The State Hermitage Museum and Binance NFT Marketplace have partnered to auction off a digital collection of some of the world’s most renowned artists.
The State Hermitage Museum and Binance are launching an NFT auction off a digital collection of the world’s treasures from the museum’s main exhibition
The collection, titled “Your token is maintained in the Hermitage,” consists of five NFTs, with a copy of each NFT surviving at the museum.
These include digital replicas of Leonardo da Vinci’s “The Madonna and Child,” Giorgione’s “Judith,” Vincent Van Gogh’s “Lilac Bush,” Wassily Kandinsky’s “Composition VI,” and Claude Monet’s “Corner of the Garden at Montgeron.”
Non-fungible tokens, or NFTs, are digital assets that are proven to be one-of-a-kind and have grown in popularity in recent months.
The application cases for NFTs span from digital collectibles, music, and in-game tokens to artworks, as shown in Binance’s most recent auction.
Each NFT with a starting bid of 10,000 Binance USD (BUSD), or around $10,000, will be auctioned off on August 31 during the Binance NFT Marketplace event. Binance’s native stablecoin, BUSD, is tied to the US dollar.
The Hermitage Museum’s general director, Mikhail Piotrovsky, will then validate the duplicate by signing it and noting the precise time of each signature. In addition, the auction winners will receive a unique NFT video of Piotrovsky confirming the works of art.
Binance NFT Marketplace, which debuted in June this year, offers digital works developed on Binance’s own blockchain infrastructure, with the goal of “providing the world’s largest NFT trading platform with the greatest minting, purchasing, and exchanging experience.”
Trading volumes on the platform, on the other hand, have been quite low thus far.
