September 25, 2022

Museum of Modern Art New York considers buying NFT

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Museum of Modern Art New York considers buying NFT

The New York Museum of Modern Art (MoMA) plans to increase its presence in the digital space to attract visitors and is considering buying NFTs.

MoMA intends to invest in the purchase of non-interchangeabletokens (NFT) part of the money raised from the sale of paintings by the founder of CBS television and radio company William Paley. The museum expects to sell the $70 million worth of paintings that were formerly owned by Paley and transferred to MoMA after the owner's death in 1990.

The collection includes such well-known paintingsas Pablo Picasso's 1919 "Guitar on the Table", as well as works by Renoir and Rodin. MoMA plans to auction 29 of the 81 works from the Paley collection at Sotheby's.

Museum director Glenn Lowry said:that this initiative is aimed at increasing the presence of the museum in the digital space, since the attendance of the institution has fallen sharply during and after the pandemic. The museum has a team of people monitoring the digital art market, Lowry said, and they're considering buying NFTs.

If for MoMA this is the first step into the world of NFT, then oneSotheby's, one of the oldest auction houses in the world, has already held auctions for the sale of collectible tokens. In particular, in 2021, an auction of digital works of art in the form of NFTs created by the anonymous artist Pak was held.

British auction house Christie's came againfurther, and in July announced the launch of the investment fund Christie's Ventures, which focuses on Web3 projects related to art and technologies for their consumption.

Recall that at the end of August, the annual Metaverse Art Week was held on the Decentraland platform, where the works of famous artists and digital artists were presented.