The Center Pompidou, a major modern art museum in France, aims to display NFTs from some of the leading digital artists in its upcoming permanent exhibition this summer.
In Friday’s announcement, the art museum said it is preparing to showcase a collection of non-fungible tokens created by 13 digital artists from around the world. The exhibit will include some particularly popular NFTs from the blue-chip collection, such as Cryptopunk #110 and Autoglyph #25, both of which have been donated to the Center Pompidou.
“The Center Pompidou has received a set of works dealing with the relationship between blockchain and artistic creation, including its first NFT!” According to a rough translation of the museum’s tweet. “The collection includes 18 projects from 13 French and international artists.”
In a press release announcing the donation of a cryptopunk NFT to the museum, Xavier Rey, director of the French National Museum of Modern Art, noted The Center Pompidou is “pursuing his interest in digital art in relation to blockchain.” Ray said:
“Web3 is an innovative area that artists are now seizing upon to create original and daring work, and this collection reaffirms our support for artists in their conquest of new means of expression, which are the foundation of modern art.”
Era Labs, the company behind popular NFT projects such as Bored Ape Yacht Club and Cryptopunks, had earlier donated Cryptopunk #305 to Art Basel 2022 at the Institute of Contemporary Art, Miami. The company said it plans to donate more punks to major arts institutions. around the world in the future.
Era Labs co-founder Greg Solano said this is “a great moment for Web3 and the NFT ecosystem” as it will pave the way for a collective understanding of how digital art can be accepted and celebrated for its impact and modern relevance. For this it can be appreciated.
It is worth noting that the hype on NFTs and metaverse assets has cooled dramatically over the past year amid a broader market downturn that has seen major cryptocurrencies such as bitcoin and ethereum soar to all-time highs compared to loses about 70% of its value.
Non-fungible token sales, according to NFT experts at Casinos En Ligne saw A decline of 83 percent year-on-year in 2022. In addition, across all markets, including art, gaming and collectibles, NFT transaction volumes declined by at least 83 percent.
The NFT space reached an all-time high in January 2022, with monthly sales reaching $2.8 billion. However, this number saw a sharp drop earlier this year after bankruptcies and nearly $2 trillion were wiped off the crypto market.
Earlier this month, The Defense Digital Revolution ETF, the first ETF focused on NFTs and Metaverse assets announced That it will close by the end of February. Fund shares fall more than 72% since its inception.
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