reasons why museums aren’t cashing in on NFTs yet
The eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complications. So we can The eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
On top of any missing financial know-how and a culture that seeks to minimize risks, there are legal complexities and insurance complicatioThe eye-popping sale price of US$69 million on March 11, 2021, for a non-fungible token created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
Can NFTs generate the revenue many museums sorely need? Some are issuing their own tokens, including the British Museum and the Academy Museum of Motion Pictures. The Institute of Contemporary Art, Miami accepted an early NFT from a donor. There’s even an NFT of entire museum called the Museum of Digital Life.
Yet, more than six months into this disruption of the art world, museums have generally engaged very little with NFTs. As researchers who examine both the finances of nonprofit organizations and the growth in NFTs, crypto-assets and other associated blockchain applications, we see four primary reasons why museums have failed to turn the NFT craze into a financial windfall.
1. NFTs are complicated
The people running museums have expertise encompassing art, education and curation. NFTs are an entirely different realm that’s quite detached from art and have more in common with crypto-currency than typical artworks like paintings and sculptures.
What sets NTFs apart from crypto-currencies like bitcoin and ethereum, which are designed to be interchangeable, is that each NFT represents a unique asset. Figuring out how NFTs must be treated, held and valued is hard, and the ability to quickly mint NFTs for auction is not something that may come naturally to museum staff. What’s more, NFTs are typically bought and sold with crypto-currencies, and not many organizations – including museums – regularly make transactions using them.
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