Picasso’s work to be auctioned in the US to get cryptocurrency tokens

This fall, the William S. Paley Foundation will auction off at least $ 70 million worth of world art masterpieces to enable New York’s Museum of Modern Art (MoMA) to purchase its first NFT tokens. MoMA has been taking care of Paley’s collection since the co-founder of the American television and radio company CBS died in 1990. The foundation of the same name, which oversees many museums and cultural and educational programs, has engaged Sotheby’s to sell 29 of the 81 pieces in the MoMA collection.

The collection includes Picasso’s 1919 painting Guitar on the Table, as well as works by Renoir and Rodin. MoMA director Glenn Lowry noted that the purpose of the auction is to further digitalize the museum, as the exhibition has been virtually unvisited since the coronavirus pandemic.

By the way, this is not the first time in recent times that world fine art has been sold for NFT or converted into tokens. Recently, the paintings, artifacts, and digitized family photos of the world-famous Mexican artist Frida Kahlo were released in the Decentraland meta-universe as NFT tokens. The artist’s family integrated memorabilia related to her life into the virtual world.

Anyone can find themselves inside a complete digital copy of Frida Kahlo’s Red House, a virtual version of the real residence owned by the Kahlo family and located in Mexico City, Mexico. Each room of the house in the Decentraland metaverse illustrates little-known facts from the artist’s life to her relationship with her fellow artist Diego Rivera.