Pseudonymous digital artwork collector and author behind fashionable digital artwork e-newsletter the Medici Minutes who goes by the Twitter deal with @CozomoMedici lately introduced a serious on-chain donation to the Los Angeles County Museum of Art. In response to a tweet by @CozomoMedici, whose full title on Twitter is Cozomo de’ Medici, he made the primary donation of on-chain artwork from a collector to a museum, which marks the biggest such assortment of digital artwork to enter a museum.
Particularly, The Cozomo de’ Medici Assortment donated 22 digital artwork non-fungible tokens, together with works spanning from 2017 to 2022, from 13 completely different worldwide artists. Cozomo de’ Medici acknowledged that “these works will now sit in one of many biggest artwork collections in human historical past, alongside bodily works defining the final 6,000 years of inventive expression”. These embody “works by Rembrandt, Picasso, Frida Kahlo, Cassatt, Andy Warhol, Monet, and Georgia O’Keeffe”.
Cozomo de’ Medici expressed hope that “this donation helps without end cement the on-chain artwork motion within the canon of artwork historical past… Paves the best way for museums in every single place to carry the best digital works alongside the best bodily… And evokes us all to maintain making historical past collectively”.
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Crypto Group Praises Donation
Digital artwork fans had been fast to reward the donation, which many acknowledged would assist take the digital artwork area ahead. “Thanks on behalf of all of us for such a beneficiant contribution! Actually excited to see such nice work being stewarded by an incredible establishment!” mentioned @pixelpete.
“It’s issues like this that can really transfer the area ahead and assist us attain our full potential. Thanks, that is superb. Can’t wait to go when it’s prepared” mentioned @500arts.
“Dude you’re a true GOAT for doing this… congrats and thanks… will go a great distance in direction of constructing consciousness round NFT artwork as a wonderful artwork type” mentioned @iamDCinvestor.
“Congratulations Signore on this main milestone for the complete area. We’re all very happy with your management & generosity” mentioned @kukulabanze.
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“The fantastic thing about this digital world is every part is on-chain and on-line”, Cozomo de’ Medici advised digital art-focused web site Artnet Information in a name. “You possibly can see different works from the artists you have an interest in, who owns them, the place they’ve been, and the costs—versus the modern artwork world, the place it’s actually robust to get entry to that information as an outsider,” he added.
Medici advised the digital artwork information web site that his hope is that the superior accessibility of on-chain digital artwork and NFTs versus the standard artwork world will encourage extra folks to turn into collectors. Which will in flip improve the variety of digital artists capable of make a residing off of their work, he mentioned.
Medici presently owns 1,124 digital artwork NFTs in keeping with Open Sea. The precise worth of the gathering is unknown however is prone to be within the tens of thousands and thousands. However that’s solely a small fraction of the of the market capitalization of digital artwork, in keeping with NFT Price Floor. The web site, which presently tracks the highest 559 NFT artwork collections, presently signifies a complete NFT market capitalization of practically $7.2 billion. Two collections, the Bored Ape Yatch Membership and CryptoPunks collections, account for greater than $2.0 billion of this market cap.
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Which will sound like rather a lot, however the NFT market stays a really area of interest area. Certainly, the full market cap of NFTs pales compared to that of the broader cryptocurrency market, which has a market cap of $1.05 trillion in keeping with CoinMarketCap. Gold has a market cap of over $11 trillion and, in 2020, the worldwide inventory market had a market cap of round $94 billion (it is going to be a lot larger now).
If advocates like Cozomo de’ Medici are proper of their convictions on on-chain digital artwork being the long run, then it wouldn’t be unreasonable to assume that the market cap of digital NFT artwork may sometime rise above $1.0 trillion.
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