NFT’s have changed a few industries when they came to the spotlight because of the boom they made and how many fans they acquired in a short period of time. The whole crypto community was thrilled about something new on the market even if there are thousands of coins available nowadays. But, this is a new way to talk about cryptocurrency and its capabilities.
You probably didn’t know that the first NFT was created back in 2014 a couple of years after Bitcoin was discovered. But, the first one ever made was sold only for $4. You can imagine how much it is worth now and how many of them the first creators made. In 2021, they are massively produced and it has become an issue for some people interested in art.
Museums are locations where all the things with global sentimental value are stored. This isn’t the main definition but it closely represents why are people visiting them and are willing to spend money on it. Some collectors are giving their collections to the museum just so the public can have a glance at them and in order to store them properly.
So, when you have something that is considered art and so many people are talking about it, there’s no doubt that these institutions should be a part of it. Even if something bad happens and people stop making new, it has already become a part of our history. The most expensive NFT is priced over $90 million which is close to some of the most well-known paintings in the world.
Based on public reaction and professional feedback after closely examining how NFTs are made and their purpose, most popular museums are becoming a part of it. This isn’t a bad thing because it brings new stuff to the table, new job opportunities and a new type of art everyone is gladly accepting.
Everyday Person Can Be a Part of It
One of the reasons why people love it is because they can be a part of it even without any knowledge. It takes just a little bit of imagination and a couple of hundred dollars to start your first project. You could either buy Ethereum directly or find trusted cloud mining sites so you can mine them on your own.
There aren’t any ancient NFTs that they can keep in their inventory meaning that new artists need to be discovered. But, you don’t have to know how to make a design you can hire someone to make it for you. This is very different from anything else the museum has to offer.
One of the best ways these institutions and NTF creators can collaborate is through public exhibitions. One of the most popular projects called “Everydays: The First Five Thousand Days” was sold for $63 million and it will be shown in New York. Even if isn’t something that is physical, it will be displayed on a screen and people all over the world can see it.
Museums will have profits from the tickets they sell and for organizing auctions. For example, one event that is organized by Metapurse and TIME will go for $30 per visitor. It will include over 150 art pieces and some will be displayed on large 3D screens.
These types of exhibitions can change a lot of things related to art and the way it is displayed. For example, if people start looking at these non-fungible tokens and consider them as something worth visiting, it will become normal to check something that is displayed on a screen. So, it can happen that the rest of the paintings can be displayed in the same and where the original piece will be saved and preserved.
Numerous options are starting to emerge nowadays and people in the industry are looking for new ways to find a place for them. Even celebrities can pose next to the NFT which will describe the outfit or role they are playing in a movie. Every single piece will represent something and the value will be determined by the success of the thing it is representing.
NFT Design Companies
What we will see in the near future is the collaboration between museums and design companies that will make new trending pieces. The ones that are now popular will have their place among the top designs but people are always looking for new ideas and opportunities. But, the difference is that large companies are now involved and they have more power to control this market.
There is a higher chance that your art won’t get the chance to be in the museums or collaborate with them compared to these companies. You would need to become some kind of viral trend so they can recognize you as a potential candidate. So, it’s more likely that these designers will gain the most and the museums also.
Museums will gain new clientele they didn’t have before and new visitors and the companies will gain exposure. It benefits them both but it will be also hard to compete with others that are rushing towards the same goal.
What is happening nowadays is that the museums have a separate segment for this type of art but that will also change. Only a few top NFTs will have their spot in this segment but in a few years, it’s expected that the most well-known museums like the Louvre, The Metropolitan, The Museum of Modern Art and many more will create new institutions for this type of art.
The reason why people think this will have is that there are almost 7000 types of NFTs. As you are reading things, there are probably more than 100 new made by designers all over the world. Of course, the same could be said for paintings but a large number of classes will force them to create separate institutions.
Even if they are institutions made to preserve parts of our history, they won’t be able to function without funding. This is also one of the reasons most of them will try to collaborate with NFT creators.