The fake digital art collector and author behind the popular digital art newsletter Medici Minutes, who goes by the Twitter handle @CozomoMedici, recently announced a major on-chain donation. Los Angeles County Museum of Art, According to a tweet by @CozomoMedici, whose full name on Twitter is Cozomo de’ Medici, made the first ever donation of on-chain art from a collector to a museum, the largest collection of digital art ever to enter a museum .
Specifically, the Cozzomo de’ Medici Collection donated 22 digital art non-fungible tokens, including works spanning 2017 to 2022, from 13 different international artists. Cosomo de’ Medici said that “these works will now sit in one of the greatest art collections in human history, alongside the physical works that defined the last 6,000 years of artistic expression”. These include “works by Rembrandt, Picasso, Frida Kahlo, Cassatt, Andy Warhol, Monet and Georgia O’Keeffe”.
Cosimo de Medici expressed the hope that “this donation helps to cement the on-chain art movement in the canon of art history forever … to keep the greatest physical as well as the greatest digital works in every The place paves the way for museums … and inspires us all to make history together”.
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Crypto Community Appreciates Donation
Digital art enthusiasts were quick to praise the donation, which many said would help take the digital art space forward. “Thank you from all of us for such a generous contribution! Really excited to see such great work by a great organization!” @pixelpete said.
“It’s things like this that will really propel the space forward and help us reach our full potential. Thank you, this is amazing. Can’t wait for this to be ready” said @500arts.
@iamDCinvestor said, “Dude, you are a true GOAT for doing this… congrats and thanks… will go a long way towards creating awareness about NFT art.”
“Congratulations to Signor on this major achievement for the entire space. We are all very proud of your leadership and generosity” said @kularbanze.
The on-chain art revolution – still in its early stages
“The beauty of this digital world is everything is on-chain and online”, Cozzomo de’ Medici told digital arts-focused website Artnet News in a call. “You can see other works by artists you’re interested in, who owns them, where they are, and prices – versus the contemporary art world, where as an outsider accessing that data is really It’s tough,” he added.
Medici told the Digital Art News website that he hopes that better access to on-chain digital art and the world of NFTs versus traditional art will encourage more people to become collectors. That in turn could increase the number of digital artists who are able to make a living off of their work, he said.
Medici currently holds 1,124 Digital Art NFTs open sea, The exact value of the collection is unknown but likely in the millions. But this is only a small fraction of the market capitalization of digital art, according to nft price floor, The website, which currently tracks the top 559 NFT art collectibles, currently indicates a total NFT market capitalization of approximately $7.2 billion. Two collections, the Bored Ape Yacht Club and the Cryptopunks collection, account for over $2.0 billion of this market cap.
This may sound like a lot, but the NFT market remains a very niche niche. In fact, the total market cap of NFTs pales in comparison to the broader cryptocurrency market, which has a market cap of $1.05 trillion according to CoinMarketCap. The market cap of gold is over $11 trillion and in 2020, the market cap of the global stock market was around $94 billion (it will be much higher now).
If advocates like Cozomo de’ Medici are correct in their belief in the future of on-chain digital art, it is not unreasonable to think that the market capitalization of digital NFT art could someday exceed $1.0 trillion.
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