There will be massive NFT exhibitions in the museums of the future
New York City: The art industry has been revolutionized by NFTs, which have made it easier for enthusiasts to get their hands on works of art. However, as a consequence of the tokenization of whole collections, doubts have been raised about the future of ownership in museums.
Nonfungible tokens, also known as NFTs, are being utilized by museums, people, and metaverse projects as a novel method for rebranding oneself in the eyes of their followers. At an invitation-only event held on the Decentraland metaversplatform in August for the purpose of celebrating art week, Frida Kahlo’s family revealed previously unseen works of art as well as personal objects belonging to the artist.
The Royal Institution of Fine Arts Antwerp in Belgium is the first museum in Europe to tokenize a classic art masterpiece. The artwork’s value is estimated to be in the millions of euros. In the midst of the continuous turmoil in the area, the Kharkiv Art Museum in Ukraine collaborated with Binance to introduce a new NFT collection. Their goals were to generate revenue and protect their cultural legacy.
However, concerns are being raised as a result of everything being tokenized. Will there be a digital equivalent of every piece of art in the future, or will physical museums continue to serve their current purpose? How exactly does ownership function in a situation like this one?
In order to get a better understanding of what an NFT-integrated future would look like for the art world, Cointelegraph conducted an interview with Hussein Hallak, founder and CEO of Momentable, a firm that works with museums to assist with NFT integration.
According to Hallak, the only thing that needs to happen for technology to become widespread is for it to become simpler to use. For the time being, he forecasts that the most typical use of NFTs by museums will be for the verification and upkeep of the objects in their collections, followed by the provision of digital versions that are open to the general public.
“NFTs are an essential component of technological innovation that museums cannot afford to ignore if they wish to go into the future “Hallak argues. “However, they must be included into a more comprehensive strategic modernization strategy.
Hallak acknowledges that it is a valid issue, but he responds that the answer is “no” when asked whether fractional ownership lowers the value of actual treasured relics kept by museums. Art simply gets more accessible.
As can be seen with the museum in Belgium that was stated before, NFTs will, over the course of time, represent an expanding potential for museums to benefit on their collections and curatorial skill in a future that is more digitized.