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Binance NFT marketplace and Russia’s State Hermitage Museum kick off NFT Auction

Matthew Fleischman

The State Hermitage Museum, in Saint Petersburg, Russia, and Binance NFT Marketplace, are teaming up for the newest NFT auction.        

Starting today, The State Hermitage Museum, alongside the NFT Marketplace for one of the most popular crypto exchanges on the internet, announce the start of their newest sales of digital artworks.  The largest museum in the world is creating NFTs based on artworks from the State Hermitage’s world-famous collection. The auction opens at 12:00 PM (UTC) today and will last through September 7th 12:00 PM (UTC).

 “We are witnessing a historic moment – one of the world’s largest museums enters the NFT market. The Binance NFT marketplace has become the connecting thread of the world of art and technology, and this is a great honour for us,”

Helen Hai, Head of Binance NFT

The Hermitage and its Art

As a part of the project, “Your token is kept in the Hermitage”, the museum is releasing limited edition NFTs of digital copies of masterpieces from its art collection. State Hermitage Museum chose a set of five masterpieces of great artists from different periods for the project. Therefore the selection of works allows appreciating the scale and diversity of the museum’s collection.

These include digital reproductions of “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.


Claude Monet, Corner of the Garden at Montgeron (The State Hermitage)

The State Hermitage Museum in Saint Petersburg, Russia is the the largest art museum in the world.  Founded by Catherine the Great in 1764, the museum currently keeps a collection of over three million works of art and monuments of world culture. Only a small part of this large collection is on permanent display, though.  Interestingly, the numismatic collection of currency accounts for about one-third of the total collection.  Other works the museum cultivated over the years includes paintings, graphics, sculptures, objects of applied art, as well as archaeological finds. 

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The State Hermitage’s extensive collections cover a large complex, made up of six historic buildings.  The buildings reside along Saint Petersburg’s Palace Embankment and include a former residence of Russian emperors, the Winter Palace.  

“The Hermitage is a conservative innovator – a conservative museum that uses the latest technology. These include our project “Your token is kept in the Hermitage” and all our NFT efforts. We are expanding digital opportunities for acquaintance with the collections of the Hermitage, with its halls and buildings. These are ways that emphasize, on the one hand, the democratic nature of the museum, and on the other, the accessibility of the luxury of visiting it”

Mikhail Piotrovsky, Director of the State Hermitage

The State Hermitage sits on the list of especially valuable objects of national heritage of the peoples of the Russian Federation.  Subsequently, the Museum is under the patronage of the President of the Russian Federation.

Tokens and Auction

Each digitized masterpiece has two NFT copies, whereby, the Hermitage Museum plans to store one of the NFTs themselves.  Binance NFT Marketplace then plans to sell the second copy of the NFT on auction on their site.

The museum made ultra-high resolution photos of the chosen artworks. Then these images were printed and Dr. Mikhail Piotrovsky The Director of the State Hermitage Museum signed them. The ultra-high-resolution images along with the personal autograph of the Director were then digitized and tokenized on the blockchain.

Through his signature, Director Piotrovsky is personally assuring the authenticity of the limited series of works.  He is also creating independent works, through the application of his signature, date, and exact time he signed them.  This gives these NFTs a true uniqueness that is then immortalizing on the blockchain. Taking that authenticity one step further, the metadata will also include the place of signing,  the Hermitage building itself.

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The starting bid for each digital work is $10,000 BUSD. The BUSD is a Binance Exchange token that is pegged to the US Dollar. At the conclusion of the auction, the State Hermitage Museum is set to receive all the proceeds from the sale. 

“But we are not going to solve any financial issues with the help of tokens, we have no market expectations related to their launch. We want to see how this form will be perceived. NFT is a philosophy, it is an aesthetics of possession. Digital art copies fill the Internet, where basically everyone has access to them, but NFT is a sense of ownership, and in our case, a sense of belonging to the Great Museum

Mikhail Piotrovsky, Director of the State Hermitage. .

The lucky few auction winners will receive a second NFT along with their Prize.  This is a video of the moment Piotrovsky signs the copy of the NFTs.

Binance and their new marketplace

Binance, which launched back in 2017, is currently the leading blockchain infrastructure provider and ecosystem in the cryptocurrency world.  With millions of users from around the world, the blockchain empire handles a wide range of crypto-financial products, assets, and opportunities.  Some of these include investment and incubation, education, charity, and decentralization and infrastructure solutions.

The newest addition to Binance’s ecosystem is the Binance NFT Marketplace.  Since their launch just a mere 2 months ago, Binance NFT has surpassed $25 million in BUSD in sales.  Similarly to their parent exchange, Binance NFT is a centralized ecosystem only for NFTs.  Thus allowing for the same ease of use that users of Binance main platform enjoy, to the NFT market space.  

Anyone who has a account can participate in the auction, which started this afternoon.  In short, those interested in trying to get their hands on an NFT da Vinci or Monet, can head over to the Binance NFT Marketplace today.

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