Binance and Russian Museum to Tokenize Da Vinci and Van Gogh Paintings

UTC by Juhi Mirza · 3 min read
Binance and Russian Museum to Tokenize Da Vinci and Van Gogh Paintings
Photo: Unsplash

World-acclaimed artworks of Van Gogh, Leonardo Da Vinci, Claude Monet, and Giorgine will be tokenized for an auction that will be facilitated by the Binance NFT marketplace division.

Binance NFT marketplace will be issuing a set of tokenized collectibles of famous paintings and masterpieces via a partnership with the State Hermitage Museum in Saint Petersburg. The tokens will depict famous paintings of distinguished artists such as Van Gogh, Da Vinci, and Monet.

All existing binance users will be able to buy these non-fungible tokens through the auction which is scheduled to be conducted at the end of August 2021.

Binance Marketplace to Auction Famous Paintings of Renowned Artists as Non-fungible Tokens

Premium works of painters such as Leonardo Da Vinci Giorgione, Claude Monet, and Vincent Van Gogh will be tokenized and made available to all binance users in an auction scheduled to be hosted in August. Binance will be partnering with the State Hermitage Museum, Saint Petersburg to issue NFTs based on widely acclaimed paintings of famous artists. The NFTs will have few exclusive edition copies featuring artists’ celebrated works including Da Vinci’s Madonna Litta, Corner of the Garden at Montgeron by Monet, Lilac Blush by Van Gogh, and Giorgione’s Judith.

It is to be noted that the tokens will be complying with the Russian financial guidelines. Owing to the limited crypto-based activity in the region, Hermitage’s museum’s attempt to deliver NFTs has been regarded as an exemplary move that does not pose any threat to the Russian compliance system.

The announcement included information regarding the auction, where Binance marketplace will be producing two copies of each limited edition NFT artwork. One copy will be sold in an auction while the other copy will be kept by the museum. The copy sold at the auction will bear the signature of the hermitage museum’s director Mikhail Piotrovsky. The digital copy will store all essential details related to the transaction which is said to add more value to the rare factor attached with the sale of NFTs.

NFTs have recently been gaining massive popularity due to their novel ownership approach. NFTs harbor a sense of individual ownership due to which an owner feels special after acquiring a limited-edition token. State Hermitage in their endeavor to spruce the artwork industry will be collaborating with binance to offer digital collectibles. All the proceedings earned through the auction will be utilized by the museum to expand its work operations.

This partnership of Binance with the State Hermitage Museum is looking forward to incorporating new elements of digitization and has been deemed as a project that reflects the democratic perspective of the museum. The museum also intends to set an example for the world to notice the revolutionary ripples caused by the blockchain industry especially in the sector of artwork and cultural heritage.

The collaboration has been affirmed by both parties and has been termed as a revolutionary approach to infuse blockchain technology with cultural history. The director of the State Hermitage museum Piotrovsky has stated that artwork all around the world is seeking change and influence through NFTs, and the museum is thrilled to be part of such growing change and alteration.

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