New York's Museum of Modern Art (MoMA) is considering buying the NFT with some of the proceeds from the auction of William S. Paley's art collection, the Wall Street Journal reports.
MoMA plans to sell the $70 million collection that the founder of the CBS broadcasting network has held since his death in 1990. The collection includes Pablo Picasso's 1919 painting "Guitar on a Table" as well as works by Renoir and Rodin. Sotheby's will auction 29 of Paley's 81 pieces at MoMA later this year.
Glenn Lowry, the museum's director, said they aimed to expand the museum's digital reach after attendance dropped during and after the pandemic. Lowry said the museum has a team following the digital art market and is considering buying digital artworks linked to NFTs.
