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James Carter

February 14, 2023

NFT Revolution Reaches France: CryptoPunks and Autoglyphs

The planned permanent exhibition at the Centre Pompidou, which is one of the most important modern art museums in France, is scheduled to open this summer, and it will feature works by notable digital artists.

NFT Revolution Reaches France

The art museum revealed on Friday that it is getting ready to display a collection of non-fungible tokens that were designed by 13 digital artists from all around the world. The announcement was made public. CryptoPunk #110 and Autoglyph #25 are two well-known NFTs that have been generously given to the Centre Pompidou and will be shown prominently in the upcoming exhibition. Both of these NFTs come from blue-chip collections.

“The Centre Pompidou has acquired a collection of works dealing with the relationship between blockchain technology and artistic expression, including its very first NFTs!” According to an approximate translation of the tweet posted by the institution. The collection features a total of 18 works created by 13 different artists from France and other countries.

NFT Revolution Reaches France: CryptoPunks and Autoglyphs

In a press release about the donation of a CryptoPunk NFT to the French National Museum of Modern Art, the museum’s director, Xavier Rey, said that the Centre Pompidou is “pursu[ing] its interest in digital art in connection with blockchain.” The donation was part of the announcement about the museum receiving the CryptoPunk NFT. Rey added

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“Web3 is a new area that artists have taken advantage of to make work that is both original and risky. This collection shows that we support artists as they find new ways to express themselves, which is the basis of modern Art.” [Needs citation] “Web3 is a new area that artists have taken advantage of to make work that is both unique and risky.”

Yuga Labs, the business behind popular NFT initiatives such as Bored Ape Yacht Club and CryptoPunks, has previously given CryptoPunk #305 to the Institute of Contemporary Art, Miami, during Art Basel 2022. This donation was made possible by Yuga Labs’ participation in Art Basel 2022. The business has stated that it intends to donate additional Punks to prestigious art institutions all across the world in the near future.

Greg Solano, the co-founder of Yuga Labs, says that this event is “a great moment for the web3 and NFT ecosystem” because it will help everyone figure out how to accept and appreciate digital Art for its impact and modern relevance. In other words, it will help people get a better idea of how to accept and appreciate digital Art as a whole.

It is important to note that the excitement surrounding non-fungible tokens (NFTs) and metaverse assets has significantly subsided over the course of the past year, coinciding with the broader market downturn that has caused major cryptocurrencies such as Bitcoin and Ethereum to lose approximately 70 percent of their value in comparison to their all-time highs.

The experts on non-fungible tokens at Casinos En Ligne predict that sales of non-fungible tokens will drop by 83 percent compared to the previous year in 2022. In addition, the amount of non-financial transactions conducted through NFTs dropped by at least 83 percent across all markets, including Art, gaming, and collectibles.

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In January 2022, sales of non-fungible tokens reached a record high of $2.8 billion per month, marking an all-time peak for the NFT market. However, following a spate of bankruptcies and implosions that saw over $2 trillion wiped out of the crypto market, that amount suffered a dramatic decrease by the beginning of this year, bringing the total value of cryptocurrencies to an all-time low.

The Defiance Digital Revolution ETF, the very first exchange-traded fund (ETF) to concentrate on non-fungible tokens (NFTs) and metaverse assets, announced earlier this month that it would cease operations by the end of February. Since it was first introduced, the fund’s shares have experienced a loss of more than 72 percent.

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