Dear Bankless Nation,

Digital art has been around for the last few decades and with blockchain technology it has entered a new era. Non-fungible tokens (NFTs) have introduced new business models for the art world. Artists are choosing blockchain technology to improve interactions with their clients, create communities, and build their brands.

Now, modern art museums are acknowledging the quality and trends of digital art and are starting to collect art minted as NFTs. We explore the plans of The Modern Art Museum of New York to collect NFTs.

We also feature the profile picture (PFP) project Doodles and their strategy to evolve the project into an entertainment brand.

In addition, we journey with Starbucks as they unveil their new Web3-based loyalty program on Polygon, where rewards members can earn or buy NFTs to unlock benefits.

Finally, we continue to explore the future with Future Bazar by Dusty Eye that brings us a new artifact from far beyond the present. 

Welcome to Decentralized Arts.

Contributors: BanklessDAO Writers Guild (Grendel, Kouros, Kaf, nonsensetwice, Frank America)

This is the official NFT newsletter of BanklessDAO. If you were a Premium Member of the Bankless Newsletter as of May 1st, 2021, you have been subscribed to this newsletter at launch. To unsubscribe, edit your settings here.

Curated NFT News

New York's Museum of Modern Art to Utilize Auction Proceeds to Buy NFTs

The William S. Paley Foundation is selling 29 art works collected by the late William S. Paley over his 40-year collection career to support charitable organizations that were close to him, including the The Paley Museum, the Greenpark Foundation, and, not least, the Museum of Modern Art in New York (MoMA).

MoMA's goal is to increase its digital footprint, and aims to purchase NFTs to potentially showcase via a digital medium.

In an interview with The Wall Street Journal, Glenn Lowry, the Director of MoMA, said that the goal behind the decision was to increase the museum's reach following the Covid-19 pandemic.

Lowry noted that museum attendance has halved from the 3 million visitors pre-pandemic. As a result, he hopes to increase MoMA’s digital visits that will revert the foot traffic to pre-pandemic levels by 2024.

"We're growing our digital audience, not losing any, so we realize we need to increase our capacity off-site and online," he said.

The artworks will be auctioned by Sotheby’s across different events from October 2022 to April 2023. They include pieces by Picasso, Bacon, and Renoir, among others, and the sale is expected to reach 70 million USD.

Pablo Picasso’s Guitare sur une table (1919) will be auctioned on November 14

For now, it is little known what NFTs MoMA is interested in buying. However, this is bullish news for decentralized art.

Doodles Raises 54 Million USD to Expand its Universe

One of the so-called blue-chip NFT projects, Doodles, has raised 54 million USD at a 704 million USD valuation courtesy of Reddit co-founder Alexis Ohanian’s Seven Seven Six. In addition to Seven Seven Six, Acrew Capital, FTX Ventures, and 10T Holdings also contributed to this figure.

According to the announcement, the funds will be used to hire an array of professionals with the goal to place Doodles as the most important Web3 native entertainment brand in the World.

The Rug Weekly NFT

Life Keeps Getting Better For Web3 Scumbag

Brought to you by The Rug

Life keeps getting better for this Web3 scumbag who managed to virtue signal his way to airdrops galore, without truly caring about any of the causes.

“On-chain, Bogan looks like freaking Kevin Owocki. He has donated over two ETH in Gitcoin grants to a number of wonderful public goods projects that he couldn't give two shits about, and he's already reaped massive airdrop rewards as a direct result from those donations. ”

Collect this imposter as an NFT on optimism.

Starbucks Enters the Web3 Space

A New Web3-Based Loyalty Program 

By Pedro

Coffee enthusiasts are one of the biggest communities–we all love our coffee–so having the biggest coffee brand in the world announce the launch of their Web3 journey is a pretty big deal.

What is Starbucks Odyssey?

On September 12th, Starbucks announced the launch of Starbucks Odyssey, a “next generation loyalty program.” Odyssey will expand upon its current rewards program and offer members a new digital experience, along with the opportunity to connect with one another for the first time. 

According to the official announcement, Odyssey is a “new experience powered by Web3 technology that will offer Starbucks Rewards members and Starbucks partners (employees) in the United States the opportunity to earn and purchase digital collectible assets that will unlock access to new benefits and immersive coffee experiences.”

How Does It Work?

Just as they do today, members will be able to log in to the rewards site using their existing credentials. From there, they will be able to engage in journeys, which are coffee-related digital activities. Completing these journeys will earn the member “Digital Stamps,” which are NFTs. Aside from winning these NFTs through journeys, members will also be able to purchase limited edition digital stamps using the Odyssey built-in marketplace. Considering Starbucks has millions of members, they wanted to make this Web3 experience as smooth as possible. They’re doing so by allowing members to purchase these NFTs with fiat, without having to download a wallet or use cryptocurrencies. Each stamp will have a different value depending on its rarity. As a member, the more stamps you collect, the more points you accrue. The more points you accrue, the more benefits you receive. Depending on the number of points you accrue, you’ll be able to unlock certain rewards, ranging from a virtual espresso martini class to a trip to their coffee farm in Costa Rica. Additionally, some of the proceeds raised through the sale of these stamps will go towards charity.

Why Polygon

Considering that not only is Polygon a Proof-of-Stake (PoS) network, they’ve also launched their own initiative to become carbon negative. This has made Polygon the perfect network for Starbucks to launch their Web3 journey. With Starbucks’ switch to paper straws, they substantially reduced their carbon footprint, which is a huge priority for Starbucks. Furthermore, Polygon makes the Digital Stamp buying & selling experience quick and cheap, with Starbucks paying the gas fees to mint the NFTs.  

How To Sign Up

Starting on September 12th, members are able to sign up for the waitlist. Later this year, selected waitlist members will be sent an invitation to be the first to explore Starbucks’ Odyssey experience. 

Closing Thoughts

The Starbucks rewards program consists of about 25 million members, thereby potentially onboarding 25 million new users into Web3.  These users won’t even notice they’re using blockchain technology.  Following in the footsteps of Reddit and Coca-Cola, Starbucks stayed away from using the term “NFTs,” instead referring to the assets as “digital stamps.” This may be the new normal for big Web2 brands entering the space, considering the negative connotation NFTs have for some people. The onboarding experience will be super simple for new users, as they won’t need to have a wallet or tokens. It will be indistinguishable from the way members currently purchase on their site. Except this time, members will have proof of ownership.

Future Bazar

Rarities from the Coming Centuries

By Dusty Eye

The DustyEye group owns a Time Machine. With a series of chronojumps to one of the many possible futures, they have collected many artifacts and memorabilia.

!!!!ATTENTION!!!! We only accept payments in Ukron.

#14 - THE SHORT NOVEL

A page of fiction titled "Calculating Pain" fell into the hands of the android N°44 in 2344.

An unexpected event for the android, but at the same time an excellent excuse to start a sensory research project aimed at experimenting with Pain: a process conducted by the android as a way of approaching the Human condition.

MATERIALS: printed paper, plexi, wood

SIZE: 15x21x4 CM (base included)

YEAR: 2344

VALUE: 3.600 Ukron

______________________

WEB: www.DustyEye.comIG: @DustyEye_DETWITTER: @Dusty_Eye

Meme

A small joke contributed by The Rug.

Decentralized Arts is written and produced by a small team of contributors who are passionate about art, both visual and written, and its growing place in crypto and NFTs. With each edition, we aim to bring you not only the most current and relevant news in the NFT space, but also explorations in what it means for our culture and societies for this market to continue to grow and expand. When everyone is an owner of art, we all gain a deeper appreciation for it.

With great appreciation for you, we thank you for reading and subscribing to Decentralized Arts.

Cordially,

Grendel, Kouros, Kaf, nonsensetwice, and Frank America