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Binance Launches NFT Collection by Hermitage Museum

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by Oluwapelumi Adejumo · 3 min read
Binance Launches NFT Collection by Hermitage Museum
Photo: Unsplash

The auction is expected to have a total of 5 NFTs available for trade, with each having a starting bid of 10,000 BUSD.

In what is the latest in an unending list of other sectors of human activities moving towards the crypto space, one of the largest and leading museums in the world, the State Hermitage Museum, is set to launch a Premium NFT Auction Collection on Binance. The significant event is set to hold on Binance NFT Marketplace for a week from August 31 till September 7

According to a statement released by the Binance team, the NFTs in this auction event were recreated from the museum’s art masterpieces, including works by Leonardo da Vinci, Vincent Van Gogh, Claude Monet and more. 

The auction is expected to have a total of 5 NFTs available for trade, with each having a starting bid of 10,000 BUSD.

The Binance statement on its NFT initiative with the museum reads in part “the collection would be titled “Your token is kept in the Hermitage” and it would feature limited edition NFTs with digital copies of the world’s masterpieces from the Hermitages main exhibition.”

The series of works includes digital reproductions from artist like Leonardo Da Vinci whose artwork “The Madonna and Child” would be turned into an NFT while Vincent Van Gogh would have “Lilac Bush” turned into an NFT. Other artworks involved include Judith by Giorgione, Composition VI Wassily Kandinsky, and Corner of the Garden at Montgeron by Claude Monet.

The NFT video will be airdropped to the winners’ Binance wallet within 14 days after the end of the auction. Apar from this Binance stated that it “reserves the right to disqualify any participants showing signs of fraudulent behavior immediately.” And that it “reserves the right to cancel or amend any Activity or Activity Rules at our sole discretion.”

Recall that in an announcement in July earlier this year, the Museum announced that its initiative with non-fungible tokens (NFTs) will help the museum provide better availability of the Hermitages collection”and demonstrate “the importance of digitalization in art collecting.” 

The Museum explained in the announcement that each NFT will be issued in two copies, one held by the Hermitage itself and the other going to the buyer. 

The metadata of the NFTs will include Hermitage director Mikhail Piotrovsky’s signature, the time of the signing and certification that it was signed in the Hermitage.

In a statement at the time, Piotrovsky said that NFT makes luxury things more available, yet, at the same time, exclusive. 

He added that the Hermitage will keep exploring what digitalization can do for the museum. “On these new technologies, we will base our new experiments,” said he. 

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Oluwapelumi Adejumo

Oluwapelumi is a believer in the transformative power Bitcoin and Blockchain industry holds. He is interested in sharing knowledge and ideas. When he is not writing, he is looking to meet new people and trying out new things.

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