Crypto collectibles, museum funding and OpenGLAM: challenges, opportunities and the potential of Non-Fungible Tokens (NFTs) Foteini Valeonti, Antonis Bikakis, Melissa Terras, Chris Speed, Andrew Hudson-Smith, Konstantinos Chalkias

1. NFT- Museum Fundings
Abstract:
Crypto collectibles, museum funding and OpenGLAM: challenges, opportunities and the
potential of Non-Fungible Tokens (NFTs)
Foteini Valeonti, Antonis Bikakis, Melissa Terras, Chris Speed, Andrew Hudson-Smith,
Konstantinos Chalkias
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Applied Sciences 11 (21), 9931, 2021
Non-fungible tokens (NFTs) make it technically possible for digital assets to be owned
and traded, introducing the concept of scarcity in the digital realm for the first time.
Resulting from this technical development, this paper asks the question, do they provide
an opportunity for fundraising for galleries, libraries, archives and museums (GLAM), by
selling ownership of digital copies of their collections? Although NFTs in their current
format were first invented in 2017 as a means for game players to trade virtual goods,
they reached the mainstream in 2021, when the auction house Christie’s held their
first-ever sale exclusively for an NFT of a digital image, which was eventually sold for a
record 69 million USD. The potential of NFTs to generate significant revenue for artists
and museums by selling effectively a cryptographically signed copy of a digital image
(similar to real-world limited editions, which are signed and numbered copies of a given
artwork), has sparked the interest of the financially deprived museum and heritage sector
with world-renowned institutions such as the Uffizi Gallery and the Hermitage Museum,
having already employed NFTs in order to raise funds. Concerns surrounding the
environmental impact of blockchain technology and the rise of malicious projects,
exploiting previously digitised heritage content made available through OpenGLAM
licensing, have attracted criticism over the speculative use of the technology. In this
paper, we present the current state of affairs in relation to NFTs and the cultural heritage
sector, identifying challenges, whilst highlighting opportunities that they create for
revenue generation, in order to help address the ever-increasing financial challenges of
galleries and museums.
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2. Introduction:
● Looking to be featured in the museum will submit a portfolio with their work,
which will then be reviewed by art directors to determine whether the creator’s
work is suitable. The artist will then be given a historical event to create their work
from and the museum will mint the final product as an NFT on the Ethereum
blockchain.
● An NFT is a tradable digital asset that's creating a new market for digital art.
● Seattle has become the home of the world's first permanent NFT museum.
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3. ● The museum is staging physical exhibitions to help demystify blockchain-based
digital art - as a collectible 'tokens' and part of the cultural offering.
● The current exhibition features designs by a local digital artist that are sold as
NFTs online but can be printed in physical form.
● The world's first permanent NFT museum has opened in Seattle, aiming to "pull
back the curtain" on blockchain-based digital art.
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Digital Asset/Museum:
Non-fungible tokens (NFTs) are a type of digital asset that has exploded in popularity
recently, with NFT artworks selling for millions of dollars. NFTs exist on a blockchain, a
record of transactions kept on networked computers. The museum opened its doors on
Jan. 14, and has been providing an outlet for artists, creators, and collectors to display
their NFTs in a physical setting, while aiming to educate the public about this fairly new
market for digital art. "We really realized the impact of being able to look at this type of
art in a way where you actually slow down, you see all the details," said Jennifer Wong, a
co-founder and curator at Seattle NFT Museum. Local digital artist Maksim Surguy
attended the opening of the museum's 'Climate Conversation' exhibition on April 16,
which features his designs that are sold as NFTs online, but can also be printed in
physical form.
Previously, if you make a digital artwork or physical artwork, there were a lot of
limitations about who can see the artwork or how they can own it," said Surguy, who
works in Seattle's tech industry and ventured into crypto-based art a year and a half ago.
According to a March report from Ireland-based Research and Markets firm, the global
NFT market is expected to grow to over $21 billion in 2022.
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4. ● "An NFT is really just a contract that signifies the ownership of an asset of some
kind," said Peter Hamilton, who co-founded the museum. "These tokens... are
basically a contract that says this serial number belongs to this piece of art, and if
you own this token, you are the rightful owner."
● The NFT museum has programming planned throughout the year.
● "I can't emphasize enough how important the educational part of this museum is,"
said Hamilton. "We're trying to onboard folks and help them see what the value of
NFTs are and help people pull back the curtain a little bit on what blockchain is
and what its utility is."
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●
Solutions:
Museums, especially in the pandemic years, have faced funding problems and have been
seeking solutions beyond groveling to potential donors. Does this wave of museum
interest in NFTs validate them as an art form, or is it just the latest iteration of t-shirts and
tote bags that feed their funding? Unlike galleries, museums generally function as
educational institutions, suggesting that its purpose is closer to the latter.
Non-fungible tokens (NFTs) are a type of digital asset that has exploded in popularity
recently, with NFT artworks selling for millions of dollars. NFTs exist on a blockchain, a
record of transactions kept on networked computers.
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5. The museum opened its doors on Jan. 14, and has been providing an outlet for artists,
creators, and collectors to display their NFTs in a physical setting, while aiming to
educate the public about this fairly new market for digital art.
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Conclusion:
We really realized the impact of being able to look at this type of art in a way where you
actually slow down, you see all the details," said Jennifer Wong, a co-founder and curator
at Seattle NFT Museum. Local digital artist Maksim Surguy attended the opening of the
museum's 'Climate Conversation' exhibition on April 16, which features his designs that
are sold as NFTs online, but can also be printed in physical form.
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