NFTs could mark a resurgence in art galleries

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For decades, art galleries and museum exhibits around the world have facilitated the presence of cultural education, social interactions and visual moments of admiration.

Michelangelo’s Sistine Chapel, Georgia O’Keeffe’s Black Iris III, and Picasso’s Weeping Woman have all inspired generations of art lovers in their own life quests, creative and otherwise.

However, since the turn of the century – heavily impacted by seismic shifts in digital behaviors, economic uncertainties and lingering complaints of exclusivity – art galleries have apparently depreciated in value. societal to appeal.

A piece by Arts Professional at the end of 2017 exposed the decline in visitor numbers to London’s top art attractions, a shattering paradox for record-breaking tourism in the city.

After last year’s pandemic victimized human convergence to physical environments, this disheartening fortune can only be concluded further.

Despite this, an emerging art form quickly emerging into the mainstream could hold the promise of a resurgence across the industry. And that art form is, of course, non-fungible tokens (NFTs).

Based on the principles of decentralization, verified provenance and spatial autonomy, this community could well become the main driving force. behind the next generation of artistic showcases.

These creatives inhabit a world where art is pixelated, frames are virtual, outliers and mavericks are embraced as the norm, and punks are seen as as much as Picassos.

Born in 2017, Crypto Punks has become the pioneer of NFT culture, permeating the mainstream to represent modern symbols of status and social esteem.

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Photo courtesy of HOFA Gallery.

At the heart of Internet iconography, these avant-garde avatars have now inspired descendants such as Bored Ape Yacht Club and Cool Cats, among others.

NFTs emerged in an age of blurred lines between our physical and digital worlds. An often asked debate is whether art belongs to physical galleries, online screens, or even virtual metaverse. It’s a conversation that will continue to evolve every day, as new opinions and ideas shape the cultural landscape.

The NFT space has seen parabolic growth over the past twelve months. The main marketplace NFT OpenSea recorded a colossal transaction volume of $ 4 billion in August 2020 and is said to have hosted 98% of all market transactions with just 37 staff.

The NFTs have already attracted a plethora of corporate giants including Visa, Nike and the NBA, as well as global sports stars Tom Brady, Steph Curry and Lionel Messi. A punk badge was even featured at the Met Gala last week on clothing from Reddit co-founder Alexis Ohanian.

With this renewed appreciation of artistic expression and enthusiasm for the potential of its medium, art galleries and museums looking to embrace innovation may find themselves on the cusp of a renaissance.

TBEN spoke with Elio D’Anna, the founder of HOFA – a London gallery steeped in crypto history – to discuss the cultural importance of bringing non-fungible art into traditional spaces.

The fact that artists work with digital media to create visuals, renderings, and computer generated art really opens up a whole new layer to how we perceive art and the world.

The gallery will open a public storefront over the next few weeks in collaboration with Studio37 to display $ 64 million of NFT art, including six from twenty-four ultra-rare CryptoPunks. The pieces will be printed as 41 x 41 cm lithographs and signed by John Watkinson, the co-founder of Larva Labs.

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In addition to the print – which is stamped with a red punk seal of approval – the coin will contain a 12-word starter phrase granting the buyer access to the ERC-721 digital token.

Photo courtesy of HOFA Gallery.

Among all the recent hype and applause, one of the most crucial acquisitions in the non-fungible token market has been equal recognition against its revered contemporaries.

This is why it was a pivotal moment to witness the immersion of the public of the prestigious Sotheby’s auction house in space. They became the first auction house to accept BTC and ETH payments in May and have continued to facilitate NFT events such as the sale of World Wide Web source code.

Most recently, Sotheby’s staged a collection of 101 Bored Apes and six mutant sera for $ 24.39 million, a value that defied all expectations of the night.

During our conversation, HOFA Gallery Founder D’Anna also commented on the choice of NFT Punk, Ape and Fidenza in the exhibition and why it was important to select “top notch” works.

They are a historic creation of unique pieces that will be talked about for years to come. Having one of the very first collectibles in this new NFT world is rare, and that’s part of the reason people are so keen to collect them.

The “Portrait of an Era” exhibition will be accessible in person, online via the HOFA mobile application, as well as via virtual reality.

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Virtual and augmented technologies seek to offer the public a unique immersive three-dimensional experience in a multitude of visual entertainment sectors.

The Museum of Crypto Art is a metaverse gallery that opened in April 2020 in Somnium Space on the Ethereum blockchain. It features a vast collection of symbolized art that museum connoisseurs have purchased as non-fungible tokens.

The museum ranked 20th on TBEN’s 2020 annual list of most influential figures in crypto and blockchain, and in May of this year, launched a native token on Polygon to encourage governance in space.

Towards the end of our conversion, D’Anna shared her thoughts on the rise of the metaverse and the potential impact it could have on art galleries and museums around the world.

I think we should always be open-minded, and as such I am very interested in all new creations and expressions in the art world. Metaverse will emerge, but I still think physical art will always have a very special place in everyone’s collection.

The Portrait of an Era NFT exhibition will be presented publicly at HOFA Gallery in Mayfair, London, from September 23 to October 7. Registration is open and free.