Art News Report
May 12, 2023

Museum of Modern Art and Refik Anadol Launch NFT Burn Mechanics

In Brief

Refik Anadol, New York-based Museum of Modern Art, and digital art platform Feral Fire announce the launch of a new initiative dubbed “NFT Burn Mechanics.”

Holders of 9 artworks from the “Unsupervised – Data Universe” collection will have a chance to burn them in exchange for redeemable NFT passes.

Museum of Modern Art and Refik Anadol Launch NFT Burn Mechanics

Renowned media artist Refik Anadol announced his partnership with the New York-based Museum of Modern Art and digital art platform Feral Fire. 

Together, they are launching NFT Burn Mechanics. The initiative allows art collectors to “burn” their non-fungible tokens in exchange for other physical and digital artworks and perks. 

As part of the initiative, Anadol and MoMA will transform tokens from the “Unsupervised – Data Universe” collection into rewards. “Unsupervised” is Refik Anadol’s installation that was on view at MoMA from November 2022 through March of this year. It featured three artificial intelligence-generated artworks that interpret and transform pieces from MoMA’s art collection. It’s worth noting that the latter includes artworks collected over 200 years.

Generally speaking, the project aims to attract more collectors and incentivize secondary sales. In addition, the initiative is expected to bring the community’s and collectors’ attention to the possibilities of artificial intelligence, which are currently being discovered in many fields. 

“Anadol trained a sophisticated machine-learning model to interpret the publicly available data of MoMA’s collection,”

states the collection’s description on MoMA’s website. 

So, individuals that “burn” nine artworks from the “Unsupervised – Data Universe” collection will receive a unique redeemable NFT pass that gives access to a variety of future activities and exclusive items. For instance, collectors might receive museum-quality 2D prints of the artworks, a hundred unique AI data paintings, and a day pass to the Museum of Modern Art. 

The first NFT “burning” event will take place on May 19 to 21 on Feral File.

“Unsupervised – Data Universe” is not the first collection that includes pieces created by artificial intelligence. In 2019, an anonymous AI artist called “DeepBlack” minted a set of 3,073 AI-generated fine art pieces on the Ethereum blockchain. 

These days, the art community is exploring the potential of AI. Some believe that artificial intelligence is a great tool to help find references for their work and fasten the process. Others claim that one should be open to being surprised when generating an AI piece. In any case, one thing is sure – this innovative technology is not going anywhere. 

Read more:

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io

More articles
Valeria Goncharenko
Valeria Goncharenko

Valeria is a reporter for Metaverse Post. She focuses on fundraises, AI, metaverse, digital fashion, NFTs, and everything web3-related. Valeria has a Master’s degree in Public Communications and is getting her second Major in International Business Management. She dedicates her free time to photography and fashion styling. At the age of 13, Valeria created her first fashion-focused blog, which developed her passion for journalism and style. She is based in northern Italy and often works remotely from different European cities. You can contact her at valerygoncharenko@mpost.io

Hot Stories

Top Investment Projects of the Week 25-29.03

by Viktoriia Palchik
March 29, 2024
Join Our Newsletter.
Latest News

Custom HTML

by Valentin Zamarin
August 08, 2024

Top Investment Projects of the Week 25-29.03

by Viktoriia Palchik
March 29, 2024

Supply and Demand Zones

Cryptocurrency, like any other currency, is a financial instrument based on the fundamental economic principles of supply ...

Know More

Top 10 Crypto Wallets in 2024

With the current fast-growing crypto market, the significance of reliable and secure wallet solutions cannot be emphasized ...

Know More
Read More
Read more
Custom HTML
News Report
Custom HTML
August 8, 2024
Modular Blockchain Sophon Raises $10M Funding from Paper Ventures and Maven11 Amid Veil of Mystery
Business News Report
Modular Blockchain Sophon Raises $10M Funding from Paper Ventures and Maven11 Amid Veil of Mystery
March 29, 2024
Arbitrum Foundation Announces Third Phase Of Grants Program, Opens Applications From April 15th
News Report Technology
Arbitrum Foundation Announces Third Phase Of Grants Program, Opens Applications From April 15th
March 29, 2024
Vitalik Buterin Advocates For Memecoins’ Potential In Crypto Sector, Favors ‘Good Memecoins’
News Report Technology
Vitalik Buterin Advocates For Memecoins’ Potential In Crypto Sector, Favors ‘Good Memecoins’
March 29, 2024