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Hermitage, the world’s second largest museum, is selling its artwork as NFTs

Tali Kon
Binance NFTs art NFT collection at the Hermitage Museum in Russian. Art drawn by Leonardo da Vinci.

The Hermitage Museum, in St Petersburg, Russia, announced that they are selling five of their unique art pieces as NFTs on the Binance marketplace. 

The museum’s new NFT project, “ Your token is kept in the Hermitage” , marks the museum’s first steps into the NFT-art world. Mikhail Piotrovsky, director of the Hermitage Museum, considers this initiative as a way of highlighting the democracy of the museum and emphasizing their support and contribution to the new stage of digitization in the art world.

The NFT collection will include five art pieces 

Some of the artwork included in the NFT auction are Monet’s “Corner of the Garden at Montgeron”; Leonardo Da Vinci’s “Madonna Lite”; “Lilac Bush” by Vincent Van Gogh and “Composition By Vi,” by Wassily Kandinsky. 

The project involves minting two versions of each NFT; one will remain in the museum in Russia and Binance’s NFT marketplace will host the auction for the other. The auction will take place in August. In addition, all tokenized versions of the artwork will include Piotrovsky’s signature. In autumn they plan to hold an exhibition to display all the NFTs.

https://bit.ly/3j7SfGZ

One of the obstacles the Heritage museum faces for the project in Russia’s strict restrictions on the use of cryptocurrencies. Recently passed legislation does not allow digital assets to be used as monetary currency. However, the Hermitage legal service is working to bring about the allowance of NFT sales so that they fall in line with Russian Law. 

Significance of Non Fungible Tokens (NFTs)

Digital art is becoming the new trend, not only because it looks cool and exemplifies technological expertise, but because it provides solid opportunities for investment and for recognition. Although original art pieces remain in museums, non-fungible tokens certify that you are the single owner of a specific art piece. Indeed, legally owning an artwork in the second most respected museum in the world is acquiring a respectable recognition to a whole other level. Not only are you the only certified owner of a unique piece, but you also have the ability to resell this ‘ownership’ in the future if wanted. NFTs give clarity to the art scene which is being digitized and creates numerous exciting opportunities for not only regular people but artists as well, as they can monetize from their work every time it is being resold and gain recognition from a wider audience.

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The Hermitage Museum is not the first respected museum to enter the NFT world. The Uffizi Galleries, located in Florence, auctioned off a painting of Michaelangelo for $170000 and plans to mint other art pieces in its collection as NFTs. 

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