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Appl. Sci. 2021, 11, 9931 3 of 19 12.8 million GBP [23] in order “to raise vital funds for London’s Royal Opera House” [24]. In the US, the American Association of Art Museum Directors, in response to requests from museums, approved in April of 2020 a resolution offering more flexibility regarding deaccessioning, addressing in particular “how a museum might use the proceeds from deaccessioned art to pay for expenses associated with the direct care of collections” [25]. Following that resolution the Everson Museum auctioned Jackson Pollock’s “Red Compo- sition” for 12 million USD, whilst Palm Springs Art Museum raised 3.9 million USD by auctioning Helen Frankenthaler’s “Carousel” [5]. Despite the devastating effects of the pandemic on the sector and the acknowledgement that more flexibility may be needed, all such financially motivated deaccessions came under scrutiny [5,26] with critics arguing that these institutions are “betraying the museum field” and that “patrons and artists would think twice about donating art, or money, if they believed that works in the collection could become a funding stream at a director’s whim” [26]. In exploring other avenues for revenue generation, we might begin by asking if there is an opportunity for organisations to raise much needed income by selling cryptographically signed copies of digital items derived from their collections, in the emerging NFT market without undermining current image licensing revenue streams and disrupting open content policies of institutions in the OpenGLAM movement. An article published on Artnet News in March 2021, states that NFTs and digital collectibles could present “a lifeline for cash- strapped museums” [27], because with the emergence of NFTs “historical issues that have long plagued the media market, like digital piracy and illegal reproduction, can be now all but forgotten” [27]. The article concludes that it is “worth exploring what can be done digitally before resorting to the painful and unpopular act of deaccessioning artworks” because NFTs “could have a big impact on museums’ bottom lines” [27]. With the cultural heritage sector struggling to address its ever-mounting financial challenges, employing even the least favourite of solutions and with the majority of museums having been left to choose between redundancies, deaccessions and even permanent closure, it is deemed necessary to exhaustively explore all possibilities that emerging technologies are presenting us with, whilst assessing the challenges and risks. 2.2. The Emergence of Blockchain In 2008, a person named Satoshi Nakamoto, whose real identity has yet to be revealed, posted to “The Cryptography and Cryptography Policy Mailing List” [28] a message titled “Bitcoin P2P e-cash paper” [29], describing a “new electronic cash system that’s fully peer- to-peer, with no trusted third party” [29]. Nakamoto’s message linked to a paper titled “Bitcoin: A Peer-to-Peer Electronic Cash System” [30] and it sparked a vivid discussion. Some members of the mailing list acknowledged the technology’s potential stating “this does seem to be a very promising and original idea” [31], whilst others dismissed it completely, replying to Nakamoto saying “your proposal involves complications I do not think you have thought through” [32]. More than a decade later, Bitcoin has “managed to exist and operate in an autonomous way” with a “considerable capitalization” in excess of 2 trillion USD (as of May, 2021 according to CoinMarketCap [33]), having yet to be “seriously challenged by any attack” [34]. A blockchain can be described as “a distributed, immutable ledger that is maintained and verified among a network of peers” [35], or in simpler terms, a commonly shared database that is accessible by everyone and cannot be compromised by anyone. Although influences and forerunners of blockchain technology can be traced back to the 1950s [34,36], the most well-known blockchain “emerged from the development of Bitcoin” [35], the popular cryptocurrency presented in the aforementioned paper by Nakamoto [30]. Its significance is acknowledged in academia, being described as a “revolutionary technology” of “disruptive nature” [36], with researchers emphasising that “blockchain is much more than a foundation for crypto currency” [37], documenting the technology’s widespread adoption in a wide range of industries beyond the financial sector, ranging from healthcarePDF Image | Crypto Collectibles, Museum Funding and OpenGLAM
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