Binance’s NFT marketplace has partnered with the State Hermitage Museum to create tokenized collectibles based on the works of some great artists.
Binance said on July 27 that it will collaborate with the museum to generate and distribute nonfungible tokens by the end of August. During the auction, all Binance users will be allowed to bid.
The Hermitage, according to the blog post, came up with the idea of tokenizing the artworks, and the auction will feature limited edition NFT reproductions of Da Vinci’s Madonna Litta, van Gogh’s Lilac Bush, Claude Monet’s Corner of the Garden at Montgeron, and Giorgione’s Judith.
Each masterpiece will be made into two NFT replicas, one of which will be auctioned on the Binance NFT marketplace and the other will be housed at the museum. Mikhail Piotrovsky, director of the Hermitage, will sign and date each NFT copy.
According to the blog post, the project will provide “a new degree of accessibility to the Hermitage’s collection” while also underlining the museum’s “democratic nature.”
The tokens also aim to emphasize “the significance of digitalization as a new stage in the field of art collecting.”
Piotrovsky stated that The Hermitage intends to use NFTs and other digital technologies more in the future, saying:
“New technologies, in particular blockchain, have opened a new chapter in the development of the art market, led by the ownership and the guarantee of this ownership.”
Helen Hai, the CEO of Binance NFT, said, “Recognition of blockchain technology and NFTs by one of the world’s major museums is another step towards global digitalization.”
“We are grateful for the chance to work with The State Hermitage; together, we are producing history.”
The State Hermitage Museum will receive 100% of the earnings from the auction. The tokenized duplicates will also be on display at the Hermitage’s next NFT art exhibition, which is set to take place later this year.