LACMA Receives NFT Donations From Cozomo de Medici 

Jimmy Aki
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The Los Angeles County Museum of Art (LACMA) has become the latest major art studio to delve into non-fungible tokens (NFTs), acquiring a string of notable pieces and collections to add to its catalog. 

Bridging Both Sides of the Art World 

Cozomo de Medici, a pseudonymous NFT influencer and art collector, announced on Tuesday that he had donated a trove of digital artworks to the LACMA. The donation, which comprised 22 artworks from 13 artists, features one CryptoPunk from Larva Labs, a piece done by generative artist Dmitri Cherniak via his Ringers collection, and artificial intelligence art from Claire Silver. 

In a Twitter thread, Medici, who has been linked to rapper and NFT enthusiast Calvin “Snoop Dogg” Broadus, explained that they hope to use the donation to emphasize the significance of digital art pieces, allowing them to sit next to legendary pieces from famed artists such as Andy Warhol and Pablo Picasso. The connector noted that there has been a historical divide between contemporary and on-chain art and that it is now time for those two worlds to be bridged.

LACMA chief executive Michael Govan also pointed out that the collection highlights the art museum’s interest and focus on the art-technology intersection. He added that the LACMA would be looking to develop new standards and techniques for preserving blockchain-based artwork.

Interestingly, both parties have avoided using NFT in their communications. Speaking with ArtNews, Medici explained that they had agreed with the LACMA to intentionally avoid the “NFT” tag as it could stir up the wrong sentiment among Web3 skeptics and mainstream art fans. 

Instead, they went for the more welcoming tags such as “on-chain art” or “blockchain art.” They believe these will be more welcoming to mainstream audiences and make it easier for them to adopt these revolutionary art pieces down the line. 

The sentiment is understandable. Over the past year, there has been a stigma surrounding NFTs that has rubbed many in the mainstream art space the wrong way. From those still skeptical of NFTs to those who believe these tokens are elaborate scams, it is critical to approach these people with caution in order to help them see the potential for NFTs.

Big Art Museums Want NFTs Too

The donation is the latest in what appears to be a slight shift from NFT art pieces. Many of these artworks have been slowly moving from their blockchain homes and into the hands of traditional art studios in recent times, providing the exact bridge that Medici described in their Twitter thread. 

Last week, major NFT house Yuga Labs donated a CryptoPunk to Centre Pompidou – home to the National Museum of Art in France. The donation was part of Yuga Labs’ Punks Legacy Project, which the NFT house launched back in December 2022 in a bid to drive the renaissance of NFT art, according to CryptoPunks Brand Lead Noah Davis. As part of the project, Yuga Labs donated a CryptoPunk to the Miami Institute of Contemporary Art. 

Of course, the intersection of NFTs and physical art is coming when the NFT space is looking to stage a resurgence following a relatively dismal year. DappRadar reports that even though the total number of NFT sales has continued to rise, the values have also plunged, with the crypto market in a downturn. 

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.