Russia's Hermitage To Sell NFT Art Pieces On Binance's Platform

Russia's State Hermitage Museum has started the sale of digital art from a limited collection based on non-fungible tokens (NFT) technology, cryptocurrency exchange platform Binance announced

MOSCOW (UrduPoint News / Sputnik - 31st August, 2021) Russia's State Hermitage Museum has started the sale of digital art from a limited collection based on non-fungible tokens (NFT) technology, cryptocurrency exchange platform Binance announced.

"The State Hermitage Museum - one of the largest and leading museums in the world, will be launching a Premium NFT Auction Collection on the Binance NFT Marketplace from 2021-08-31 12:00 PM (UTC) to 2021-09-07 12:00 PM (UTC)," Binance said on Monday.

The collection comprises a set of five masterpieces "The Madonna Litta" by Leonardo da Vinci, "Judith" by Giorgione, "Lilac Bush" by Vincent Van Gogh, "Composition VI" by Wassily Kandinsky, and "Corner of the Garden at Montgeron" by Claude Monet.

All are presented as an ultra-high resolution digital copy with the signature of Mikhail Piotrovsky, the State Hermitage Museum chief. There will be two copies of NFT art pieces: one for sale and one to be stored in the museum.

The starting price of each art piece will be 10,000 BUSD (a new stablecoin, jointly developed by Binance and blockchain infrastructure platform Paxos). The money, received in the auction, will go the museum.

NFT are digital tokens that are not interchangeable but give exclusive property rights for real-world objects like art, music, videos.