Centre Pompidou – Non-fungible tokens (NFTs) have received a lot of attention since the 2021 boom.
NFTs, which were once promoted as an investment strategy, have changed into a utility asset that offers advantages and fosters a feeling of community among collectors.
NFTs have been progressively pushing their way into the greater art world since they relished the exposure.
The most recent museum to engage with the NFT movement is the Centre Pompidou, one of the most prominent institutions devoted to art.
The news
Last Friday, the Centre Pompidou, renowned as France’s National Museum of Modern Art, revealed plans to host an exhibition about NFTs.
The exhibition would look at how the blockchain and art in general relate to one another.
It will include a number of NFTs, ranging from the well-known CryptoPunks to Autoglyphs projects, along with pieces by 12 other digital artists.
The exhibit
The Centre Pompidou received two NFTs: Autoglyph #25 and CryptoPunk #110.
Along with 16 other NFT pieces from a diverse range of artists throughout the world, they will make their premiere at the French museum in the spring.
Since this is the first time the Centre Pompidou has added NFTs to its collection, the exhibition will mark the beginning of a new era in modern art.
Many classic artists who have left their impact on the history of art already make the Centre Pompidou home.
The artists whose works are on display in the museum are as follows:
- Marc Chagall
- Frida Kahlo
- Vassily Kandinsky
- Henri Matisse
The largest museum of modern art in Europe is known as the Centre Pompidou.
CryptoPunks
The CryptoPunks IP’s owner, Yuga Labs, gave its NFT to the museum through the Punks Legacy Project.
The project aims to introduce CryptoPunks into renowned museums throughout the globe.
The Punks Legacy Project launched its campaign in November of last year with a contribution (CryptoPunk #305) to Miami’s Institute of Contemporary Art.
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One of the most well-known and well-liked NFT collections is CryptoPunks.
The least expensive CryptoPunk costs over 62 ETH ($94,023.85) and has over 10,000 NFTs in circulation.
CryptoPunks have sold for millions of dollars each, notwithstanding the present weak market.
Autoglyphs
Autoglyphs is a rarer collection of NFTs than CryptoPunks.
There are only 512 Autoglyph NFTs in existence and they were created by Larva Labs, the company behind CryptoPunks.
The floor price for an Autoglyph in the NFTs at the moment is 249 ETH, or around $377,000.
Lack of legitimacy
Despite the fact that “blue chip” NFT projects can bring in startling sums of money, the medium has received criticism from the art world.
Last week, it was determined that digital artist Mason Rothschild had sold MetaBirkin NFTs in violation of trademark restrictions.
Unauthorized collectibles modeled after Hermes Birkin handbags were branded as NFTs.
The jury rejected the artist’s claim that the First Amendment protected his collection.
According to them, the project lacked enough “artistic importance” to qualify as free expression.
While critics of NFTs applauded the ruling, supporters of the NFT denounced it as a bad precedent that will stifle free expression.
The idea that NFTs are works of art is offensive to many artists who have schooled themselves in the trade.
Many consider NFTs as more of a stock investment.
Additionally, the negative perception of digital assets has increased as a result of several artists having their creations stolen and turned into NFTs.
Defense
In a statement on Friday, Yuga Labs, the company behind the most well-known NFT the Bored Ape Yacht Club, emphasized the creative value of NFT projects.
“Partnering with Centre Pompidou, one of the most iconic contemporary art museums in the world, signifies that CryptoPunks are rightfully being recognized as an important art movement by the industry,” they wrote.
It is still unclear, however, what role CryptoPunk #110 will play in the exhibition.
The NFT-focused display was also the subject of a statement from the Centre Pompidou, which read:
“With this new acquisition, it is less a question of taking an interest in the pop cultural phenomenon of ‘collectibles’ (these collections of images sold as NFTs, such as the Bored Apes or the CryptoPunks), than of exploring the boldest uses of this technology.”
Image source: The Guardian
