onfungible tokens (NFTs) have been used by museums, individuals, and metaverse programs as a new way of remaking themselves in front of their fans. Frida Kahlo's family revealed the artist's never-before-seen art and personal relics at a special event on the Decentraland metaverse platform for its August art week.
The Royal Museum of Fine Arts Antwerp in Belgium was the first European museum to tokenize a million-euro-worth classic artwork of art. In the midst of the continuing regional conflict, the Kharkiv Art Museum in Ukraine launched a brand-new NFT collection with Binance to safeguard culture and heritage and raise money.
However, as more and more things are tokenized, questions arise. Will museums in the future be nothing more than massive NFT galleries with digital counterparts for every piece of art? In such a case, how does ownership function?
Cointelegraph has spoken with Hussein Hallak, founder and CEO of Momentable, a company that assists with NFT integration, to learn more about the art world's NFTized future.
While Web3-native digital art finds a home in virtual, traditional art and museums are incorporating Web3 elements. As a result, Hallak believes that it will eventually transform into massive NFT galleries.
According to Hallak, becoming ubiquitous is simply a matter of technology becoming easier to use. For the time being, he predicts that the most common use of NFTs by museums will be for proof and maintenance of items in their collections, followed by public-accessible digital editions.
When asked if fractional ownership reduces the value of precious physical heirlooms held by museums, Hallak responded that it's a fair question, but the answer is no. Art is simply becoming more accessible.
Web3 relies heavily on the ownership that comes with fractionalization. It is one of the distinguishing features that set it apart from previous versions of the internet.
Is it actually ownership in the situation of museums and the art up for NFT auction if the art is still under some sort of custodianship, or is it viewed as ownership?
NFTs, according to Hallak, are a tool for promoting public art instead of a custody transition.
As seen with the preceding museum in Belgium, NFTs will increasingly become a means for utilizing their compilations and curatorial ability in a digitalized future. According to a recent report, the NFT market is expected to be worth nearly $231 billion by 2030.
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