Museums and Nonprofits Beginning to Accept Cryptocurrency Payments
It wasn’t too long ago we were hearing of businesses starting to accept Bitcoin as a form of payment, even before the cryptocurrency boom. Wikipedia accepts Bitcoin for their yearly donation campaign, Microsoft was one of the first businesses to accept Bitcoin as a payment option, and there was even a small pizza place in New York City that was accepting Bitcoin. Now, roughly 36% of small to medium sized businesses are accepting cryptocurrency payments. In the nonprofit sector, museums have started accepting crypto as a form of payment as well. Even though it’s not a popular payment option by any means, it does add a level of public interest to your museum. Patrons can pay for general admission and event tickets with their cryptocurrency instead of the usual cash method. In this article, we’ll take a look at how Bitcoin is shaking up the museum world and the impact it has on the industry.
Forward-Thinking, Small Museums are Embracing Bitcoin
There are currently 3 museums in the United States that accept Bitcoin as a payment option.
- Museum of the Coastal Bend in Texas. This historical museum has been accepting Bitcoin since 2013, sighting that it costs nothing for them to accept cryptocurrency as a form of payment.
- St. Petersburg Museum of History in Florida. Founded in 1920, this museum has been accepting Bitcoin since 2014, not too far after the Museum of the Coastal Bend.
- Great Lakes Science Center in Ohio. The newest of the three museums, this science museum started accepting crypto in 2018 as a means to enlarge the local blockchain system.
While each museum has their own unique reasons for accepting Bitcoin, it goes without saying that crypto is here to stay for a while, and there’s an increasing interest in providing crypto as a payment option. During the start of the pandemic, there was an influx of interest in cryptocurrency. Many new cryptocurrencies ended up emerging from it and the interest is still growing.
Empowering Crypto Community Through Art
One aspect of cryptocurrency that wasn’t initially expected was the birth of NFTs, or non-fungible tokens. These are images that act sort of like a unique digital collector’s coin, it’s one-of-a-kind and has a value that it can be purchased, sold, or traded for with cryptocurrency. Interestingly enough, this could be an opportunity to get people who’re interested in NFTs, interested in art. Since NFTs are often digital art pieces themselves, you could empower the crypto community to get interested in looking at more art (and maybe even supporting your artists!).
Benefits of Bitcoin Payments For Museums
Since cryptocurrency is its own decentralized entity, you don’t have to worry about messing with banks. This also means visitors from out of the country don’t have to use conversion rates and can seamlessly pay for their fees stress-free.
Accepting cryptocurrency is a great way to boost transparency and security with your payments. Thanks to the blockchain technology behind cryptocurrencies, all transactions are recorded in an immutable and distributed ledger. This means that the authenticity and traceability of transactions are guaranteed, promoting trust and preventing fraudulent activities.
- New means of fundraising.
The attractive nature of crypto is popular within the tech-savvy community, which can point you toward new communities that might be interested in fundraising with you. This also makes it easier to accept global payments for fundraising.
- New means of investment.
Showing that you’re a museum interested in cryptocurrency could lead to some interesting investment opportunities as well. Your museum could explore selling its own NFTs to engage with collectors, collaborate with cryptocurrency and blockchain projects, and create an environment for innovation to thrive.
Impact of Bitcoin Acceptance in the Art and Cultural World
With the increase in popularity of cryptocurrency, it’s interesting to see the impact it’s having on the art world. We’ve identified two major ways you can see things moving:
- Innovation and digital art.
There has been a notable advancement in digital art, thanks to the increased use of NFTs. Predominantly based on blockchain technology, NFTs have revolutionized the art industry by offering a dependable and transparent approach to verify and transfer ownership of digital artworks. Through converting their creations into NFTs, artists can establish exclusive ownership and authentication, while collectors can conveniently purchase, sell, and trade digital art using cryptocurrencies. This has opened up new avenues for artists to generate income from their digital creations, expand their audience, and also presented collectors with fresh investment opportunities to support artists.
- Democratizing access to art.
The art industry has undergone a significant transformation with the increase in popularity of Bitcoin and cryptocurrencies. The past constraints that limited access to purchasing and owning digital art are no longer an issue. Thanks to the internet, anyone can now enjoy or own digital art, regardless of their financial status or location. Owning art has long been attributed to high status, making it feel incredibly inaccessible and high up for the average person. The use of cryptocurrency in the art world has allowed easy cross-border transactions, making it possible for people from anywhere in the world to connect with and invest in art that appeals to them. This has created a more inclusive and diverse art market, enabling new artists to thrive and removing the traditional barriers that have existed in the art industry for centuries.
Acme Payments and Crypto
Acme’s seamless payment system gives your patrons a variety of ways to pay, even crypto Visa cards. Everything from donations, membership fees, special events, and entrance fees can be paid through Acme, whether it’s on mobile or through our easy-to-use point-of-sale system. You can even connect your Google Analytics account and CRM tools to create a marketing plan to advertise to your crypto fans. If you’re interested in learning more about how Acme can revolutionize your payments and membership process, book a demo today.