Binance NFT, the NFT platform of the world’s largest crypto exchange Binance, and Russia’s State Hermitage Museum announced their collaboration in the release of tokenized art from the museum collection, which will be auctioned on the NFTs marketplace at the end of August 2021.
The Hermitage, one of the most significant museums in the world, has come up with an innovative idea of issuing non-fungible tokens (NFT). As part of the first project in this area, the museum will release a limited edition NFTs with digital copies of masterpieces from its art collection, such as Madonna Litta (Leonardo da Vinci), Lilac Bush (Vincent van Gogh), Judith (Giorgione), Corner of the Garden at Montgeron (Claude Monet), Composition VI (Wassily Kandinsky).
For each art, two copies of the NFT will be issued: one of them will be kept in the Hermitage, and the other, personally signed by the General Director of the Hermitage Mikhail Piotrovsky, will be sold out on the Binance NFT marketplace. All proceeds from the sale will transfer to the State Hermitage Museum.
Each NFT assures that you are the sole owner of a specific copy, giving the feeling that your personal token is directly linked to the Hermitage, where the original work is kept, which is precisely named in the project’s title: “Your token is kept in the Hermitage.”
NFTs issued by the Hermitage will be presented at the NFT art exhibition, which will be held at the museum in the fall of 2021.
Also, the Hermitage’s experience in tokenizing great artworks is unique due to the peculiarities of Russian legal regulation. Cryptocurrencies are almost completely banned in Russia, while the other tokens’ classes are strictly limited. The Legal department of the Hermitage, partnered with the legal consulting company LFCS, has developed an NFT issuance and sale model, which fully complies with Russian law. Hereby, an important precedent has been created integrating Russia into the international NFT market.
According to Mikhail Piotrovsky, “NFT — this way creates democracy, makes luxury more accessible, but at the same time exceptional and exclusive. We will expand other opportunities, in particular digital ones, which will introduce the collections and the palace. We will build new experiments based on new technologies”.
“Recognition of blockchain technology and NFTs by one of the largest museums in the world is another step towards global digitalization. We highly appreciate the opportunity to cooperate with The State Hermitage; together we are making history”, Helen Hai, Head of Binance NFT, added. “The experience that the Hermitage shows to the entire art market is invaluable; it opens up a lot of new opportunities for development. I am sure that soon we will see even more projects that will positively affect the development of a unique union of blockchain and art.”
Binance’s NFT marketplace will use the same account system as Binance.com, so any Binance user can participate in the auction.
Recently, one of the world’s most estimated artists and art collectors, Damien Hirst, has compared NFTs to “the invention of paper.” Also, two weeks ago Hirst presented his “The Currency” artwork collection of 10,000 NFTs, each tied to a physical painting. Collectors, which purchase one of the NFT, will have to choose whether to keep the NFT, which includes a high-resolution photo of the painting, or exchange the NFT for the physical artwork.