The Pompidou Center in Paris announced that it had purchased eighteen NFTs from thirteen renowned artists. The acquisition, which spans cryptographic art, fine arts, net art and generative art, is the first of its kind by a major French art institution and expands on the Pompidou's history of acquiring works in new media. “Web3 is innovative territory that artists are now grabbing to create bold and original work,” he said. Xavier Rey, director of the Pompidou, in a statement, “and this collection reaffirms our support for artists in conquering new means of expression, which is the foundation of modern art”.
The entry of such works into the collections of respected public art institutions signals a seismic shift in the art world and points to the accelerated pace that accompanies the surprising discovery of a cultural phenomenon and its institutionalization.
Greg Solano, co-founder of Yuga Labs, whose CryptoPunks were included in the museum's memberships, acknowledged the elevation of blockchain works embodied by the acquisitions. “Seeing CryptoPunk #110 displayed at the Center Pompidou, arguably the most prestigious contemporary art museum in the world, is a huge moment for the web3 and NFT ecosystem,” he said, “and we are honored to help drive this cultural conversation.”