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Appl. Sci. 2021, 11, 9931 13 of 19 7. Conclusions NFTs, which can be described as cryptographically signed copies of digital or physical assets that are publicly registered on a blockchain, have made the ownership and trading of digital assets technologically possible. By bringing scarcity to the digital realm for the first time, crypto collectibles have increased the value of museum images and digitised collections of cultural heritage institutions significantly. The emergence of NFTs has been considered by some as a potential “lifeline” for museums, which have been turning to redundancies and deaccessions in order to survive financially. The museum sector, however, remains largely sceptical, as there are numerous risks involved, both for institutions (e.g., market implosion, or illicit exploitation of open content), as well as for buyers (e.g., key loss and storage issues). Uncertainly over artwork copyright also lingers; however, it appears to be accepted by common consensus that the trade of NFTs does not impact, or involve in any way, the intellectual property rights of the work or its image, unless otherwise specified. Although buyers do not expect to receive copyright when purchasing an NFT, they do expect a copy of the asset; for that reason, OpenGLAM institutions, which have already taken the decision to openly share their images for unrestricted reuse, have one barrier less for experimenting with digital collectibles. The greatest criticism over NFTs is the substantial energy consumption of the Ethereum blockchain, on which NFTs were first invented. Energy-efficient NFTs already exist; however, the majority of NFTs are still being traded on the Ethereum blockchain, whose energy consumption is substantial. Another criticism, which has not yet been fully expressed, concerns what institutions may lose by selling digital assets as NFTs, such as control, or revenue stream that is currently unknown, e.g., loaning NFTs for exhibition in future platforms or metaverses. For institutions, as well as potential buyers interested in exploring NFTs, it is advisable to explore the individual risks involved and individually address them in advance. Additionally, NFTs present a new medium that is still in its infancy and as such, it should be treated with caution, because there are still critical deficiencies (e.g., permanent loss of crypto wallets) and important unknowns (e.g., lack of a definitive copyright policy). However, the financial potential of crypto collectibles is substantial. Furthermore, for the research community, the dearth of literature and lack of data provide an opportunity for academics to bridge the gap between this new medium and the GLAM sector, exploring meaningful uses, as well as solutions and answers to the risks and issues that have already been identified. There are opportunities for future work for researchers working at the juncture of GLAM and digital technologies for the following: to explore new business models for revenue generation; to navigate emerging solutions for NFT deficiencies (or to explain unsurmountable deficiencies in ways that can be usefully communicated across the GLAM sector); to provide recommendations on digital preservation of NFT ownership and standards for making NFT data open and FAIR [137]; and to give clear guidance on the adoption of intellectual property laws and policies in regard to NFTs, which will safeguard GLAM institutions and respect their collections management procedures in the NFT space. Lastly, it is worth noting that blockchain technology is considered the technical foundation of Web 3.0, i.e., the decentralised web. When in 2006 Raj Jain presented his paper “Internet 3.0: Ten Problems with Current Internet Architecture and Solutions for the Next Generation” at IEEE’s Military Communications Conference, he was amongst the first to highlight the need for the future of the internet, “Internet 3.0”, to have “as little centralized control as possible” [138]. Fifteen years later, as we are now seeing this future unfolding, NFTs could serve as the springboard and an opportunity for the museum sector and the academic community alike, to explore, understand and embrace the decentralised future of the Internet. Author Contributions: Conceptualization, F.V., A.B., M.T., C.S., A.H.-S. and K.C.; methodology, F.V.; investigation, F.V.; writing—original draft preparation, F.V.; writing—review and editing, F.V., A.B., M.T., C.S., A.H.-S. and K.C.; supervision, A.B.; project administration, F.V. and A.B.; funding acquisition, F.V. and A.B. All authors have read and agreed to the published version of the manuscript.PDF Image | Crypto Collectibles, Museum Funding and OpenGLAM
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