LACMA receives NFT donations from Cozomo de Medici

The Los Angeles County Museum of Art (LACMA) has become the latest major art studio to delve into non-fungible tokens (NFTs), acquiring a number of notable pieces and collections to add to its catalog.

Building bridges across both sides of the art world

Cozomo de Medici, a pseudonymous NFT influencer and art collector, announced Tuesday that he had donated a bunch of digital artwork to LACMA. The donation, which included 22 artworks from 13 artists, includes a CryptoPunk from Larva Labs, a piece by generative artist Dmitri Cherniak via his Ringers collection, and artificial intelligence from Claire Silver.

In a Twitter thread, Medici, who has been linked to rapper and NFT enthusiast Calvin “Snoop Dogg” Broadus, explained that they hope to use the donation to emphasize the importance of digital artworks, allowing them to sit alongside legendary pieces from famous artists such as Andy Warhol and Pablo Picasso. The link noted that there has been a historical divide between contemporary art and art on the chain, and that it is now time for these two worlds to be bridged.

1/ Announcing the first in-chain donation of art from a collector to a museum, and the largest digital art collection to enter a museum

22 works from The Cozomo de’ Medici Collection have been added to the permanent collection of the Los Angeles County Museum of Art (LACMA) pic.twitter.com/6ePSznorrM

— Cozomo de’ Medici (@CozomoMedici) 13 February 2023

LACMA Director Michael Govan also pointed out that the collection highlights the art museum’s interest and focus on the intersection of art and technology. He added that LACMA would look to develop new standards and techniques for preserving blockchain-based artwork.

Interestingly, both parties have avoided using NFT in their communications. Talking to ArtNews, Medici explained that they had agreed with LACMA to avoid the “NFT” tag on purpose, as it might stir up the wrong feelings among Web3 skeptics and mainstream art fans.

Instead, they went for the more inviting tags like “art on the chain” or “blockchain art.” They believe these will be more inviting to mainstream audiences and make it easier for them to adopt these revolutionary works of art.

The feeling is understandable. Over the past year, there has been a stigma surrounding NFTs that has rubbed many in the mainstream art space the wrong way. From those who remain skeptical of NFTs to those who believe these tokens are elaborate scams, it is critical to approach these individuals with caution to help them see the potential of NFTs.

Major art museums will also have NFTs

The donation is the latest in what appears to be a small shift away from NFT artwork. Many of these artworks have slowly moved from the blockchain homes into the hands of traditional art studios in recent times, providing the exact bridge that Medici described in their Twitter thread.

Last week, NFT major Yuga Labs donated a CryptoPunk to the Center Pompidou – home of the National Museum of Art in France. The donation was part of Yuga Labs’ Punks Legacy Project, as the NFT house launched back in December 2022 in an effort to drive the renaissance of NFT art, according to CryptoPunk’s Brand Lead Noah Davis. As part of the project, Yuga Labs donated a CryptoPunk to the Miami Institute of Contemporary Art.

As part of the ongoing Punk’s Legacy Project, we are honored to announce the donation of CryptoPunk #110 to the legendary permanent collection of @CentrePompidou stay tuned for more information… See you in Paris! pic.twitter.com/iHRdN3TuKc

— CryptoPunks (@cryptopunksnfts) 10 February 2023

Of course, the intersection of NFTs and physical art comes as the NFT space is looking to stage a resurgence after a relatively dismal year. DappRadar reports that while the total number of NFT sales has continued to rise, values ​​have also plunged, with the crypto market in a slump.