Close Search
 
MEDIA, JOBS & RESOURCES for the COMMON GOOD
News  |  CultureA lighter note

Cryptocurrency enters the art world giving space


19 August 2021 at 4:01 pm
Luke Michael
“We are seeing the art world embrace the crypto world… It was only a matter of time before art philanthropy followed suit”  


Luke Michael | 19 August 2021 at 4:01 pm


0 Comments


 Print
Cryptocurrency enters the art world giving space
19 August 2021 at 4:01 pm

“We are seeing the art world embrace the crypto world… It was only a matter of time before art philanthropy followed suit”  

A Northern Territory art institution has received what is believed to be the world’s first cryptocurrency donation to a public art gallery, in the form of carbon-neutral Bitcoins. 

While the price of Bitcoin varies from year to year, the gift to the Northern Centre for Contemporary Art (NCCA) is worth at least $140,000. 

The man behind the donation is Dr Prashanth Puspanathan – also known as Dr Prash P – who is founder of leading Australian cryptocurrency brokerage firm Caleb & Brown. 

This isn’t the first time cryptocurrency has infiltrated the art world, with NFTs – unique digital assets that exist on the blockchain, a decentralised method of storing data where transactions are recorded in a transparent and secure way – becoming increasingly popular. 

As a passionate art collector, Dr Prash P sees cryptocurrency donations as the future of art philanthropy. 

“We are seeing the art world embrace the crypto world with the emergence of non-fungible tokens, or NFTs, where digital art is selling strongly,” Prash P said.

“It was only a matter of time before art philanthropy followed suit.”

There has been much debate over Bitcoin’s environmental impact, with critics arguing its energy usage outweighs any inherent value of the cryptocurrency. 

With this in mind, the donated Bitcoins have had their carbon footprint offset using the Crypto Climate Accord, a private sector-led initiative to decarbonise the industry.

The donation has already been used to support the opening of an exhibition showcasing First Nations art.

This exhibition – Murrŋiny: a story of metal from the east – was developed in partnership with the Buku-Larrnggay Mulka art centre and Salon Art Projects.

NCCA director Petrit Abazi has welcomed the donation and Dr Prash P’s commitment to developing and showcasing important art in Australia.

“The NCCA is a contemporary art centre. And there is nothing more contemporary in global socio-economics than blockchain technology,” Abazi said.

“This remarkable gift will ensure that the NCCA continues to foster new creative partnerships locally, interstate and internationally, including a bilateral Singaporean artist residency program.”

You can find out more about the Murrŋiny exhibition here.  


Luke Michael  |  Journalist  |  @luke_michael96

Luke Michael is a journalist at Pro Bono News covering the social sector.

PB Careers
Get your biweekly dose of news, opinion and analysis to keep you up to date with what’s happening and why it matters for you, sent every Tuesday and Thursday morning.

Got a story to share?

Got a news tip or article idea for Pro Bono News? Or perhaps you would like to write an article and join a growing community of sector leaders sharing their thoughts and analysis with Pro Bono News readers? Get in touch at news@probonoaustralia.com.au or download our contributor guidelines.

Get more stories like this

FREE SOCIAL
SECTOR NEWS

Your email address will not be published. Required fields are marked *



YOU MAY ALSO LIKE

#GameZero: Premier League giants score goals for the environment

Luke Michael

Wednesday, 22nd September 2021 at 8:00 am

Free legal clinic launches to help Afghan Australian community

Luke Michael

Tuesday, 7th September 2021 at 4:45 pm

Airbnb vows to temporarily house Afghan refugees

Luke Michael

Thursday, 26th August 2021 at 4:51 pm

WA business leaders and chefs unite to tackle food insecurity

Luke Michael

Saturday, 14th August 2021 at 8:00 am

pba inverse logo
Subscribe Twitter Facebook
×