Despite the turmoil in the world of crypto art, the Pompidou Center of Paris has started a collection of NFTs that exhibits since April 6, a pioneering project, although not exempt from legal obstacles.
Two rooms of the Museum of Modern Art in Paris are dedicated to the 18 digital works recently acquired through these “Non-Fungible Token” (NFT), which are basically a proof of computer authenticity.
After several years of euphoria and speculation, the market for NFTs it crashed last year as the cryptocurrency world was rocked by various scandals. NFT transactions fell 94%, from $232.7 million in 2021 to $13.9 million in 2022, according to French research firm Artprice.
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Nearly half of the works exhibited by the pompidou They have been donated by their authors, while others have been purchased at very low prices, barely tens of dollars, at the current exchange rate for the Ethereum currency, according to the records of the platform. OpenSea NFTs.
“For these artists it is the idea of entering the history of art, and also of ensuring the perpetuity of their works. The role of a museum is to preserve heritage and ensure its longevity,” he explains. Marcella Readyconservative head of the department of new media of the Pompidou Center and curator of the exhibition (open until January 22, 2024).
Among the works acquired, “bitcoins”, an imaginary representation of a bitcoin (cryptocurrency), which the artist Sarah Meyohas created in 2015 and which is one of the first NFTs. Or a “cryptopunk”, a character with a crest that is one of the emblems of the world of crypto art.
Born at the crossroads between technology and artistic provocation, the world of crypto art has very quickly created its own icons and myths, taking advantage of the lack of regulation. the californian artist Robness donated to the Pompidou an imaginary 3D portrait of the alleged inventor of Bitcoin, satoshi nakamoto, whose identity has never been verified. “I am very grateful, all this is a moving experience,” Robness explained after his visit to Paris.
The price of the NFTs perhaps it has collapsed, and its reputation has been tarnished by scandals over intellectual property, but Robness He assures that he does not intend to abandon that means of expression.
“This technology is like email: it’s not going away,” he explained, adding: “If you start worrying about market dynamics, you’re taking your energy out, putting your attention elsewhere. That doesn’t help you create.”
A laborious collection
For the promoters of this project in the pompidouthe first European institution to initiate a collection of NFTs, the decision has been, instead, laborious. The transactions of NFTs They are carried out with cryptocurrencies, and the Parisian museum cannot invest in that risky world, Lista specified and emphasized: “We cannot have double accounting.”
The purchases were made using euros, and for each work a contract was signed under French law, in addition to the “smart contract” that governs the world of crypto art. He Pompidou Center had to create awallet” or electronic coin holder in OpenSeaas do all collectors of NFTs.
That account, accessible to the public, is just a showcase on the internet, he explains Philippe Bertinelli, another of the curators of the exhibition. “We have a conservation system on several servers, which allows us to guarantee, in the event of a breakdown, or a fire, or something like that, the perpetuity of these works,” he assures.
Source: AFP
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