Following a $70 million art collection auction, New York's MoMA is exploring the potential purchase of NFTs.
The auction organized by the William S. Paley Foundation features artwork expected to yield between $70 and $100 million. Notably, the funds from this auction will help bolster the museum's digital initiatives. These plans include launching a streaming service dedicated to art, hosting virtual exhibitions, and even facilitating video interactions. Additionally, there are ambitions to collaborate with educational institutions and possibly invest in NFTs representing digital artwork. A segment of the auction proceeds will also support charitable efforts championed by the late Paley.
This impressive collection showcases works from renowned artists like Picasso, Bacon, Rousseau, Rodin, and Renoir. These masterpieces were meticulously curated by William S. Paley, the founder of CBS, who cherished them until his passing in 1990.
Among the items for auction are notable pieces like Pablo Picasso's 'Guitar on a Table' from 1919, Francis Bacon's 'Three Studies for Portrait of Henrietta Moraes' from 1963, and a still life of strawberries by Pierre-Auguste Renoir from 1905. Sotheby's is also gearing up to auction 29 of Paley's remarkable 81 artworks later this year.
Bill Paley, the son of the late William S. Paley, now holds the position of vice president at the foundation. He highlighted that his father was always eager to embrace and learn about new technologies, aligning with the museum’s mission to expand its digital footprint. told WSJ Due to pandemic-related visitor restrictions, MoMA has encountered a drop in revenue, leading to a pressing need to recuperate financial losses. Director Glenn Lowry mentioned to the Wall Street Journal that the museum typically attracts around three million visitors each year, but that number plummeted to just 1.65 million last year. On a more positive note, the museum's social media following surged from 30 million to 35 million within a year, clearly indicating a substantial interest in MoMA.
Traditional museums are reaping the benefits of Web3. Some have even launched NFT collections to support art conservation efforts. Others are venturing into projects aimed at tokenizing fine art, and the Vatican is making strides towards establishing an NFT gallery.
The Museum of the Future in Dubai is preparing to unveil a collection of NFTs, while the Museum of Fine Arts in Boston aims to release NFTs to fund conservation initiatives. In Antwerp, the Royal Museum is also working on tokenizing fine art. Boston’s Museum of Fine Art In Cryptocurrencylistings Markets, cryptocurrencies are showing signs of recovery, taking a positive turn. Antwerp’s Royal Museum It's worth noting that the information shared on this page should not be viewed as legal, tax, investment, financial, or any other advice. Always invest responsibly and consult with a financial advisor if you're uncertain. For more details, we recommend checking the terms and conditions alongside the help pages provided by the issuer. MetaversePost is dedicated to delivering precise and unbiased news, but remember that market conditions can fluctuate unexpectedly. Agne is a journalist who writes about emerging trends and advancements in the metaverse, AI, and Web3 for the Metaverse Post. Driven by her love for storytelling, she has conducted numerous interviews with industry experts, always aiming to uncover compelling narratives. With a Bachelor's degree in literature, she boasts a broad writing background that includes travel, art, and culture. Additionally, she has volunteered as an editor for an animal rights organization, working to raise awareness about issues affecting animal welfare. You can reach her at for history lovers.
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