As NFT art becomes more and more widely accepted by the art world, it stands to reason that new platforms and institutions will necessarily spring up in order to display and sell these digital items to audiences in novel ways. Interviewed by Bloomberg Markets: The Close on May 24, Guggenheim Partners co-founder Todd Morley announced plans to create the world’s biggest museum dedicated to NFTs, the digital art ownership tokens that have exploded into the news in recent months. Incidentally, Morley, who’s also the chairman of the Overline Network blockchain project, also said that the tower will be New York’s tallest building.
"Blockchain, DeFi, decentralized currencies, all these things are a part of financial services already and so communicating is obviously a big part of that...Overline Network has developed a new way to decentralize wireless communication that can be used at a speed that would allow even crypto mining," Morley told Bloomberg TV.
The new attraction is set to be located within a 1,428-foot-tall skyscraper located at 111 West 57th Street, just four blocks from the Museum of Modern Art. The 84-floor building, also hyped as the world’s “skinniest tower,” has been in development for years by JDS Development Group, though its completion was pushed back due to the pandemic. Designed by SHoP Architects, it is set to be clad in Art Deco-inspired terra cotta, glass, and bronze ornament.
NFTs, or non-fungible tokens, are digital assets like images, video, or audio that are built on blockchain technology, which makes them unique and non-exchangeable. Often, anyone online can still view the items - but only one person can own them, making them popular among collectors.The project is a joint venture between Morley's Overline and real estate developer JDS Group, and is set to begin by the end of the year.
As planned, in addition to providing a platform for the exhibition of innumerable NFTs, the tower would theoretically give anyone in New York the power to seamlessly access wireless crypto trading; the tower would also serve as a centralized hub for announcements regarding advancements in technology. Reportedly, the project is set to kick off by the end of the year.
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