Centre Pompidou, France's modern art museum, to showcase a cryptopunk and other popular NFTs

This spring, the Centre Pompidou, a modern art museum in France, will showcase non-fungible tokens (NFTs), including a CryptoPunk, in a new exhibition.

NFTs hit the fine arts world

The Centre Pompidou is preparing to showcase a collection of NFTs created by 16 digital artists from around the world. The exhibit will highlight various popular NFTs, such as CryptoPunk #110 and Autoglyph #25, both of which have been gifted to the Centre Pompidou.

Xavier Rey, Director of the French National Museum of Modern Art, said the museum is “furthering its exploration of digital art and the blockchain”. He added that the NFT collection is a testament to the institution’s encouragement of artists to utilize “novel forms of expression.”

The Centre Pompidou’s forthcoming exhibition of NFTs is expected to attract considerable attention from art and blockchain enthusiasts. It would highlight the crossover between these domains and the possibilities blockchain technology offers in the art industry.

Yuga Labs donates NFT artwork shortly after heated trademark battle

The team behind Bored Ape Yacht Club (BAYC), Yuga Labs, who also doubles up as the intellectual property owner for CryptoPunks since March 2022, is contributing towards this initiative.

Yuga Labs recently made headlines due to a trademark infringement lawsuit filed against Thomas Lehman, who was implicated in developing a Bored Ape Yacht Club NFT copycat collection.

The developer of the original NFT collection, Yuga Labs, initiated legal proceedings against Lehman for his part in creating the RR/BAYC counterfeit tokens and trading them on the same platform as the real BAYC.

The lawsuit was settled out of court on Feb. 6, with Yuga Labs alleging that Lehman and his associates aimed to damage the reputation of the original collection and mislead consumers with the fake collection.

NFTs influence in the traditional art world

NFTs have gained considerable traction in the last few years. They are shaking up the world of traditional art, carving their place in art galleries, museums, and auctions.

In July 2022, Binance NFT collaborated with The State Hermitage Museum to facilitate the auction of some of the unique artworks in the museum as non-fungible tokens. It marked the first time the State Hermitage Museum, renowned as one of the world’s oldest and most prestigious museums, got involved with creating and auctioning digital artworks as NFTs for the first time.

The partnership allowed Hermitage to mint exclusive limited-edition NFTs featuring digital copies of masterpieces from its art collection, including works by famous artists such as Leonardo da Vinci’s Madonna Litta, Giorgione’s Judith, Vincent van Gogh’s Lilac Bush, and many more.

In August 2022, the Withers Collection Museum and Gallery launched the first black NFT initiative to commemorate the history of the black movement in the United States.

By creating the first Black NFT, the museum aimed to educate younger generations about the past struggles of black people and inspire their minds with these stories. The venture further solidified non-fungible token presence in the worlds of fine arts and social justice movement.

Lastly, another initiative took place in October 2022. The Kharkiv Art Museum, one of Ukraine’s oldest and most valuable art museums, launched an NFT collection on the Binance NFT marketplace to support cultural heritage during the ongoing war crisis.

The launch of the “Art without Barriers” NFT collection, featuring exceptional artwork from the 16th to 18th centuries, including pieces by renowned artists such as Albrecht Dürer, Georg Jacob Johann van Os, Ivan Aivazovsky, and Simon de Vlieger, with fifteen pieces presented in the first batch.

The Kharkiv Art Museum pledged that all profits from the NFT collection’s auction would be used to restore its artwork and create new job opportunities. The “Art without Barriers” NFT collection demonstrated the potential for converting cultural arts into NFTs while generating funds for preservation.