The Museum of Modern Art To Buy NFTs With Proceeds of $70M Auction

A report by the Wall Street Journal has it that New York’s Museum of Modern Art (MoMA) is considering buying non-fungible tokens (NFTs) with some of the proceeds of an auction of William S. Paley’s art collection.

According to the report, the museum plans to sell $70 million worth of the collection gathered Paley, the founder of the CBS broadcasting network, which it has been holding since he died in 1990.

The collection includes Pablo Picasso’s 1919 “Guitar on a Table” as well as works by Renoir and Rodin.

The museum’s director, Glenn Lowry, said that the intention is to extend the digital reach of the museum after attendances slumped during and after the pandemic..

According to MoMA’s director, Glenn Lowry, the museum has a team of people keeping tabs on the digital art market and it is considering purchasing digital art connected to NFTs.

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