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This week, the Museum of Modern Art (MoMA) in New York has announced it is selling up to $70 million worth of traditional art to fund its efforts in the digital art market, and this market includes NFTs. The announcement is a stark reminder of the popularity of NFTs and their role in the future of art. As a result of this art sale, some artworks to be sold include works by Pablo Picasso and Pierre-Auguste Renoir.
The news confirms that MoMa is looking ahead to the future and sees its art collection expanding beyond the physical and into NFT art. Furthermore, early estimates suggest that the collection of 29 contemporary art pieces will fetch around $70 million. The collection will go on auction at Sotheby’s this autumn.
Notable pieces up for sale include:
Glenn Lowry, MoMA director, stated, “We’re growing our digital audience, not losing any, so we realize we need to increase our capacity off-site and online.”
As usual, NFT Twitter is already making light of the MoMA decision. In fact, they are also making jokes about how they will decide which NFTs to buy. One user, @ben_zank, said, “MoMA plans to spend its 70m budget via ‘Drop your art, I’m collecting’ tweets.”
Finally, it will be interesting to see what NFTs make into the MoMA’s new digital art collection. Some of the most popular NFTs, such as CryptoPunks, BAYC, Ringers, Fidenza, Beeple, Squiggles, and XCOPY, will surely be under consideration.
All investment/financial opinions expressed by are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
James is an English teacher and freelance writer with a passion for NFTs, football, film and technology.
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