Pseudonymous digital art collector and author behind popular digital art e-newsletter the Medici Minutes who passes the Twitter handle @CozomoMedici lately announced a significant on-chain donation towards the La County Museum of Art. Based on a tweet by @CozomoMedici, whose complete name on Twitter is Cozomo de’ Medici, he earned the very first donation of on-chain art from the collector to some museum, which marks the biggest such assortment of digital art to go in a museum.
Particularly, The Cozomo de’ Medici Collection donated 22 digital art non-fungible tokens, including works spanning from 2017 to 2022, from 13 different worldwide artists. Cozomo de’ Medici mentioned that “these works will sit within the finest art collections in history, alongside physical works defining the final 6,000 many years of artistic expression”. Included in this are “works by Rembrandt, Picasso, Frida Kahlo, Cassatt, Andy Warhol, Monet, and Georgia O’Keeffe”.
Cozomo de’ Medici expressed hope that “this donation helps forever cement the on-chain art movement within the canon of art history… Makes way for museums everywhere to carry the finest digital works plus the finest physical… And inspires all of us to help keep making history together”.
A Beginner’s Help guide to NFTs: What You Need To Know
Crypto Community Praises Donation
Digital art enthusiasts were quick to praise the donation, which many mentioned is needed go ahead and take digital art space forward. “Thank you with respect to many of us for this type of generous contribution! Really excited to determine such great work being stewarded with a great institution!” stated @pixelpete.
“It’s such things as this which will really slowly move the space forward which help us achieve our full potential. Thanks, this really is amazing. Can’t wait to visit when it’s ready” stated @500arts.
“Dude you’re a true GOAT for doing this… congratulations and thank you… goes a lengthy way towards building awareness around NFT art like a art work form” stated @iamDCinvestor.
“Congratulations Signore about this major milestone for the whole space. We’re all very happy with your leadership & generosity” stated @kukulabanze.
On-chain Art Revolution – Still Continuing
“The great thing about this digital world is things are on-chain and online”, Cozomo de’ Medici told digital art-focused website Artnet News inside a call. “You can easily see other works in the artists you are looking at, the master of them, where they’ve been, and also the prices—versus the contemporary art world, where it’s really difficult to obtain access to that data being an outsider,” he added.
Medici told digital art news site that his hope would be that the superior ease of access of on-chain digital art and NFTs in comparison to the traditional art world will encourage more and more people to get collectors. That could consequently increase the amount of digital artists capable of making a full time income from the work they do, he stated.
Medici presently owns 1,124 digital art NFTs based on Open Ocean. The precise worth of the gathering is unknown but will probably be within the many millions. But that’s only a part of the from the market capital of digital art, based on NFT Cost Floor. The web site, which presently tracks the very best 559 NFT art collections, presently signifies a complete NFT market capital of nearly $7.2 billion. Two collections, the Bored Ape Yatch Club and CryptoPunks collections, account in excess of $2. billion of the market cap.
That could seem just like a lot, however the NFT market remains a really niche space. Indeed, the entire market cap of NFTs pales compared to those of the broader cryptocurrency market, with a market cap of $1.05 trillion based on CoinMarketCap. Gold includes a market cap well over $11 trillion and, in 2020, the worldwide stock exchange were built with a market cap close to $94 billion (it will likely be much greater now).
If advocates like Cozomo de’ Medici are in their convictions on on-chain digital art to be the future, it wouldn’t be not reasonable to consider the market cap of digital NFT art could at some point go above $1. trillion.
