The MALa is the first Museum of Latin Crypto Art in the World and houses his NFT worksin different stores, where the 100 most recognized Latin American digital art artists offer their exclusive creations.
The idea arose in early 2021, in view of the opportunities that were opening with the NFTs, the lack of inclusion and above all the urgent need for visibility of many artists.
“The global crypto trend generates a unique business model where both the Latin artist who sells, and the collector who buys and sells, earn staggered and exponentially,” explains Juan Pablo Papaleo, one of the founders.
An NFT has a data structure (token) that links the metadata files that can be attached to an image or file. That token is loaded and modified to adapt to the requirements of blockchain networks like Ethereum, Kusama, and Flow.
MALa is the world’s first Latin Crypto-Art Museum
“NFTs (Non-fungible Token) should not be confused with a crypto-currency, since unlike NFTs, a crypto-currency can be exchanged for another exactly the same. For example, if we buy a Bitcoin and sell it, we can buy another and it will have exactly the same value. Instead, NFTs can be almost anything digital, such as a drawing, music, a tweet or a video ”, he clarifies.
NFTs are the new fetishes or collectibles of the future, because they are based on blockchain technology and they can be almost anything digital, such as a drawing, music, a tweet or a video and have an economic speculation value, as they may cost more in the future.
To this is added that, given the security features of a blockchain,the authenticity and possession of a digital work are always guaranteed.
“Crypto-art is a new art form linked to blockchain technology. It is a chain of encrypted and decentralized blocks that do not depend on the control of third parties but on the management of the users themselves or, rather, blocks of that chain. Through this chain of maximum security blocks there is an exchange. In the case of cryptocurrencies it is economic and in the case of crypto-art it is the acquisition of an authorship, between two people, ”says Papaleo.
Some of the works that can be bought in the MALa.
Collectors pay for NFTs simply to support your favorite artist, musician or content creator, as something token, or to collect original digital works.
“Although the NFTs can also function as something speculative since you can buy one because you think that a work in the future will be worth much more”Says Papaleo.
Booming The sale of objects through NFT platforms exceeded 95,000 items in the last month, becoming a real phenomenon.
In the first half of 2021, Jack Dorsey, He sold his first tweet for $ 2.9 million. Edward Snowden’s NFT, a portrait of Snowden himself, sold for about $ 5.4 million, that is, 2,224 Ether (ETH).
Disaster Girl, the meme that was sold as a digital “work of art”.
The NFT of the meme Zoë Roth, better known as “Disaster Girl” of a young girl looking at the camera while a house is on fire in the background, sold as NFT for 180 ETH, equivalent to 500 thousand dollars.
In addition, companies in the traditional market decided to jump on the NFT bandwagon. For example, in Brazil, the first Havaianas NFT collection was auctioned.