- On February 15, 2022
- 0 Comments
We’re always looking to the future and what’s next. As veterans of the industry, we maintain our business with the efficiency of a well-oiled machine. Yet we continue to improve our strategies as the industry evolves, and look towards the future and what opportunities it might hold. Lately, all the possibilities opened up by NFT museums have been on our minds.
NFTs have created more buzz than any other new tech development in recent months, and not just in the world of crypto. The possibilities and implications for the art world, the tech world, and cryptocurrency are on everyone’s minds. We’re no exception as we consider what a future with more NFTs might look like and what our role as a digital signage company might be. Keep reading for our take on this new art form and how we think it could alter the way we consume art.
If, like many, you’re not completely caught up on the world of NFTs, let’s clear that up now. An NFT, or a non-fungible token, is a digital asset stored on a blockchain, a publicly available digital database. An NFT could be any digital asset, including a video (like the NFTs sold by Beeple and Grimes) or even an article, but most of the NFT hype now is associated with digital artwork.
Most NFTs are stored on the Ethereum blockchain, a cryptocurrency that supports NFTs. The blockchain stores the code that identifies an NFT and serves as proof that someone owns that original artwork. That’s where the non-fungible part comes in, because that unique code verifies that the artwork is one-of-a-kind, and can’t be replaced.
It’s essentially a certificate of ownership, and proves that one person is the soul owner of that digital artwork. Many view the NFT craze as the next logical step in the world of art collecting, which is one reason why we’re exploring the relevance of NFTs in the art world today.
Since NFTs are digital files and you can technically copy any digital file, what is the value of owning the NFT? Consider how ownership works in the traditional art world. Say you visit the Art Institute of Chicago, where you can see the original Van Gogh paintings. On your way out, you can also go to the gift shop to buy prints, tote bags, greeting cards, etc. with the image of the paintings.
While you may own that print as a souvenir, only the museum owns the original artwork. It’s the same idea with NFT ownership since, among many online NFT communities, there’s an understanding that you don’t take someone else’s image for your own use. And if someone does, it’s not the same as having the original. That’s because the value lies in its verification through the blockchain.
What are NFT Museums?
Speaking of museums, since the popularity of NFTs has grown rapidly online, the idea of NFT museums has also gained traction. Not too long ago, the idea of art museums housing collections of NFT art may have sounded like a crazy idea, but now it’s a reality. The Seattle NFT Museum, created by Jennifer Wong and Peter Hamilton in 2021, aims to ground digital art in a physical space and unite the art and NFT communities.
While more NFT museums will surely continue to pop up and grow in relevance, not every NFT artwork in a museum will be a part of an NFT only museum. There have already been traditional art museums that have decided to add NFT art to their collection. For example, the Institute of Contemporary Art in Miami acquired a CryptoPunks NFT last year. We can only assume this means the art world is already evolving to make space for NFT artists.
How do NFTs Change the Traditional Art World?
NFTs are already redefining how we consume art. How might NFTs continue to change the way the traditional art world works?
Avenue for Success of Digital Artists: The popularity of NFTs and NFT museums facilitated an avenue for digital artists to earn recognition and a higher income for their works of art. Digital creators such as Blake Kathryn, who worked with major brands and collaborators like Adidas and Lil Nas X, environmental designer and 3D artist, Neon Saltwater, and photographer Charles Peterson have made names for themselves as NFT artists and are featured in the Seattle NFT museum.
Transportation: Most of the physical issues associated with acquiring and housing artwork are eliminated when NFTs are displayed. Digital art eliminates the need for transportation, which in turn saves on resources and makes the job easier for museum curators.
Creating a New Subculture: There is a large and passionate group of people who buy and trade NFTs. Due to this movement, there’s a new interest in digital art that didn’t previously exist. For example, the Bored Ape Yacht Club, which you can easily identify online with their varying ape profile pictures, has created quite the online community of passionate NFT collectors.
Art as a Hot Commodity: The presence of NFTs in the art world is making the trading and selling of art accessible to a wider community, not just the ultra-wealthy. Some NFTs are insanely expensive, like CryptoPunks for example. Others, like Bored Ape NFTs, are more affordable for the average Joe. It’s a similar approach to Supreme doing highly anticipated clothing drops that have a limited number of items. They’re both exclusive, but accessible and for that reason, this trend pushes visual art to the forefront of popular culture.
NFT Museums and Digital Signage
NFT artists and NFT enthusiasts are excited for the possibilities of this new world of digital art. Simultaneously, there’s another industry preparing for their role in the future of NFT museums: the digital signage industry.
As a digital signage company, we have the power to facilitate displays of digital art in NFT museums. Our role in the newfound union of museums and the cryptocurrency world should not be underestimated, as high-quality screens will be a necessity in order to do justice to the artworks being displayed. The ability to customize everything about a screen to fit the aesthetics of an exhibition will prove to be invaluable for curators.
Museums will also need screen technology that operates efficiently and saves on energy. One major concern critics have brought up about NFTs is the energy and climate impact required to mint an NFT. As crypto experts find more sustainable ways to operate, one way to counteract this criticism is by displaying NFT art on energy-efficient screens.
Take for example our patent-pending screen, the 55” Outdoor Dyspro Display, a versatile screen that uses low power, without sacrificing brightness.
- It consumes 50% Less power than anything on the market
- 3000 Nits to see through the sunniest days, meaning museums can bring exhibits outside with portable screens
- Built in Wi-Fi and Bluetooth
- High Contrast Polarizer for a realistic image
We predict that digital signage screens for NFT displays will not be limited just to museums, but to any business, organization, or individual who may want to display an NFT. Displays in galleries, auctions, business offices, and even in-homes displays may soon become a reality. With an industry so rich and diverse, the applications are nearly endless.
Interested In Digital Signage?
Keyser was at the forefront of the nationwide McDonald’s drive-thru transition to outdoor digital signage boards. After facilitating one major industry shift, we’re ready for any new innovation where our technology may be useful. We believe NFT museums are the next frontier for our industry and the next application for digital signage.
The possibilities for the applications of digital signage are vast. We’ve worked with a dynamic group of businesses over the years, so if you believe your business or organization needs to update your signage technology, contact Keyser today.