Moremultimillion-dollar salesof these digital assets thatexist on a blockchainand are maintained on networked computers soon followed.
Many have considered takingdrastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate therevenue many museums sorely need?
Some are issuing their own tokens, including theBritish Museumand theAcademy Museum of Motion Pictures.
TheMiami Institute of Contemporary Artaccepted an early NFT from a donor.
Theres even an NFT of entire museum called theMuseum of Digital Life.
NFTs are complicated
The people running museums have expertise encompassing art, education and curation.
On top of any missing financial know-how and a culture that seeks tominimize risks, there arelegal complexitiesandinsurance complications.
So we can understand why museums have not rushed into the NFT market.
“#NFTartist#NFTspic.twitter.com/P2BVG8sKlA
Alexa (@alexa_osmass)July 16, 2021
2.
Although it may appear otherwise, the NFT is a separate asset from the art itself.
The owners of the artretain ownershipeven after any NFTs derived from that art are minted and sold.
It depends on what others are willing to pay.
Once art is held in a museum collection, however, the value of NFTs is less clear.
An artist-minted NFT that a museum holds could fetch more interest.
Pushing the limits of what an NFT can be.
And,as with crypto-currencies, theres lots of volatility.
They are neither physical in nature nor works of art.
Even digital artwork that can be displayed is separate from any NFT derived from it.
To be sure, NFTs are still new.
