Cryptopunk 5293 will be displayed in the Institute of Contemporary Art Miami, Florida, this summer as a legitimate NFT exhibit.
By Juhi Mirza
Updated
2 mins read
A non-fungible token (NFT) has become a part of a major art museum. Cryptopunk, which is one of the most expensive pixelated NFT characters, has been given a space at the prestigious institute of contemporary art in Miami.
NFTs have become increasingly popular as digital tokens which are usually stored on an Ethereum blockchain. NFTs can represent anything varying from artworks, audio, and videos. Up till now, NFTs have acquired successful sales worth $2.5 billion.
Eduardo Burillo, a trustee of ICA Miami has presented the museum with the gift of Cryptopunk as the first NFT exhibit to make its way to the museum. Cryptopunk was the first NFT ever to have originated long before NFTs became popular in 2018. Cryptopunk is a collection of 10000 unique pixelated headshots with a dimension scale of 24*24. They were seen plastered in Miami and were sold for millions of dollars.
ICA Miami’s art director Alex Gartenfield has stated that including NFTs as part of the museum exhibit represents the amalgamation of the contemporary 21st century with the renewed cultural norms that will indeed make NFTs very significant in the future proceedings. He also stated how ICA Miami is committed to fostering an understanding of contemporary art and its evolution in the 21st century via NFTs.
Gmoney, who is an enthusiastic NFT investor has stated to decrypt about how he anticipated the NFTs to have become an integral part of the museum sooner or later. The NFTs experienced a mild crash earlier this year but the tokens continued to have massive demand and popularity attached to them. Recently Twitter was able to launch an NFT collection on their platform.
Cryptopunk 5293 will be displayed in the Institute of Contemporary Art Miami, Florida, this summer as a legitimate NFT exhibit and has become the first exhibit to have made its way to a physical museum.
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Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
