MoMA Launches 'Postcard' NFT Art Project

Hi NoRamp Community,

NoRamp released its third podcast episode on Friday with the Vercel CTO Malte Ubl. Check it out on your preferred platform here.

On to the news for the day:

NFT-Funded Film Lands Global Sales Deal

MoMA Launches 'Postcard' NFT Art Project

Backed Launches bIB01

NFT-Funded Film:

• "The Quiet Maid," a film directed by Miguel Faus and financed through NFT sales, has clinched a worldwide sales agreement.

• Faus used the original short film to sell NFT passes, successfully gathering a $750,000 budget. These NFTs granted owners unique insights into the movie's creation and a share of the film's profits via a decentralized autonomous organization (DAO).

• Faus emphasizes that while the blockchain-backed funding was a triumph, the film's artistic merit is separate from its financing method. "The Quiet Maid" is set to debut at the Tallinn Black Nights Film Festival in Estonia, contending in the First Feature segment.

MoMa’s NFT Experiment:

• The Museum of Modern Art (MoMA) has introduced an interactive NFT initiative, "MoMA Postcard," to inspire its community to delve into blockchain-based art. The program will enable users to send digital chain letters containing 15 blank "stamps" across the blockchain, culminating in a collaborative art piece centered around a specific theme. The museum emphasizes that this venture is an opportunity to experiment with NFTs in a novel and engaging manner, with the NFTs being minted on the Tezos blockchain.

• To initiate the project, MoMA collaborated with 15 digital artists on a series named "First 15." Each postcard, passed digitally amongst artists, adhered to a distinct prompt. Notable artists such as Dmitri Cherniak, who's previously sold artwork for $6.2 million at a Sotheby's auction, and the Madrid-based art duo Operator participated. Artist Sasha Stiles highlighted the global nature of this artistic endeavor, viewing it as a decentralized gallery or residency.

• Reflecting a growing interest in the intersection of blockchain technology and art, major institutions globally are embracing digital art. MoMA itself has previously collaborated with digital artist Refik Anadol and continues to engage with the NFT space. Other prominent art establishments, including the Musée d’Orsay and the Los Angeles County Museum of Art (LACMA), have also integrated blockchain-backed artworks and NFT initiatives, reinforcing the emerging synergy between traditional art institutions and digital art platforms.

Backed Launches Tokenized Security Product:

• Swiss firm Backed has unveiled its new tokenized security product, bIB01, on Coinbase's Layer 2 network, Base blockchain. This security mimics the performance of a short-term US treasury bond ETF, providing a digital platform for investors to interact with conventional financial assets.

• Operating under the Swiss Distributed Ledger Technology (DLT) Act, Backed issues bTokens. These Ethereum-based ERC-20 tokens represent the value of various tangible assets, from treasury ETFs to publicly traded stocks. While these tokens have been previously issued on Ethereum and Gnosis blockchains, the release of bIB01 on the Base blockchain marks a significant expansion in Backed's tokenized offerings.

• With the Base blockchain known for its efficiency and developer-friendly features, Backed sees it as an optimal platform for novel tokenized securities. Backed's tokens haven't been registered with the US's SEC and are only available to qualified investors who've completed necessary KYC and AML procedures.

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