Cannes Takes On NFTs & A New Warhol Museum
Crypto comes to Cannes Film Festival, and Pittsburgh's new Pop District
Cultured is a newsletter that gets readers up to speed on the most interesting things going on at the intersection of finance, art, collectibles, NFTs, and more. Cultured is produced by Otis, an alternative investment platform that was recently acquired by Public.com.
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🗞 STORIES OF THE DAY
Crypto is everywhere at this year’s Cannes Film Festival. Crypto companies are sponsoring parties and new NFT projects are popping up across the city, leading some in the film industry to wonder if NFTs are a fad or a trend that’s here to stay.
For some, the influx of crypto-related projects harkens back to the dot-com boom in the early 2000s, when startups said they’d revolutionize the film industry using the internet. Now crypto companies are saying they’ll democratize film using the blockchain.
While some projects are just marketing, there are larger projects being proposed. Decentralized Pictures (DCP) is a non-profit with major celeb backing that pools money and takes a democratic and transparent approach to funding projects.
Our Take: Cannes is full of hype, but there are signs that some crypto projects could break through.
The dot-com bubble may have reached its apex at Cannes, but major digital entertainment companies like Netflix emerged from that wreckage. Similarly, it’s unlikely that every crypto project at Cannes will succeed, but the lucky ones that make it out could have a transformational effect on the industry.
Pittsburgh, the hometown of Pop artist Andy Warhol, will soon be home to a new cultural district. The artist’s foundation is redeveloping six blocks of the city’s North Shore to create a new Pop District. The inspiration: Warhol’s iconic studio space, the Factory.
In redeveloping the area, the Warhol Foundation is looking to increase its educational programming and community outreach programming. It’s also hoping to shore up its finances and grow its endowment.
The long-term hope for the Pop District is that it develops into a full-fledged arts center, with galleries and other institutions moving there. The foundation, of course, will be the owner of the space and will benefit financially from any tenants that move in.
Our Take: Major cultural institutions have the power to change the dynamic of a city.
The Warhol Foundation has significant cultural power, which may help it get the Pop District up and running. Something similar happened when the Whitney decided to move to downtown New York — it brought a bunch of other institutions with it and ended up revitalizing the area’s arts scene. If the Warhol Foundation succeeds, it’ll be a huge change for Pittsburgh and a financial windfall for the organization.
✨ AROUND THE INTERNET
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