4 Reasons Why Museums Aren’t Cashing in on NFTs yet

[Pagla]

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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