NFT & Blockchain
NFT & blockchain introduction
Our digital solutions, including Blockchain and NFT’s will decentralize information, sharpen the management of art and museum collections and donors, create new digital markets, and track provenance. Our digital solutions are key to bringing both historic and contemporary institutions more fully into the modern age.
Features
Industry-Wide Loan and Provenance Tracking
The first problem, we identified was that museums and galleries inefficiently collaborates with industry partners including other museums, families, universities, individual collectors, community associations, and governments. There is no industry-wide marketplace for tracking a piece’s transactional history. To overcome this problem, the blockchain can aid the art exchange process. Our expertise lies in uniting the multiple facets of authentication processes and records. Our platform aids people in preventing future holes in provenance records, validating authenticity claims more efficiently over time, and returning more value to the rightful authors and representatives.
Digital Art Footprint
A second key weakness, was that while museums allow online patrons to view some of its collection online, it has not embraced digital art. There is a difference; viewing art online displays a JPEG image of a piece meant to be viewed in person. Digital art, however, is presented exclusively through a screen; it cannot be touched like a statue or painting in a physical setting. In trading digital art through the blockchain and NFT’s, an owner gets access to a digital file and its unique code that cannot be replicated. This creates scarcity, as it would be impossible to create a duplicate and increases the value of a work. A blockchain-based ledger system enables the creation of an unalterable, aggregated, digital record of provenance-related events about a single artwork over time. Once modifiable, siloed, and manual record keeping is now secured, integrated, accessible, and digitised.
We produce a tamper-evident physical link–the Blockchain Certificate of Authenticity–truly means unprecedented provenance capabilities.
Expanded Payment Methods
A third key weakness, we found was that in neither of its exchanges with industry partners nor its admissions for visitors does museums or galleries use cryptocurrencies. For artists, cryptocurrencies could result in royalty payments any time a work trades hand. For institutions, acquisitions or loans could be paid for with cryptocurrencies, especially for digital art. For visitors, blockchain can increase the security of a digital ticket, decrease costs, and enhance the museum experience with additional features powered by data analytics.
Accessible Market for Ownership
The final key weakness of the current museum services, we found was that despite making art viewership accessible to a few, museums and galleries can expand art ownership and contribute to the shared economy via the blockchain. The blockchain enables fractionalization, the divided the ownership of a work apportioned by fractional tokens.
Fractionalization via the blockchain will make art more scalable, democratic, affordable, and inclusive. This shows that by enabling fractional ownership of works, museums may get a strategic advantage in the market by expanding its customer and partner base.
Case Studies
3D Holographic exhibitions
Holographic exhibitions are helping to enhance museums’ digital estates and giving them a gateway into the metaverse
There is no doubt that the Covid-19 pandemic has pushed digital technologies to the fore and accelerated museums’ growth into the digital space. After two challenging years in which many institutions have faced long closures and lost revenue, the potential for online engagement and digital accessibility has been one of the few shining lights and sources of comfort for museums and heritage organisations.
Now, a new partnership between immersive technology specialist Perception and consulting firm GT Advisory Services is set to help museums to grow further into the world of digital exhibitions with the launch of Holo-Museum into the African continent.
Already being used by the Imperial War Museums and Science Museums in the UK to develop holographic exhibitions for schools and universities, our unique Desktop AR technology – the innovation behind the Holo-Museum – represents an exciting and cost effective solution for museums and heritage organisations.
Once digitised, artworks and artefacts can be converted into 3D representations that leap from the screen, requiring nothing more than the Desktop AR app and a pair of cheap 3D glasses. The ease of accessibility offered by Holo-Museum provides a stark contrast to costly Virtual Reality headsets and other 3D immersive platforms.
Other notable museums to be showcased exhibitions on Holo-Museum include The Hunt Museum, EPIC The Irish Emigration Museum, the Anglo-Boer War Museum, Ditsong Museums and Museum of Mineralogy and Petrography. It is now estimated that more than 7,000 students across more than 150 schools in 24 countries have now explored Holo-Museum.
In addition to the benefits of having a dedicated digital space for immersive exhibitions on Holo-Museum, the 3D representations of the Artefacts are also created as Holo-NFTs – stored on the blockchain in The Morpheus Project Metaverse and with the ability to be sold or licensed.
Holo-Museum and Holo-NFTs also enable museums to take their first steps into the Metaverse and grow a digital footprint that will serve them long into the future. Not only that but the ability to generate revenue from NFTs makes it possible to make this digitisation financially sustainable.
be able to reach a physical museum space.”
