April 13, 2023
Technology

The dawn of blockchain?

Brand Lead for Yug Labs- makers of the wildly popular Bor Ap Yacht Club NFT (non-fungible token) and, since March 2022, owner of one of the widely collected Larva Labs creations, cryptopunks—says that an exhibition of NFT works that opened earlier this week at the Center Pompidou in Paris is “at least a sign that museums are taking this space seriously”. Noah Davis, who left Christie’s last year for Yuga Labs, says that museums are “starting to understand the potential of blockchain as a medium and what NFTs as a medium can do to artists. So that’s validation.” It is definitely important to have”.

Exhibition at the Beaubourg Gallery, NFT: The Poetics of the Immaterial from Certification to Blockchain (as of 22 January 2024) includes 18 blockchain-related works recently acquired by the Musée National d’Art Moderne at the Center Pompidou. The acquisition—the first of its kind by a major French public museum—came as a result of a joint effort between scientific and administrative teams from the French Ministry of Culture and Xavier Rey, director of the Pompidou.

,[The show] Reflects the diversity of artistic cultures contained in the Web3 landscape linking the digital sphere of crypto art with contemporary art practice [and] characteristics of a decentralized economy,” says a Center Pompidou statement. Ajiao, Emily Brout and other NFT works by artists such as Maxime Marion, Fred Forrest and Jill Magid are included.

Jill Magid, hand cut bouquet 12023, from the series out-game flower © Jill Magid. Courtesy Center Pompidou, Purchase, 2023

Davis helped bring NFTs out of the metaverse and onto auction house floors with sales of Bipl’s digital work every day: first 5000 days (2021) in March 2021. The sale marked the first time a cryptocurrency was accepted for a work by Christie’s and the first time a standalone NFT was sold by an auction house. After 353 bids were submitted by 33 bidders, some of whom were raising prices in $10m increments, Everyday Sold for $60.3m ($69.3m with fees).

“Obviously because of the sale of Beeple we took a strange detour for the time being… [sort of event] Usually not before museum verification. So we’re going backwards,” Davis says. He added that the beeper auction was a “lightbulb moment.”

“That’s when I realized what is it that NFTs can do the opposite of what they are doing. There is a big difference in that understanding. People nowadays know what NFTs are. They say, ‘Oh, it’s JPEG.’ But they don’t understand that they can also be an immutable public record, that they can also contain and transmit information more efficiently and reliably than any other technology we have so far.

When Davis started as brand lead, one of the first things she did was go through the collection and earmark punks Supposedly “museum grade” he intended to donate to institutions. “The founders, I’m really, honestly grateful that they could see the utility in that. These are expensive assets that we’re giving away, but they agreed generously,” Davis says.

cryptopunks Was minted in 2017. “There were 10,000 of them. there will never be another cryptopunk, But we still have 400+ in the Era Labs collection,” Davis says. “The intention is to donate more to important museums.”

Yuga Labs, makers of the bored ape Yacht Club NFT, had announced in March last year that they had acquired the intellectual property rights of Larva Labs. cryptopunks And mebits Collection. He also took 423 cryptocurrencies and 1,711 MBits in the deal for an undisclosed amount. ocula,

Fred One, NFT- Archeology, 2021 © ADAGP, Paris 2023. © Fred Forrest. Courtesy Center Pompidou, gift of the artist, 2023

The NFT sector has had a bumpy ride since the 2021 craze. According to NFT Sector Tracker, NFT sales volume is set to drop 83% in 2022. irreplaceable, And by the end of last year, some 18 months after the eruption began, many markets had closed or lost almost all their value.

So where does the sector go from here? “We are definitely experiencing growing pains. That’s the way I define it,” Davis says. “But again, I think it all comes back to technology. As [artificial intelligence] becomes more and more powerful, how shall we understand the truth? Blockchain solves this. Blockchain is a great way to validate truth. I can envision a future where there will be NFT-based certificates of authenticity.”

There’s also the issue of resale rights. Last year, we reported that NFTs were to ensure secondary sales royalties, providing a recurring income opportunity that has historically eluded artists in many jurisdictions. NFT artists and the watchdog community in the crypto ecosystem like ImmutableX are however naming and shaming the royalty-avoiding platform.

Emily Brout and Maxime Marion, Nakamoto (Proof), 2014-18 Courtesy of Des Artistes et 22,48 m², Paris. © Emily Brough and Maxime Marion. Photo © Aurelian Mole

“Resale royalties, you can’t apply them to the chain. It’s not something you can do at the contract level. And humans being humans, we’re in a hyper-capitalist, thermodynamic society,” Davis says. “So there is always going to be an incentive for people to figure out how to at least pay royalties, be it the market or the artists involved. That being said, even without resale royalties, which could be enforced by the blockchain itself, this tool is so important for artists to transparently manage their supply, to understand who exactly their collectors are. Who are and are able to reach and connect with them. ,

Meanwhile, other museums will soon have a cryptopunk NFT. “We’re talking to museums around the world,” Davis says. “There is a large contingent of British cryptopunks and we would love to see a cryptopunk Represented at a leading contemporary art institution in the UK. Last year Yug Labs also gifted the Institute of Contemporary Art in Miami cryptopunk #305Pointer to Miami’s area code.

  • NFT: The Poetics of the Immaterial from Certification to BlockchainUntil 22 January 2024, Center Pompidou, Paris

by Shawn Johnson

Source: www.theartnewspaper.com

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