The Museum of Modern Art Is Coming for Your JPEGs
Out with the Picassos, in with the...CryptoPunks?
The Museum of Modern Art is selling a $70 million collection endowed to the New York institution which includes work from Pablo Picasso, Pierre-Auguste Renoir and Auguste Rodin to "expand the museum's digital footprint," the Wall Street Journal reported.
The funds from the sale of the William S. Paley Colleciton could go toward the acquisition of MoMA's first NFTs, Gizmodo reported. Most of the money raised from auctioning off the art will go toward creating digital experiences around the museum and the works displayed there, WSJ reported.
The news of MoMA's potential purchases of NFTs excited most of Crypto Twitter Wednesday morning.
Some considered the move a possible catalyst for widespread adoption of NFTs.
99.9% of the world is underexposed to NFTs. MoMA is just the beginning…— seedphrase (@seedphrase) September 14, 2022