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Appl. Sci. 2021, 11, 9931 10 of 19 was not in partnership with GAM [106], the latter was forced to take down all of its NFTs and present the project as a “NFT social experiment” [107]. The trend GAM sought to exploit and be part of is that of unauthenticated NFTs selling for significant sums. One would expect that people prepared to give thousands, or tens of thousands of dollars for one NFT, would normally conduct due diligence regarding the authenticity of the collectibles they purchase; however, that is not always the case. An indicative case is crypto artist Pest Supply, who sold an NFT featuring an adaptation of one of Banksy’s works for 900,000 USD [108]. Even the name of the artist, “Pest Supply”, is misleading because it resembles “Pest Control”, which is Banksy’s authentication body [108]. The NFT itself had nothing to do with Banksy [108], but despite that, it was sold for nearly a million USD. 5.2. NFTs and OpenGLAM: Risk or Opportunity? The case of GAM led many to believe that crypto collectibles “seem at odds” [27] with the open content initiatives of cultural heritage institutions and consequently with the OpenGLAM movement as a whole. Some hoped that GAM was “a wakeup call for the GLAM sector”, arguing that “NFTs could be harmful if we do not acknowledge them” [109]. However, when GAM was brought to Rijksmuseum’s attention, whose works and name were exploited by GAM, it clarified that the museum’s collection is “open to everyone”; the museum explained that the aim of their open data policy is “to connect [their] collection to as many and diverse people as possible” [106] and did not make any further comments. Similarly, other museums whose works were used by GAM did not openly criticise or oppose to GAM using their images [109]. One could argue that, to the contrary, OpenGLAM institutions are those best posi- tioned to benefit from NFTs. Firstly, the case of GAM demonstrated that such scams, even small ones (as it was the case with GAM, which attracted little financial interest), will not go unnoticed in the museum sector. Additionally, as NFTs mature as a new medium over time, collectors will also be getting increasingly aware of such scams, becoming more cautious when it comes to verifying the authenticity of the collectibles they invest in. Secondly, as explained earlier, the opportunity that NFTs present cannot be underestimated. By bringing scarcity to the digital realm, NFTs have arguably increased the value of the digi- tised collections of cultural heritage institutions significantly. However, commonly, NFT collectors expect a high-quality image of the artwork associated with their NFT; therefore, museums seeking to experiment with crypto collectibles would need to come to terms with the fact that a collector could publicly share (e.g., on the Internet) the high-quality images they would obtain by purchasing their NFTs. In the case of institutions with open content policies, however, given the fact they are already sharing high-quality digitised images of their artefacts openly, they have one barrier less for adopting and taking advantage of NFTs (e.g., if not for fundraising, then for public engagement projects [110]), in comparison to institutions with more restrictive image licensing policies. 6. Criticism and Debates 6.1. The NFT Market: The “Silent Crash” and the Top One Percent The false impression one may get by reading through the phenomenon’s media coverage is that all, or at least most, NFTs turn digital assets to gold. At a macro level, examining the NFT market as a whole, analysts were pointing out, as early as April 2021, that the market was already undergoing a “silent crash” [111]. Some credited the crash to crypto investors, who joined in February to “catch a ride on the money train” and did not hold their collectibles for more than a few days [112]. Irrespective of the causes of the market crash, the fall was steep. In a single day, i.e., on the 25 March, the average daily value of NFTs fell by more than 85%, from 19 to 3 million USD [112]. Some argued that the “silent crash” was a “healthy, relatively short-term correction”, given the fact the rise of the prices of NFTs in the first couple of months of 2021 “was unsustainable” [111], but nevertheless it was a steep fall of the market.PDF Image | Crypto Collectibles, Museum Funding and OpenGLAM
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