The Hermitage Museum and the Binance cryptocurrency exchange have announced the release and auction of tokenized works of art on the Binance NFT marketplace. Thus, all proceeds from the NFT offer will go to the Hermitage.
The management noted that the developed collectible tokens will be unique in their own way. They will not be available anywhere else to bought or ordered. Virtual coins featuring world famous artwork will be released in a month, at the end of August.
It is worth noting that all trades will take place on the NFT Binance trading platform. All users of the crypto-exchange, without exception, will be able to take part in the auction. As for the cost of tokens, this not mentioned in the message.
The Hermitage stresses the importance of digitalization
The Hermitage released the first NFTs with digital copies of works of art from its collection: “Madonna Litta” by Leonardo da Vinci; “Judith” by Giorgione; “Lilac Bush” by Vincent Van Gogh; “Composition VI” by Wassily Kandinsky; “Corner of the Garden at Montgeron” by Claude Monet. Each tokenized picture corresponds to two digital copies and, accordingly, two copies of the NFT. One copy of the token will remain in the Hermitage. The other will be auctioned off on the Binance NFT marketplace.
The tokenized works signed by the Director of the Hermitage, Mikhail Piotrovsky, assuring their authenticity.
The main idea of the project is to provide a new level of accessibility to the Hermitage’s collections. And in addition, to emphasize the importance of digitalization as a new stage in the world of collecting works of art.
“The Hermitage is not going to make money. Our financial issues run into the billions. It’s ridiculous to solve financial issues with tokens. We have no market expectations for the NFT release. This is an element that measured in money, but we have it not for money. For now, we want to see how this form perceived. This is one of the new areas where the Hermitage will test its capabilities”, said Museum Director Mikhail Piotrovsky.
Piotrovsky is sure that the use of NFT will not in any way affect the development of art, since it is a market instrument.
Legislative regulation of the issue of NFT
It remains unclear if the tokens are subject to existing legislation. The Law on Digital Financial Assets, the main piece of legislation currently regulating the Russian crypto space, came into force on January 1, 2021, but it does not cover all aspects of the crypto industry.
In order for the Hermitage to issue its tokens, Russian legislation regulating this sector may require some clarification. Marina Tsyguleva, head of the museum’s legal department, stated that this type of token could be excluded from the scope of digital asset regulation, as suggested by the Central Bank of Russia.
The NFTs created by the Hermitage presented at the NFT art exhibition, which will held at the museum in the fall of 2021.
Popularity of NFT
Unique tokens (NFT) began to gain popularity earlier this year. Each unique token contains a code that indicates that it is a specific asset with its own digital identity, so they are convenient for confirming ownership of digital art and other not very useful things. Tron CEO Justin Sun tokenized “Femme Nue Couchee Au Collier” by famed artist Pablo Picasso in the spring.
According to industry sources, NFT’s total sales were $ 2 billion in the first quarter of 2021.