Coinbase and Bright Moments Launch Digital Art Partnership
The global crypto platform Coinbase and the US organizer Bright Moments are entering into a long-term strategic partnership for the safekeeping of digital art. “The cooperation with Bright Moments and the opening of the gallery in Berlin makes the exciting new world of digital NFT art accessible to everyone and impressively shows how blockchain technology can enrich various industries,” says Sascha Rangoonwala, Regional Director for DACH. The first joint project in Europe was the exhibition “NFT Art Berlin – A New Generation” organized by Bright Moments. Since mid-July, the digital artworks have been on permanent display at the newly opened Bright Moments gallery in Berlin-Mitte.
The web-based Coinbase wallet serves as a platform for the custody of the NFTs (Non-Fungible Tokens). With the help of this wallet – simply put, an electronic wallet – crypto assets and NFTs are sent, received and stored. Non-fungible tokens are non-exchangeable values. While one euro can be exchanged for another euro or one Bitcoin for another Bitcoin, this is not the case with NFTs. You can create a digital copy, just as you can paint a copy of the Mona Lisa, but the original remains unique. The NFT shows what is a copy and what is original, just as an art expert can recognize which Mona Lisa is the real one and which one is a fake. Accordingly, what is traded on NFT marketplaces is not the images, but the tokens – NFTs – “behind” the images.
NFTs are a kind of keys that authorize access to certain data. While fungible – i.e. exchangeable in value – tokens such as Bitcoin or Ether are used as a store of value or for paying for services on the blockchain, NFTs have a different function: they are intended to determine the uniqueness and authorship of digital assets. In addition, they are stored immutably on the blockchain, the ownership of the virtual goods can always be clarified transparently.
The exhibition in Berlin is the first Bright Moments project outside the USA and presents a selection of generative and digital works of art as well as those of the CryptoBerliner collection, the native token of the Bright Moments Berlin DAO.
“We are pleased to have found a partner in Coinbase that enables newcomers and experienced art enthusiasts to buy tokenized art easily and safely”
says Malte Rauch, European Partnerships Manager at Bright Moments. The works shown investigate abstract compositions through algorithmic processes, take up formalistic themes of 20th century art and introduce new forms of life in the metaverse. Conceived as a tribute to generative art, the exhibition aims to show both its continuity with art history and its radical novelty. The group of artists includes Loren Bednar, Boreta, Jeff Davis and Holger Lippmann, among others. All artworks in the exhibition are assigned to an ERC-721 token and stored on the Ethereum blockchain. You are in the treasury of the Bright Moments Berlin DAO.
In the future, changing exhibitions by well-known digital artists will be presented at the Bright Moments Gallery Berlin.