A significant on-chain donation has recently been revealed to the Los Angeles County Museum of Art by the pseudonymous digital art collector and writer who is responsible for the widely read digital art newsletter the Medici Minutes. This individual goes by the Twitter handle @CozomoMedici. According to a tweet posted by @CozomoMedici, whose full name on Twitter is Cozomo de’ Medici, he made the first donation of on-chain art from a collector to a museum. This donation marks the largest collection of digital art to ever enter a museum of this type.
To be more specific, The Cozomo de’ Medici Collection contributed 22 digital art non-fungible tokens. These tokens feature the work of 13 different international artists and span the years 2017 through 2022. The statement made by Cozomo de’ Medici was to the effect that “these works will now sit in one of the greatest art collections in human history, among actual works defining the last 6,000 years of artistic expression.” Included in this group are “pieces by Rembrandt, Picasso, Frida Kahlo, Cassatt, Andy Warhol, and Georgia O’Keeffe.”
The hope that was voiced by Cozomo de’ Medici was that “this donation helps eternally entrench the on-chain art movement in the canon of art history… Opens the door for museums all over the world to exhibit the finest digital works alongside the finest real… And motivates each and every one of us to continue making history together.
Gift Receives Praise From Crypto Community
Fans of digital art were quick to praise the donation, which many of them felt would help move the digital art field ahead in the future. “Thank you so much on behalf of everyone here for such a great contribution! “I’m so excited to see such incredible art being preserved by such an incredible institution,” commented user @pixelpete.
“It is stuff like this that will genuinely help us attain our maximum potential and propel the space ahead. I cannot thank you enough; this is incredible. “Can’t wait until it’s ready to go when it is,” remarked @500arts on Twitter.
“Man, you really are the GOAT for doing something like this… congratulations, and many thanks… will make a significant contribution to enhancing people’s understanding of the value of NFT art as a sort of fine art, according to @iamDCinvestor.
“Please accept my congratulations, Signore, for reaching this significant milestone for the entirety of the space. “Both your leadership and your generosity make us extremely proud,” remarked @kukulabanze on Twitter.
The On-chain Art Revolution Is Just in Its Infancy Stages at This Point
Cozomo de’ Medici stated in a call to the digital art-focused website Artnet News that “the beauty of this digital world is that everything is on-chain and online.” Artnet News focuses on digital art. “You can see other works from the artists you are interested in, who owns them, where they’ve been, and the prices—versus the contemporary art world, where it’s really difficult to get access to that data as an outsider,” he added. “You can see other works from the artists you are interested in, who owns them, where they’ve been, and the prices.”
In an interview with a website that covers news about digital art, Medici said that he hopes that the fact that on-chain digital art and NFTs are easier to get than traditional art will make more people want to start collecting art. He said that this could lead to a rise in the number of digital artists who can make a living from their work.
According to Open Sea, Medici currently has possession of 1,124 works of digital art NFTs. There is no way to tell the actual worth of the collection; nonetheless, it is most likely to be in the tens of millions of dollars. According to NFT Price Floor, however, this constitutes a relatively insignificant portion of the overall market capitalization of digital art. According to the website, the total value of all NFT art collections is currently estimated to be close to $7.2 billion, and it is currently tracking the top 559 NFT art collections. There are two collections that are responsible for more than $2.0 billion of this market cap; these are the Bored Ape Yacht Club and CryptoPunks collections.
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