According to the Wall Street Journal, the Museum of Modern Art (MoMA) in New York is considering purchasing non-fungible tokens (NFT) with some of the proceeds from an auction of William S. Paley’s art collection.
MoMa has a team monitoring the digital art market and will consider purchasing non-fungible tokens.
According to the Journal, the museum plans to sell $70 million worth of the collection amassed by the founder of the CBS broadcasting network, which it has held since his death in 1990. The collection includes works by Renoir and Rodin, as well as Pablo Picasso’s 1919 “Guitar on a Table.”
Sotheby’s will auction off 29 of Paley’s 81 pieces later this year at MoMA.
Glenn Lowry, the museum’s director, stated that the intention is to expand the museum’s digital reach after attendance dropped during and after the pandemic. According to Lowry, the museum has a team of people monitoring the digital art market and is considering purchasing digital art linked to NFTs.
Since the asset class’s popularity surge last year, new NFT galleries have sprouted up. SuperRare opened its first gallery in SoHo, New York, in May. In-person NFTs are a type of crypto asset that allows holders to prove ownership of either real or digital items, usually the latter.