Almost all of the media coverage around web3 was concerned with the hype cycle around crypto and NFTs during the pandemic, from Beeple's $69 million NFT sale to traders losing their savings speculating on cryptocurrencies. The flurry of activity here is what got the art world's attention, but it's the reason why many people at cultural institutions have been wary of getting involved.
After the hype bubble burst in mid-2022, we found that many artists, technologists, and institutions felt more able to explore the space without the noise of a bull market roaring around them. When Ethereum moved to proof-of-stake in September 2022 in order to reduce its carbon footprint, institutions like Opéra de Paris felt even more comfortable using the technology for their own experiments with NFTs in collaboration with the OBVIOUS collective.
At this early stage, there's still work to be done to educate institutions and audiences about this technology. For example, museums need to understand how to manage hardware crypto wallets to protect their collections from theft. One challenge is understanding where and how NFT data is stored if they're going to collect it from platform failure, as well as developing their own processes for collecting NFT-based work for long-term storage and presentation.
Want to go further? Read our articles:
Legal considerations:
What You Need To Know About Royalties And Licensing In Web3
Copyright for NFT Artworks Is Still In The Lab
Environnemental considerations:
How Museums Should Think About The Energy Usage Of NFTs
Preservation considerations:
Blockchain Storage is Not Preservation: How to Conserve On-Chain Art for The Long-Term
After the hype bubble burst in mid-2022, we found that many artists, technologists, and institutions felt more able to explore the space without the noise of a bull market roaring around them. When Ethereum moved to proof-of-stake in September 2022 in order to reduce its carbon footprint, institutions like Opéra de Paris felt even more comfortable using the technology for their own experiments with NFTs in collaboration with the OBVIOUS collective.
At this early stage, there's still work to be done to educate institutions and audiences about this technology. For example, museums need to understand how to manage hardware crypto wallets to protect their collections from theft. One challenge is understanding where and how NFT data is stored if they're going to collect it from platform failure, as well as developing their own processes for collecting NFT-based work for long-term storage and presentation.
Want to go further? Read our articles:
Legal considerations:
What You Need To Know About Royalties And Licensing In Web3
Copyright for NFT Artworks Is Still In The Lab
Environnemental considerations:
How Museums Should Think About The Energy Usage Of NFTs
Preservation considerations:
Blockchain Storage is Not Preservation: How to Conserve On-Chain Art for The Long-Term
Security considerations:
Are NFTs Securities? And What Does That Mean For Museums?
Who Holds The Keys? The Issues With Putting NFTs In The Museum Collection
Are NFTs Securities? And What Does That Mean For Museums?
Who Holds The Keys? The Issues With Putting NFTs In The Museum Collection
Illustration: Unsplash (source)