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New York Museum of Modern Art Considers Buying NFT

The New York Museum of Modern Art (MoMA) plans to increase its presence in the digital space to attract visitors and is considering buying NFTs.

MoMA intends to invest in the purchase of non-fungible tokens (NFT) part of the proceeds from the sale of paintings by CBS founder William Paley. The museum expects to sell the $70 million worth of paintings that were formerly owned by Paley and transferred to MoMA after the owner’s death in 1990.

The collection includes such well-known paintings as Pablo Picasso’s 1919 Guitar on the Table, as well as works by Renoir and Rodin. MoMA plans to auction 29 of the 81 works from the Paley collection at Sotheby’s.

Museum director Glenn Lowry said the initiative aims to increase the museum’s presence in the digital space as attendance plummeted during and after the pandemic. The museum has a team of people monitoring the digital art market, Lowry said, and they’re considering buying NFTs.

If for MoMA this is the first step into the world of NFTs, then one of the oldest auction houses in the world, Sotheby’s, has already held auctions for the sale of collectible tokens. In particular, in 2021, an auction of digital works of art in the form of NFTs created by the anonymous artist Pak was held.

British auction house Christie’s went even further, and in July announced the launch of an investment fund Christie’s Ventures, which focuses on Web3 projects related to art and technology for their consumption.

Recall that at the end of August, the annual Metaverse Art Week was held on the Decentraland platform, where the works of famous artists and digital artists were presented.

Source: Bits

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