. An encrypted Michelangelo painting of the holy family, Doni Tondo, sold for €140,000. Each piece includes a signed certificate of authenticity by the museum’s director, Eike Schmidt.

Ultimately, the integration of NFTs into museum exhibitions is an exciting and transformative development that has the potential to bring art to new audiences.

We can look forward to exploring this rapidly evolving art in museums!