Russian State Hermitage Museum, the largest museum in the world, has raised its first auction on the nonfungible tokens (NFT) platform by Binance, selling five tokenized collectibles depicting masterpieces from artists like Leonardo da Vinci and Vincent van Gogh.
It has been reported by data from the Binance NFT platform that the Hermitage’s auction has generated a total of more than $444,000 worth of Binance USD (BUSD), a US dollar-denominated stablecoin operated by Binance.
However, the auction included five NFT copies of Hermitage-hosted artworks, including Wassily Kandinsky’s "Composition VI," Giorgione’s "Judith," Da Vinci’s "The Madonna and Child," Claude Monet’s "Corner of the Garden at Montgeron" and van Gogh’s "Lilac Bush."
The report said that the auction’s highest bid went to "The Madonna and Child," with the winning bidder placing a 150,500 BUSD bid to buy the digital representation of the famous artwork.
Likewise, a spokesperson for the Hermitage said that all the NFT auction proceeds will go to the museum, “except for the expenses agreed in the contract within the framework of this project.” “The Hermitage does not make any operations with cryptocurrency. All funds will go to the Hermitage in Fiat currency, Russian rubles.”
Thus, the Hermitage said that its legal department was working with legal consulting company LFCS to create and sell NFTs using a model that “fully complies with Russian legislation.”