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We may be in the middle of a crypto winter, but that hasn’t stopped NFTs from becoming more and more powerful. One way this happened was modern art museum (MoMA) is taking up more NFT art for exhibition in New York City.
The museum is in an ongoing partnership with Turkish-American artist Refik Anadol to present a new NFT collection. Refik Anadolu: Undirected From November 19, 2022 to March 5, 2023.
The museum’s relationship with Anadolu began last year when an artist used AI to create NFTs from thousands of items in MoMA’s archives. Not only were the works a financial success, with some works exceeding hundreds of thousands of dollars, the museum found a new source of income through secondary market royalties.
Given that many museums, including MoMa, have been hit hard as a result of the pandemic, with reduced attendance (and thus revenue), this newfound NFT venture was very profitable. In an interview with The New York Times, Paola Antonelli, senior in architecture and design at MoMA and his curator, said this is part of a museum that embraces change.
“Being open to new technologies is part of our responsibility. We recognize that we need to keep pace with the world, never jumping on new technology.,” she says.
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*All investment/financial opinions expressed by NFT PLAZA are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Tokoni Uti has written extensively on blockchain and cryptocurrencies over the years. Her work has been featured on sites such as BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.
