HomeLifestyle & ArtsNFTs could mark a resurgence in art galleries

NFTs could mark a resurgence in art galleries

For decades, art galleries and museum exhibitions around the world have facilitated the presence of cultural education, social interaction and visual moments of awe.

Michelangelo’s Sistine Chapel, Georgia O’Keeffe’s Black Iris III and Picasso’s Weeping Woman have all inspired generations of art lovers in their own pursuits of life — creative or otherwise.

However, since the turn of the century — grossly impacted by seismic shifts in digital behaviours, economic uncertainties and enduring complaints of exclusivity — art galleries have seemingly depreciated in societal appeal.

A piece by Arts Professional in late 2017 exposed the decline in visitor numbers to London’s most prominent art attractions, a damning paradox to the year’s record tourism to the city.

After the start of the pandemic in 2020 dramatically reduced human convergence in physical environments, this disheartening fortune can only be further concluded.

In spite of this, a nascent art form emerging rapidly into the mainstream could hold promise for a resurgence throughout the sector. And that art form is, of course, non-fungible tokens (NFTs).

Founded upon principles of decentralization, verified provenance and spatial autonomy, this community could well become the primary impetus behind the next generation of artistic showcasing.

These creatives inhabit a world where art is pixelated and frames are virtual, outliers and mavericks are embraced as the norm, and Punks are regarded as highly as Picassos.

Birthed in 2017, Crypto Punks became the pioneer of NFT culture, permeating the mainstream to represent modern symbols of status and social esteem.

Central to the internet’s iconography, these avant-garde avatars have now inspired offspring such as Bored Ape Yacht Club and Cool Cats, among many others.

NFTs have emerged in a time of blurred boundaries between our physical and digital worlds. A debate often posed is whether art belongs in physical galleries, on online screens or even in the virtual Metaverse. This is a conversation that will continue to evolve every day, as new opinions and ideas shape the cultural landscape.

The NFT space has witnessed parabolic growth over the last 12 months. Leading NFT marketplace OpenSea registered a colossal US$4 billion in trading volume across August and reportedly hosted 98% of the entire market’s transactions with just 37 staff members.

Non-fungible tokens(NFTs) have already attracted a plethora of corporate giants, including Visa, Nike and the NBA, as well as global sports stars Tom Brady, Steph Curry and Lionel Messi. A Punk pin badge was even featured at the Met Gala last week on the apparel of Reddit co-founder Alexis Ohanian.

With this renewed appreciation for artistic expression and excitement for the medium’s potential, art galleries and museums that seek to embrace innovation could find themselves on the cusp of a renaissance.

Cointelegraph spoke to ElioD’Anna, founder of Hofa — a London-based gallery steeped in crypto history — to discuss the cultural significance of inviting non-fungible art into traditional spaces.

The gallery will open a public showcase over the coming weeks in collaboration with Studio37 to display US$64 million worth of NFT art, including six of 24 ultra-rare CryptoPunks. The pieces will be printed as 41×41-centimeter lithographs and signed by John Watkinson, co-founder of Larva Labs.

In addition to the print — which is stamped with a red punk seal of approval —  each piece will contain a 12-word seed phrase granting the buyer access to the digital ERC-721 token.

Among all the recent hype and plaudits, one of the most crucial acquisitions of the NTF market has been equal recognition compared with its revered contemporaries.

This is why it was a seminal moment to witness prestigious auction house Sotheby’s public immersion into the space. In May, it became the first auction house to accept payments in Bitcoin (BTC) and Ether (ETH) and continued on to facilitate NFT events such as the sale of the World Wide Web source code.

More recently, Sotheby’s auctioned off a collection of 101 Bored Apes and six mutant serums for US$24,39 million, a value that defied all expectations for the night.

In our conversation, Hofa  gallery founder D’Anna also commented on the choice of Punk, Ape and Fidenza NFTs within the exhibition and why it was important to select “blue-chip” works.

The Portrait of an Era exhibition will be accessible in person, online through the HOFA mobile app and through virtual reality.

Virtual and augmented technologies seek to offer audiences a uniquely immersive three-dimensional experience across a multitude of visual entertainment sectors.

The Museum of Crypto Art is a metaverse gallery that opened in April 2020 in Somnium Space on the Ethereumblockchain. It displays a vast collection of tokenised art that museum connoisseurs have purchased as NFTs.

The museum ranked 20th in Cointelegraph’s 2021 annual list of the most influential figures in crypto and blockchain, and it launched a native token on Polygon in May to encourage governance within the space.

Toward the end of his conversation with Cointelegraph, D’Anna shared his thoughts on the rise of the Metaverse and the potential impact that it may have on art galleries and museums worldwide. — Cointelegraph.

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