By Hannah Perez
The Hermitage Museum will auction masterpieces of art history in scarce token format through Binance’s NFT marketplace this week.
The State Hermitage Museum in Russia is set to auction a series of masterpieces by world-renowned artists in non-fungible token
(NFT) format through
The auction of the NFT collection, which includes works by artists Leonardo da Vinci, Vincent Van Gogh, Claude Monet, among others, will take place this week, the leading cryptocurrency exchange said in a statement on Monday. The virtual event will kick off on Tuesday, August 31 and culminate on September 7.
The Hermitage, one of the world’s largest museums, and Binance NFT
had announced a partnership in March, with the launch of tokenized art from the museum’s physical collection. The
Hermitage Museum auctions NFT masterpieces
The digital art collection, titled “The token is kept at the Hermitage
,” is comprised of a total of five limited-edition NFTs, each with a digital copy kept at the museum.
As such, the collection consists of digital reproductions of the following pieces of art: “Madonna Litta” by Leonardo da Vinci, “Judith” by Giorgione, “Lilac Bush” by Vincent van Gogh, “Composition VI” by Wassily Kandinsky, and “Corner of the Garden at Montgeron”
by the leading Impressionist painter Claude Monet.
It should be noted that NFTs are scarce Blockchain-based digital assets that can represent almost anything; for example, a song, a tweet
, game items, genetic code, as well as artwork, as in this case. But more importantly, such collectible assets can serve as property rights.
In the case of tokenized Hermitage works, while the original is kept in physical form on the museum premises, these NFTs include a certified signature from the Hermitage
‘s director general, Mikhail Piotrovsky, which lends authenticity to these assets.
Each piece, which will be offered starting tomorrow on the Binance NFT online marketplace, comes with a starting bid of 10,000 BUSD (the stablecoin
pegged to the US dollar), or USD$10,000. In addition to the NFT, winners who are successful in the auction will receive an exclusive video showing Piotrovsky certifying the artwork.
Binance’s NFT platform seeks to position itself
The popular cryptocurrency exchange Binance
launched its NFT trading platform in June this year, amid remarkable growth in the digital collectibles market.en.
The Binance NFT platform features digital jobs built on Binance’s own infrastructure, with the goal of “providing the world’s largest NFT trading platform with the best minting, buying and trading experience. Blockchain Binance’s own infrastructure, with the goal of “providing the world’s largest NFT trading platform with the best minting, buying and trading experience.” However, since its launch, the platform has not had such a successful rollout and trading volumes have remained relatively low.
Binance NFT has seen about $25 million in sales, according to an official release from the platform on August 15. In comparison, the NFT-based NFT trading platform, OpenSea, records a relatively low volume of sales. Ethereumbased NFT trading platform, OpenSea, has seen more than $250 million in volume over the past 24 hours. In fact, last week that marketplace broke a record USD $1 billion in monthly trading volume.
It is possible that the partnership with the Hermitage Museum will help Binance’ s platform to position itself within the growing collectibles industry. In this regard, Helen Hai, head of Binance NFT, had already emphasized that the cooperation represented a historic milestone.
The recognition of Blockchain technology and NFTs by one of the world’s largest museums is another step towards global digitization … together we are making history. 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.
Version by Hannah Estefania Perez / DiarioBitcoin
Image by Unsplash