Never mind FTX — Fine arts institutions should still onboard to blockchain
The strategic adoption of blockchain technology still makes sense, regardless of the distraction FTX created for cryptocurrency. The reality is that blockchain technology can still deliver substantial benefits, particularly within the fine arts. And for those who have been paying attention, 2022 has been a year of incredible normalization for nonfungible tokens (NFTs). Simply put, major institutions across various sectors have dipped their toes into Web3. In November, Instagram announced that creators would soon have the functionality to make and sell NFTs. Apple similarly announced in September that NFTs could be sold in its App Store. Put together, that’s 3.5 billion people (2 billion from Instagram and 1.5 billion from the App Store). Although each of these major institutions has its own quirks and rules, most notably the fees associated with using their platforms, the reality is that they are still some of the largest platforms in the world and will drive the onboarding of million...