Russia's Hermitage Museum is the largest art collection worldwide. It announced Tuesday that it would sell several masterpieces in the form of non-fungible tokens.
The auction will be run by the Binance NFT marketplace and the Saint Petersburg-based museum, starting Tuesday, August 31, and continuing until September 7, 2021, according to the Hermitage.
An NFT (a number for digital objects) is a digital object that has a certificate of authenticity. It is created using blockchain technology, which underlies cryptocurrency. It can't be altered or forged. NFTs have become a sought-after commodity in recent years. Some NFTs are now selling for multimillions of dollars.
A limited number of NFTs will be released by The Hermitage, including a digital copy of Leonardo da Vinci’s Madonna Litta as well as works from Vincent Van Gogh and Claude Monet.
Each lot will start at 10,000 USD. This cryptocurrency tracks the US dollar and is the starting price. The museum will receive all proceeds. Each NFT will come in two copies: one for the museum and one for the buyer. The metadata of the NFT will include the signature of Mikhail Piotrovsky, Hermitage director. Piotrovsky stated in the statement that "The Hermitage, a conservative innovator and a conservative museum which uses the most recent technologies,"
The Hermitage was established in 1764 and is located within the former winter residence for Russia's imperial families. It houses over three million pieces of art.
Jean Dubreil
| ArtMajeur Magazine