The impact of NFTs on the cryptosphere and wider mainstream investment culture has been huge. Not all of it is positive – many have derided the fact that NFTs have no intrinsic value, that they are not a physical thing, that they confer no copyright rights, and that their legal basis is flimsy at best.
Under this barrage of criticisms, it’s quite shocking the extravagant sums being splashed about in the NFT trade. Multi-million dollar NFTs have already traded hands, Sotheby’s hosts NFT auctions, the Bored Apes collection once peaked at a market cap of over $1 billion. Has the world gone collectively mad?
Why NFTs Have Value
No, they haven’t. The value of NFTs, although at times both inflated and spurious, is very real indeed. Just like crypto, although the pricing is chaos right now, the potential is absolutely ironclad. NFTs are an eternal digital receipt. From that receipt, anything can be crafted in the future metaverse.
Whether it’s a virtual gallery where the art is displayed, to a golden ticket to parties both in the metaverse and the real, or a gateway to the ownership of virtual land, passive income, or anything else. The permanent, immutable nature of the blockchain, and the fact that NFTs can have utility added and developed over time, means many are investing now in artists and projects that will be at the forefront of the metaverse.
The Impact of NFTs on the Fine Art World
The impact on art will be astonishing, because it means art NFTs can grow beyond being a simple receipt and interact with the metaverse as it develops. It has the opportunity to more closely tie artists with the collectors who appreciate them. Perhaps the artist can earn a guaranteed residual from all future trading of their piece, or maybe the NFT unlocks exclusive further content from the artist themselves. The possibilities are endless, and they may endlessly reshape the future art world.
When artists give their art to the world, there is always a sense that their ownership of the piece is lost when it is sold. With NFTs, this no longer has to be the case – and it may benefit collectors just as much as it benefits artists. Artists could in future invite holders of their NFTs to exclusive gatherings, 1-on-1s, or even the unveiling of their brand new collection. It will create a symbiotic link between the artist and the observer, the creator and the appreciator. It will help to bind the wider artistic community closer together.
Private Museum: The Metaverse’s Gallery
Private Museum is a project that fundamentally believes that NFT art will change the fine art world forever. Yet they also believe that the primacy of physical, ‘real world’ artwork will neve be lost. In fact, this physical art can be elevated by helping it sync up with the modern developments in blockchain technology.
Private Museum wants to open the world’s greatest NFT art gallery, both in the metaverse and in the real world. The team plans to create NFT galleries in the world’s major cities to help build the bridge between the real and the digital, the physical world and the conceptual space of the virtual.
To do so, it is forging contracts with top artists from around the world and helping them migrate their works onto the blockchain and get them ready for display in their public museum. Private Museum will curate the artist in their collection. The team is steeped in the heritage of the fine art world and is focused on making it ready for the blockchain generation.
NFTs Linked to Physical Art
All the NFTs Private Museum sells are representations of actual, physical artworks that exist in galleries, collections, and artist’s studios in the real world. Private Museum will function as a marketplace for collectors to peruse these works in glorious VR/3D when their museum metaverse opens, and to buy them directly from the virtual gallery floor.
Private Museum also plans to let collectors open their own galleries in its ecosystem. By purchasing the LAND NFT, collectors will be able to show off their collections to other members of the community, and even have private sales, auctions, and viewings of their work. The hope is to create a giant community of art lovers collecting NFTs that are ‘sister’ art to actual physical art, and create bonds between the artists and the people who love their work. To be part of that community as it grows, you can join the Private Museum Discord, or follow their Telegram to get the latest updates.
Why NFTs Will Help Art Transcend Its Boundaries
NFTs have the ability to truly revolutionise the art world – just not the way everyone expects. No, physical art will never lose its vitality. NFTs will absolutely not completely replace art in the real world. A lot of NFT art is rubbish, and buying it is foolish.
However, the fact that NFTs can have enduring utility made possible by the blockchain, and the fact that there is something truly beautiful in owning a piece of our collective digital imaginations, means that NFTs will change the art world utterly.
Art doesn’t need utility, but now it can have it. Artists may not know their communities, now they always can. Not everyone has a chance to appreciate fine art, now they do. Private Museum is at the forefront of this exact change – bringing art into the metaverse, increasing accessibility, appreciation, and ownership of truly fine art, and making artist’s voices ring loudly in the halls of virtual valhalla.
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