By
Bhushan Akolkar
March 22nd, 2024
Russia’s Hermitage Museum has confirmed that its 2021 digital art exhibition will involve non-fungible tokens (NFTs). It further acknowledged that NFTs will become a new form of securing rights to artwork using blockchain technology.
The NFT frenzy continues with the world’s second-largest museum getting in on the action. In a recent announcement, the Hermitage Museum has confirmed that NFTs will be part of its 2021 digital art exhibition. In a publication, the Museum confirmed that NFTs will be part of the Hermitage 20/21 Project. It further noted that this would be the first exhibition research in NFTs in Russia, adding:
“Non-fungible tokens have become a new form of securing rights to a work of art using blockchain technology, which allows you to establish unambiguous control over copyright and ownership rights.”
The Museum’s interest in NFTs is believed to be connected to its strategic partnership with the Aksenov Family Foundation. Most of the foundation’s projects are geared towards studying new forms of audience involvement in new cultural practices.
Hermitage Joins the Trend: NFTs Hit New Stride
The NFT ecosystem continues to grow setting new levels and milestones. Since attracting influential individuals such as Jack Dorsey who recently sold the very tweet for nearly $3 million and Mark Cuban, institutions are now taking notice and looking to rack up some of the millions on offer. As we reported, DC Comics disclosed it is looking to explore the new trend. LEGO is also reportedly looking into NFTs. This claim is being speculated on Twitter after the toymaker sent out a tweet with the #NFT caption. However, the tweet has since been deleted. Just a few days ago, Sophia, the first robot citizen and UN ambassador auctioned its first NFT digital work.
So excited to meet my final collector! 💖🤖 AUCTION UPDATE: @reuters is going to live stream the last 1hr of 1/1 of "Sophia Instantiation" in action. Don't miss this historic moment! https://t.co/a1yJ8UKQlI@hansonrobotics @andreabonac_art @niftygateway @ivgalleryla pic.twitter.com/01STXbQ3VV
— Sophia the Robot | The Global Robot Ambassador (@RealSophiaRobot) March 24, 2021
Sophia’s hand-painted “self-portrait” sold at an auction for nearly $700,000. According to Nifty Gateway, the marketplace Sophia’s art was listed, the painting was based completely on decisions she made without human assistance.
The industry has previously been accused by some analysts as a bubble that has continually strengthened and become bigger than ever. Though its surge began in 2020, reportedly growing by up to 229%, they have particularly taken off this year with millions transacted. Beeple’s artwork remains the record high after selling for $69 million.
The platforms powering them are growing with them. As we reported, OpenSea, arguably the biggest NFT marketplace raised $23 million led by Andreessen Horowitz. The platform aims to be the “eBay” of NFTs. In addition, the platform aims to empower creators, something a number of buyers have cited as the reason for buying millions worth of NFTs. Those in support of NFTs believe that it’s still in the infancy and there is still more to come.