NFT

ICA Miami Welcomes Another CryptoPunk Into Its Museum

Yuga Labs gifts the museum it’s second Punk ahead of Art Basel Miami.

NFT

ICA Miami Welcomes Another CryptoPunk Into Its Museum

Yuga Labs gifts the museum it’s second Punk ahead of Art Basel Miami.

While NFTs still remain as a mystery to many, art institutions and museums have already begun embracing digital art as an equal to physical pieces.

In 2021, the fine art and luxury auction house, Sotheby’s entered the digital art space with its first NFT sale with the artist, Pak. By the end of the year, Sotheby’s announced 2021 as its highest-grossing year, predominantly due to the upsurge in NFT sales and increasing support from the younger generations.

During that same time, renowned museums from around the world started to explore the digital art realm by bringing NFTs and screens into their showcases.

In November 2021, the world’s largest museum by gallery space, The State Hermitage in Saint Peterburg, Russia, launched its inaugural digital-only art exhibition – showing 38 NFTs in an interactive virtual replica of the museum.

Magic City of Punks

The Institute of Contemporary Art (ICA Miami) is another avid supporter of artworks tied to the blockchain. Last year, ICA Miami became the first leading museum to collect an NFT with ICA trustee, Eduardo Burillo’s donation of CryptoPunk #5293.

One year later, Yuga Labs, parent of Bored Ape Yacht Club (BAYC), CryptoPunks, and Meebits has announced the new “Punks Legacy Project” – an endeavor set to donate several CryptoPunks NFTs to leading contemporary art museums worldwide.

In addition to the NFT installation, the Punks Legacy Project will provide the selected museums with resources related to Web3 education, digital art history, crypto security, and best practices for NFT.

During one of the biggest art periods of the year, Yuga Labs has also donated CryptoPunk #305 – reflective of Miami’s iconic area code – to ICA Miami as the initial kickoff for the Punks Legacy Project.

“Just like how Jeff Koons and Andy Warhol drove a renaissance for contemporary art, I hope that CryptoPunks can lead that charge for NFTs,” said Noah Davis, CryptoPunk Brand Lead. “We believe NFTs belong in museums, and I’m thrilled to be kicking off the Punks Legacy Project with ICA Miami and CryptoPunk #305.”

This donation follows Yuga Labs $1 million USD pledge to support education and art-related initiatives in the city of Miami. Last month, Yuga Labs’ two Miami-native co-founders announced that Yuga would lead, expand, and strengthen arts programs for Miami, starting with $300K USD to the Venture Miami Scholarship Fund.

“We have deep roots in Miami,” said Wylie Aronow, co-founder of Yuga Labs. “As we continue to build our business here, we’re glad we can also help to build a strong, passionate community where there are no barriers to access, and creativity knows no limits.”

ICA Miami will debut the new Punk #305 exhibit during Art Basel Miami on December 2.

“ICA Miami’s collection reflects the art and ideas that define our present moment and drive forward cultural conversations,” said Alex Gartenfeld, ICA Miami Artistic Director.

“As one of the first NFT collections on the Ethereum blockchain, CryptoPunks have become emblematic of the rise of cryptoart and the ways artists are utilizing emerging technologies. We are grateful to Yuga Labs for its generous support, which includes ongoing dialogue and collaboration to bring web3 best practices to the museum field,” Gartenfeld added.

Miami Leads The Way

From the annual Art Basel festival, decorated murals of Wynwood, and hundreds of galleries, Miami has become a world-class hub for art and creative scenery.

In recent years, Miami has been a leading adopter of blockchain tech and NFTs for its residents.

Aside from its slowly building collection of Punks, ICA Miami became the first American museum to launch its own NFT platform. This past April, ICA Miami introduced the platform in partnership with Palm and LiveArtX with the first release of four pieces in digital and physical forms by the artist, Cory Van Lew.

The NFT art marketplace has provided opportunities for ICA Miami to build connections with the NFT community, run virtual art programs, and generate new digital art income.

Alongside Miami’s blockchain advocate Mayor, Francis Suarez, the city has continually explored openings to incorporate Web3 tech and crypto integrations. The city has launched its own crypto token, MiamiCoin as well as partnered with TIME magazine and Mastercard to launch NFTs in support of local businesses and non-profit revenue streams.

With this year’s Art Basel right around the corner, Miami is set to see a variety of digital art events, NFT collections, and an influx of Web3 community members.

In other NFT news, Azuki hits the racetrack with Oracle Red Bull Racing.

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