Named the LG Guggenheim Art and Technology Initiative, it will select artists thriving in mediums ranging from augmented reality, NFTs, artificial intelligence, and many more, yet to be discovered, mediums.
A panel of international curators, artists and museum directors will be the ones awarding a $100,000 prize to the winner, the first of which will be announced next year at the Young Collectors' Council party.
"The LG Guggenheim initiative will provide essential support to the visionary artists who inspire new understanding of how technology shapes and is shaped by society." Said in a statement Naomi Beckwith, the museum's deputy director and chief curator.
By setting up this initiative, the Guggenheim hopes to be at the forefront of a technological boom that has up until now shown promise but also created confusion and circumspection regarding its status as a valid art form.