Russia's Hermitage and Binance NFT to tokenise art

Mon 26 Jul 2021 ▪ 23h58 ▪ 3 min de lecture - par Greg Hansen

The Hermitage Museum in St. Petersburg, Russia and the Binance NFT marketplace have announced the release of tokenised art from the museum’s collection.

A major step towards modernising works of art

Non-fungible tokens (NFTs) will appear on the marketplace at the end of August 2021. The limited edition will include digital copies of Leonardo da Vinci’s Madonna Litta, Giorgione’s Judith, Vincent van Gogh’s Lilac Bush, Wassily Kandinsky’s Composition VI and Claude Monet’s Corner of the Garden at Montgeron.

“The main idea of the project is to provide a new level of accessibility to the Hermitage collections and to emphasise the democratisation of the museum, as well as to emphasize the importance of digitalization as a new stage in the world of art collecting”, the press release said.

Good news for art collectors

Each artwork will receive two copies of the NFT: one will be stored in the Hermitage and the other will be auctioned on the marketplace. All proceeds from the sale will go to the museum.

Mikhail Piotrovsky, Director of the Hermitage, will sign the tokenised artworks, assuring their authenticity.

How NFTs affect the cultural heritage development

“NFT — this way creates democracy, makes luxury more accessible, but at the same time exceptional and exclusive,” he opined.

Marketplace head Helen High called Hermitage’s recognition of blockchain technology and non-fungible tokens “another step towards global digitalization”.

As you may remember, Binance NFT, launched on 24 June, began talks with the museum regarding the sale of tokenised artworks on 2 July.

Earlier reports claimed the Hermitage would hold an NFT art exhibition by the end of 2021. Earlier, KIWIE promised to hold a NFT street art exhibition in Latvia.

NFT is gaining momentum: according to NonFungible.com Market Tracker, collectors and brokers are spending more than $200 million (~£150 million) monthly on NFT-based artwork, memes and GIFs, compared with $250 million (~£180 million) throughout all of 2020.

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Greg Hansen

Trader de métier depuis 4 ans, j'aime l'analyse technique et les chiffres. Le virage crypto était donc une évidence.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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