Museums Aren’t Cashing In On NFTs Yet – 4 Reasons Why
The eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a...