The pseudonymous digital art collector and author behind the popular digital art newsletter Medici Minutes recently announced a large on-chain donation on his Twitter handle @CozomoMedici. Los Angeles County Museum of Art@CozomoMedici, whose full Twitter name is Cozomo de’ Medici, tweeted that he made the first donation of on-chain art from a collector to a museum.

Specifically, the Cozomo de Medici Collection donated 22 non-fungible tokens of digital art, including works from 2017 to 2022, from 13 international artists. Cozomo de’ Medici said, “These works will be his one of the largest collections of art in human history, alongside physical works that have defined artistic expression in the last 6,000 years.” I’m here. These include “works by Rembrandt, Picasso, Frida Kahlo, Cassatt, Andy Warhol, Monet and Georgia O’Keeffe”.

Cozomo de’ Medici expressed hope: history together”.

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Crypto Community Applauds Donation

Digital art enthusiasts were quick to applaud the donation, many saying it would help advance the field of digital art. “On behalf of all of us, thank you for such a generous contribution! Really excited to see such an amazing piece of work managed by such an amazing institution!” @pixelpete said .

“Things like this really move the space forward and help us reach our full potential. 500arts said.

“Hey, you are a true GOAT for doing this… congratulations and thank you…will go a long way toward building awareness about NFT art as an art form,” said @iamDCinvestor.

“Congratulations Signore on this major milestone for the entire space. We are all very proud of your leadership and generosity,” said @kukulabanze.

On-chain art revolution – still in its early stages

“The beauty of this digital world is that everything is on-chain and online,” Cozomo de’ Medici told digital arts-focused website Artnet News by phone. “You can see who owns other works by the artist you are interested in, where they have been, and the price. In the contemporary art world, it is very difficult for an outsider to access that data.” he says. Added.

Medici said on the Digital Art News website that he hopes that on-chain digital art and NFTs will have greater accessibility than the traditional art world, allowing more people to become collectors. Told. As a result, he said, more digital artists could make a living from their work.

Medici currently owns 1,124 digital art NFTs. high seasThe exact value of the collection is unknown but could be in the tens of millions. But that’s only a fraction of the market capitalization of digital art. NFT Price FloorThe website, which currently tracks the top 559 NFT art collections, currently shows that the total market capitalization of NFTs is around $7.2 billion. His two collections, the Bored Ape Yatch Club and the CryptoPunks collection, account for his over $2 billion in this market cap.

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It may sound like a lot, but the NFT market is still very niche. In fact, according to CoinMarketCap, NFTs’ market cap pales in comparison to the broader cryptocurrency market, which has a market cap of $1.5 trillion. Gold’s market cap is over $11 trillion, and the global stock market cap was around $94 billion in 2020 (and will be even higher today).

If advocates like Cozomo de’ Medici are correct in their belief that on-chain digital art is the future, it’s absurd to think that the market cap of digital NFT art could one day exceed $1.0 trillion. not.

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