The Toledo Museum of Art in Toledo, Ohio, USA, has become the first major museum to make an artwork purchase by paying with cryptocurrency. In November, a digital work titled Abyssinian Queen (2024), created by Yatreda ያጥሥሬዳ, a group of artists from Ethiopia, was purchased. The payment was made to the USDC, but the exact amount was not disclosed.
The museum spokesperson responsible for the transaction commented that it was quite normal: “If we were buying a work from a French gallery, we would have paid in euros, if at an English auction, we would have paid in pounds. Here we also felt it was appropriate to pay the artists in the currency they preferred.”
It's important to note that not only artists are willing to accept payment in cryptocurrency, but buyers sometimes prefer to pay in it as well. Among new collectors, the number of those who prefer bitcoins to traditional currencies is growing. Experts suggest that they will soon have a significant impact on the art market. 1 reply
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