Non-fungible token (NFTs) have been used to help museums recover money from the Pandemic and are even being used to sell digital reproductions of famous masterpieces.
The New York Times reports that some European galleries and museums have begun selling NFT reproductions of works by Leonardo da Vinci, Caravaggio, Raphael, and Gustav Klimt.
In partnership with the Italian company Cinello, which in 2021 patented an NFT method involving high-resolution reproductions that are displayed on backlit screens placed inside period-appropriate frames, the digital-focused Unit London art dealership just closed out a showcase of Italian masterpieces reproduced as reported by the Times.
The Italian galleries where the originals from the showcase are housed are examples of museums trying to raise money while also cashing in.
Artmajeur posted on February 17, 2022.
Not all museums are broke. The British Museum signed an exclusive five-year contract with the LaCollection platform that will make it famous for owning many stolen antiquities.
The final NFT sales figures raised by these museums and galleries as listed in the Times initially seem demure by art world standards, from the $444,000 raised by the State Hermitage Museum in Russia for NFT replicas to the 10,000 digital reproductions of Gustav Klimt. These are just high-resolution replicas that confer dubious ownership status, so the numbers start to look awfully high.
NFT enthusiasts stumbled into the argument about what constitutes art. It's true that good reproductions are worth paying good money for, but when they also carry a high environmental price tag, it makes one question whether it's worth it at all.
Museums are cashing in on NFTs.
The Dune NFT project is back with an inscrutable new scheme.
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