Pseudonymous digital artwork collector and author behind widespread digital artwork e-newsletter the Medici Minutes who goes by the Twitter deal with @CozomoMedici lately introduced a significant on-chain donation to the Los Angeles County Museum of Art. Based on a tweet by @CozomoMedici, whose full identify on Twitter is Cozomo de’ Medici, he made the primary donation of on-chain artwork from a collector to a museum, which marks the biggest such assortment of digital artwork to enter a museum.
Particularly, The Cozomo de’ Medici Assortment donated 22 digital artwork non-fungible tokens, together with works spanning from 2017 to 2022, from 13 totally different worldwide artists. Cozomo de’ Medici said that “these works will now sit in one of the greatest art collections in human history, alongside physical works defining the last 6,000 years of artistic expression”. These embody “works by Rembrandt, Picasso, Frida Kahlo, Cassatt, Andy Warhol, Monet, and Georgia O’Keeffe”.
Cozomo de’ Medici expressed hope that “this donation helps forever cement the on-chain art movement in the canon of art history… Paves the way for museums everywhere to hold the greatest digital works alongside the greatest physical… And inspires us all to keep making history together”.
Crypto Group Praises Donation
Digital artwork fans have been fast to reward the donation, which many said would assist take the digital artwork house ahead. “Thank you on behalf of all of us for such a generous contribution! Really excited to see such great work being stewarded by a great institution!” mentioned @pixelpete.
“It’s things like this that will actually move the space forward and help us reach our full potential. Thank you, this is amazing. Can’t wait to go when it’s ready” mentioned @500arts.
“Dude you are a true GOAT for doing this… congrats and thank you… will go a long way towards building awareness around NFT art as a fine art form” mentioned @iamDCinvestor.
“Congratulations Signore on this major milestone for the entire space. We’re all very proud of your leadership & generosity” mentioned @kukulabanze.
On-chain Art Revolution – Nonetheless In Its Early Phases
“The beauty of this digital world is everything is on-chain and online”, Cozomo de’ Medici informed digital art-focused web site Artweb Information in a name. “You can see other works from the artists you are interested in, who owns them, where they’ve been, and the prices—versus the contemporary art world, where it’s really tough to get access to that data as an outsider,” he added.
Medici informed the digital artwork information web site that his hope is that the superior accessibility of on-chain digital artwork and NFTs versus the standard artwork world will encourage extra individuals to grow to be collectors. That will in flip improve the variety of digital artists in a position to make a dwelling off of their work, he mentioned.
Medici at present owns 1,124 digital artwork NFTs based on Open Sea. The precise worth of the gathering is unknown however is prone to be within the tens of thousands and thousands. However that’s solely a small fraction of the of the market capitalization of digital artwork, based on NFT Worth Ground. The web site, which at present tracks the highest 559 NFT artwork collections, at present signifies a complete NFT market capitalization of practically $7.2 billion. Two collections, the Bored Ape Yatch Membership and CryptoPunks collections, account for greater than $2.0 billion of this market cap.
That will sound like so much, however the NFT market stays a really area of interest house. Certainly, the entire market cap of NFTs pales compared to that of the broader cryptocurrency market, which has a market cap of $1.05 trillion based on CoinMarketCap. Gold has a market cap of over $11 trillion and, in 2020, the worldwide inventory market had a market cap of round $94 billion (will probably be a lot larger now).
If advocates like Cozomo de’ Medici are proper of their convictions on on-chain digital artwork being the longer term, then it wouldn’t be unreasonable to suppose that the market cap of digital NFT artwork may sometime rise above $1.0 trillion.