NFTs will be featured in a future permanent exhibition at Centre Pompidou.
A number of non-fungible tokens (NFTs) created by well-known digital artists from across the world will be included in the next permanent exhibition at the Centre Pompidou, a renowned modern art museum in France. According to a statement the museum issued on Friday, the exhibit features works by 13 different digital artists.
Adding Blue-Chip NFTs to the Collection
Some of the most sought-after NFTs, including Autoglyph #25 and CryptoPunk #110, which were donated to the Centre Pompidou, will be on display. In its announcement, the museum reaffirmed its support for artists that venture into uncharted Web3 territory and produce creative works using NFTs.
Gift from Yuga Labs
Bored Ape Yacht Club and CryptoPunks, two well-known NFT projects created by Yuga Labs, were previously donated to the Institute of Contemporary Art, Miami during Art Basel 2022. Greg Solano, the co-founder of Yuga Labs, sees this show as a key turning point for the web3 and NFT ecosystem because it will open the door to a greater comprehension of digital art and its influence on contemporary life.
Recent Changes in the NFT Industry
Due to the general market slump, the euphoria around NFTs and other metaverse assets has diminished in recent years, which has caused cryptocurrencies like Bitcoin and Ethereum to lose nearly 70% of their value relative to their all-time highs. The amount of NFT transactions across all categories, including art, gaming, and collectibles, decreased by at least 83%, according to NFT specialists at Casinos En Ligne, who estimate that NFT sales decreased by 83% YoY in 2022.
However, the market experienced a sharp decline earlier this year as a result of several bankruptcies and implosions, wiping away almost $2 trillion from the cryptocurrency market. Despite recent difficulties, the Centre Pompidou display is expected to rekindle interest in the NFT market and emphasize its potential as a fresh form of modern art expression.