NFTs could mark a resurgence in art galleries

Art galleries and museums around the globe have been facilitating cultural education, social interaction, and visual moments in awe for decades.

The Sistine Chapel of Michelangelo, Georgia O’Keffe’s Black Iris III, and Picasso’s Weeping Woman all have inspired generations of art-lovers to pursue their creative pursuits.

However, art galleries seem to have declined in societalappeal since the turn of century, which was largely influenced by digital behavior shifts, economic uncertainties, and persistent complaints of exclusivity.

An article by Arts Professional from late 2017 exposed the decline of visitors to London’s most famous art attractions. This is a stark contrast to the record-breaking year for tourism to the city.

This disheartening fate can only be completed after last year’s pandemic caused by human convergence to their physical environments.

However, a new art form that is rapidly emerging into the mainstream may hold promise for a revival in the sector. This artform is nonfungible tokens, or NFTs.

This community was founded on the principles of decentralization and verified provenance, as well as spatial autonomy. It could be the main impetus behind the next generation in artistic showcasing.

These artists live in a world that is pixelated and virtual. Outliers and mavericks can be accepted as normal, while Punks are as revered as Picassos.

Crypto Punks were born in 2017 and have become the pioneers of NFT culture. They are now a part of the mainstream as symbols of social status and social esteem.

Photo courtesy of HOFA Galerie.

These avant-garde avatars are central to the internet’s iconography. They have inspired offsprings like Cool Cats and Bored Ape Yacht Club.

In a digital age, the boundaries between physical and virtual worlds are blurred. NFTs were created. It is often debated whether art belongs in physical galleries or online screens. As new ideas and opinions shape the cultural landscape, this conversation will continue to evolve.

Over the past twelve months, NFT has seen a phenomenal growth. OpenSea, the leading NFT marketplace, registered a staggering $4B in trading volume for August 2020. It reportedly hosted 98% transactions on the market with only 37 employees.

NFTs have attracted a number of corporate giants such as Nike, Visa, and the NBA. They also attract global sports stars Tom Brady and Steph Curry. Reddit cofounder Alexis Ohanian wore a punk pin badge at last week’s Met Gala.

Art galleries and museums that embrace innovation may be on the verge of a revival thanks to a renewed appreciation for artistic expression.

Cointelegraph spoke with Elio D’Anna — the founder of HOFA, a gallery based in London that is steeped crypto history — about the cultural importance of inviting nonfungible artwork into traditional spaces.

Artists are now using digital media to create visuals, renderings, and computer-generated art. This opens up a new dimension in how we see art and the world.

In collaboration with Studio37, the gallery will host a public display of $64M of NFT art over the next few weeks. This includes six oftwentyfour rare CryptoPunks. John Watkinson (co-founder of Larva Labs) will sign the pieces and print them as lithographs measuring 41x41cm.

The print will be stamped with a red stamp of approval and include a 12-word seed phrase that grants the buyer access the digital ERC-721 token.

Photo courtesy of HOFA Galerie.

One of the most important acquisitions in the nonfungible token markets has been equal recognition with its contemporaries, despite all the hype and plaudits.

It was therefore a significant moment to see Sotheby’s prestigious auction house Sotheby’s public immersion in the space. In May, they became the first auction house in the world to accept BTC and ETH payments. They also continued to facilitate NFT events like the sale of World Wide Web Source Code.

Recent sales at Sotheby’s included 101 Bored Apes, six mutant serums, and a total of $24.39M. This was a record-breaking value, which defied all expectations.

D’Anna, founder of HOFA gallery, also spoke out about the selections made by Ape, Fidenza NFTs, and why it was so important to choose ‘blue-chip’ pieces.

These unique pieces are a historic creation that will be remembered for many years. It is rare to find one of these collectibles in the new NFT world. This is why so many people want them.

The ‘Portrait of an Era” exhibition will be available in person, online via the HOFA app, and through virtual reality.

Augmented and virtual technologies are designed to provide audiences with a unique, immersive experience in three dimensions across a variety of visual entertainment areas.

The Museum of Crypto Art, a metaverse gallery, opened in April 2020 in Somnium Space, Ethereum blockchain. It showcases a large collection of tokenized artwork that museum connoisseurs purchased as nonfungible tokens.

Cointelegraph’s 2020 annual ranking of the most influential people in crypto and blockchain placed the museum at 20th place. In May, Polygon launched a native token to support governance in the space.

D’Anna shared his views on the rise and impact of the metaverse on museums and art galleries around the world towards the end of our conversion.

We should be open-minded and I believe that we must always be open-minded. As such, I am very interested in new expressions and creations from the art world. While metaverses may emerge, I believe physical art will always be a special part of every collector’s collection.

Between the 23rd September and the 7th October, the Portrait of an Era NFT exhibit will be open to the public at the HOFA Gallery, Mayfair in London. Register now and get your free ticket.

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