World’s largest cryptocurrency exchange Binance’s NFT marketplace is going to team up with State Hermitage Museum to issue paintings of Leonardo da Vinci and Vincent van Gogh.
It has been reported that Binance revealed it is partnering with the museum to create and issue the nonfungible tokens (NFTs) at the end of August.
However, all Binance users will be able to participate in the auction. The blog post attributes the idea to tokenize the artworks to The Hermitage, with the auction slated to launch limited edition NFT copies of Da Vinci’s Madonna Litta, van Gogh’s Lilac Bush, Claude Monet’s Corner of the Garden at Montgeron, and Giorgione’s Judith.
The report said that two NFT copies will be created of each masterpiece, one of which will be auctioned via the Binance NFT marketplace, while the second tokens will be stored at the museum. Each NFT copy will be signed and dated by the Hermitage’s director, Mikhail Piotrovsky.
Likewise, the blog post describes the project as offering “a new level of accessibility to the Hermitage’s collection” and emphasizing “the democratic nature of the museum.” The tokens also serve to highlight “the importance of digitalization as a new stage in the world of collecting artworks.”
“New technologies, in particular blockchain, have opened a new chapter in the development of the art market, led by the ownership and the guarantee of this ownership.”
Helen Hai, the head of Binance NFT, said:
“Recognition of blockchain technology and NFTs by one of the largest museums in the world is another step towards global digitalization. We highly appreciate the opportunity to cooperate with The State Hermitage; together we are making history.”
Thus, all proceeds from the sale will go to The State Hermitage Museum. The tokenized copies will also be showcased at the Hermitage’s upcoming NFT art exhibition, which is currently slated to take place at the museum this fall.