Commentary: Despite Beeple’s US$69 million windfall, uncertainty plagues museum NFT art sales

THE MONETARY BACK MAY LACK

The link between ownership of a work of art and an NFT associated with that work can be confusing.

While it may appear to be the opposite, TVN is an asset distinct from art itself. Owners of art retain ownership even after NFTs derived from that art are minted and sold.

This separation can mean that the art owner does not have the special ability to turn an affiliate NFT into a big win.

Just as the value of a painting has little to do with the value of the painting, canvas, and frame, the financial value of an NFT is subjective. It depends on what others are willing to pay.

The creators of the underlying art, such as musicians and artists who retain control over their work, can – and do dominate – the NFTs connected to them. However, once art is held in a museum collection, the value of NFTs is less clear.

Just as a copy of a book autographed by the author can be more valuable than a book without this signature, an artist’s NFT struck of a work of folk art can attract the interest of collectors.

On the other hand, a book signed by the publisher or an NFT struck by a museum is necessarily less attractive for collectors. An NFT created by an artist and owned by a museum might generate more interest.

In other words, even if a museum has some valuable artwork, that doesn’t mean that NFT minting is a guaranteed source of income.

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Bundanon national arts organisation is opening an art museum and bridge near Nowra later this month | South Coast Register

Bundanon national arts organisation is opening an art museum and bridge near Nowra later this month | South Coast Register

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