The Institute of Contemporary Art, Miami (ICA Miami) has become the first museum in the US to launch its own NFT platform, in partnership with Palm and LiveArtX.
Last year, ICA Miami acquired ‘CryptoPunk 5293’, part of an NFT collection made by Larva Labs on the Ethereum blockchain, making it one of the first museums to have an NFT in its collection.
Now, ICA Miami has released an NFT platform to coincide with its annual fundraising gala. It was inaugurated with an auction of three works by artist Cory Van Lew. Buyers could place their bids on the website either in cash or Ethereum.
“Our time was spent imagining a sustainable, inventive, and ecologically sound place to encourage conversation around the art on our platform,” Alex Gartenfeld, artistic director of ICA Miami, told Jing Culture & Commerce.
ICA Miami’s NFT platform was built on Palm, an Ethereum-compatible sidechain that is reportedly 99 percent more energy-efficient than other proof of work systems.
NFT platform built on Palm
Combined, Ethereum and Bitcoin consume almost as much energy annually as the UK. Ethereum announced in May 2021 that its energy usage would decrease by 99.95 percent with a move to a proof of stake algorithm. However, the transition is yet to take place.
Since launching its NFT project in September 2021, the British Museum may have emitted enough carbon to power an average home in the US for at least 57 years.
“There is no question that NFTs are an emergent form,” Gartenfeld said. “We see it as part of our mission, as a contemporary art museum, to engage with technologies at the time they are rapidly developing.”
greenloop 2022, blooloop’s conference on sustainability in visitor attractions, looked at how to create a green NFT. Recordings will be available to ticket holders until the end of this year.
blooloop is supporting Earth Day’s tree planting Canopy Project by donating £1 for each ticket sold, and will also give at least 5 percent of greenloop ticketing revenue to Project Seagrass.
Images: ICA Miami
