The Hermitage Museum will auction off master paintings from art history in rare token format this week via Binance’s NFT marketplace.
The State Hermitage Museum, in Russia, is ready to auction a series of masterpieces by renowned artists of the world in the format of tokens non-expendable (NFT) through the NFT market of Binance.
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 main cryptocurrency exchange reported in a statement Monday. The virtual event It will begin on Tuesday, August 31 and will end on September 7.
The Hermitage, one of the largest museums in the world, and Binance NFT they had announced a partnership in March, with the release of tokenized art from the museum’s physical collection.
Hermitage Museum NFT auction of masterpieces
The digital art collection, titled “The token is kept at the Hermitage“Is made up of a total of five limited edition NFTs, each with a digital copy kept in the museum.
As such, said collection is made up of digital reproductions of the following pieces of art: “Madonna Litta ”, by Leonardo da Vinci; “Judith ”, of 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 digital assets based on Blockchain they can represent almost anything; for example, a song, a tweet, game items, genetic code, as well as works of art, just like in this case. But more importantly, such collectible assets can serve as property rights.
In the case of tokenized works of the HermitageAlthough the original is kept in physical form on the museum premises, these NFTs include a certified signature of the director general of the museum. Hermitage, Mikhail Piotrovsky, who gives these assets authenticity.
Each piece, which will be offered from tomorrow on the online market Binance NFT, 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, lWinners who succeed in the auction will receive an exclusive video showing Piotrovsky certifying the artworks.
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.
The platform Binance NFT presents digital works built with the infrastructure itself Blockchain from Binance, with the objective of “provide 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 roll-out and trading volumes have remained relatively low.
Binance NFT has seen close to $ 25 million in sales, according to an official platform post on August 15. In comparison, the NFT trading platform based on Ethereum, OpenSea, registers a volume greater than USD $ 250 million in the last 24 hours. In fact, last week said marketplace broke a record of $ 1 billion in monthly trading volume.
It is possible that the alliance with him Hermitage Museum help the platform Binance to position within the growing collectibles industry. In this regard, Helen Hai, director of Binance NFT, had already highlighted that the cooperation represented a historic milestone.
The recognition of Blockchain technology and NFTs by one of the largest museums in the world 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.
Sources: Binance Blog, Decrypt, file
Hannah Estefanía Pérez’s version / DailyBitcoin
Image from Unsplash