Jul 26, 2022

Seven Reasons Why NFT Buyers Should Care About Museums

By: Dr. Frances Liddell

Experimental Institutions

Tired of the same old pfp project? So are we. Museums hold millions of works in their collections with often as little as 2% out on display at one time. This leaves a vast array of materials that could be used for experimentation and creativity which could reimagine the current web3 space.

Trusted Institutions

Despite blockchain being considered a protocol that eliminates the need to trust other users, we are currently facing a crisis in the web3 space which is wrought with theft, scams, and copy-minting. However, in a recent survey museums were noted as the second most trustworthy source among respondents, only second to family and friends. Museums could provide a much needed level of trust back into the web3 space and be the trusted sources that we can rely on.

Preservation Institutions

A museum aims to collect and preserve history for future generations and often digitisation plays a key role in this preservation mission. Likewise, NFTs are playing an increasing part in supporting museums to continue this work by providing the necessary funds for museums. By buying NFTs from museums, you can also support this mission and help to preserve the past for future generations.

Authenticating Institutions

Museums are spaces for everyone and many institutions place inclusivity at the core of their mission statement. Likewise, museums who are turning to NFTs have the potential to support wider adoption of NFTs as it presents this technology in a familiar setting for many visitors.

Meaning Making Institutions

Most NFT platforms lack the curation and additional metadata that help artworks and artifacts come to life but this is what cultural institutions are best at. Museums, galleries, archives, and libraries can provide the meaning behind the work and create NFTs that are valuable for the stories that they tell rather than for the technology that they are stored on.

Educational Institutions

Cultural institutions are key sources for knowledge and informal learning and NFTs created by museums are often an extension of this mission. In this respect, owning museum NFTs also offer owners a chance to learn through the collections and can promote a sense of curiosity.

Public Institutions

Cultural institutions are public spaces which represent our past, present, and future. By owning one of these NFTs, we can also claim a piece of our history and reconnect with our favorite institutions.