4 Reasons Why Museums Aren’t Cashing in on NFTs yet
Brian Mittendorf, Fisher Designated Professor of Accounting, The Ohio State University, and Sean Stein Smith, Assistant Professor of Economics and Business, Lehman College, CUNY.
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The eye-popping sale price of USD 69m on March 11, 2021, for a non-fungible token (NFT) created by the digital artist Beeple sent shock waves through the art world. More multimillion-dollar sales of these digital assets that exist on a blockchain and are maintained on networked computers soon followed.
At the same time, art museums have faced substantial financial shortfalls accelerated by a decline in visitors and donations induced by the COVID-19 pandemic. Many have considered taking drastic measures, such as selling treasured artworks, to plug budget gaps.
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