July 26, 2021 -- The State Hermitage Museum and Binance NFT, the NFT marketplace of the world’s leading blockchain ecosystem Binance, announced their collaboration in the creation and release of tokenized art from the museum collection. NFTs will be auctioned on the marketplace at the end of August 2021.
The Hermitage - one of the largest and most significant museums in the world - came up with an innovative idea to issue non-fungible tokens (NFTs). As part of the first project in this area, the museum will release a limited edition of NFTs with digital copies of masterpieces from its art collection. The NFT collection consists of works such as the Madonna Litta (Leonardo da Vinci), Judith (Giorgione), Lilac Bush (Vincent van Gogh), Composition VI (Wassily Kandinsky), and Corner of the Garden at Montgeron (Claude Monet). Each artwork will have two NFT copies: one of them will be stored in the Hermitage, and the second will be sold at auction on the Binance NFT marketplace. All proceeds from the sale will be transferred to the State Hermitage museum.
Each digital copy is personally signed by Mikhail Piotrovsky, General Director of the State Hermitage. In doing so, he not only confirmed the authenticity of a limited series of works, but also created an independent work of art by applying his signature, the date and exact time of signing, thereby giving it absolute uniqueness, perpetuated in the blockchain. The place of signing – the Hermitage museum itself – is also saved in the metadata.
The main idea of the project is to provide a new level of accessibility to the Hermitage's collections and to emphasize the democratic nature of the museum, and in addition, to emphasize the importance of digitalization as a new stage in the realm of collecting artworks.
On the other hand, this experiment will investigate how such an art form will be perceived in the world. Non-fungible tokens provide the assurance that you are the sole owner of a specific copy - and give the feeling of possessing a unique digital copy created only once. The feeling that your personal token is directly connected to the Hermitage, and the original of the work is kept in one of the world’s greatest museums – this is precisely what is emphasized in the title of the project “Your token is kept in the Hermitage”.
The NFT tokens created by the Hermitage will be presented at the NFT art exhibition, which will be held at the museum in the autumn of 2021.
The Hermitage's experience in tokenizing great artworks is unique, besides other things, due to the peculiarities of Russian legal regulation. Cryptocurrencies are almost completely banned in Russia, and other types of tokens are extremely limited. The Hermitage’s legal department, together with the legal consultancy firm LFCS, have developed a model for the creation and sale of NFTs, which fully complies with Russian legislation. Thus, an important precedent has been created that will make it possible to integrate the Russian market into the international circulation of NFTs.
“New technologies, in particular the blockchain, have opened up a new chapter in the development of the art market, led by ownership and the guarantee of thatownership.. This is an important stage in the development of the relationship between a person and money, a person and a thing.”, Mikhail Borisovich Piotrovsky, General Director of the Hermitage, said. “The NFT is a route that creates democracy, makes luxury more accessible, but at the same time exceptional and exclusive. We will expand other opportunities, in particular digital ones, which will introduce the collections and the palace. We will build new experiments based on new technologies.”
“Recognition of blockchain technology and NFTs by one of the largest museums in the world is another step towards global digitalization. We greatly appreciate the opportunity to collaborate with the State Hermitage. Together we are making history”, said Helen Hai, Head of Binance NFT. “The experience that the Hermitage is presenting to the entire art market is invaluable, it opens up a lot of new opportunities for development. I am sure that soon we will see even more projects that will positively affect the development of a unique union between blockchain and art.”
Any Binance user can participate in the auction. Binance's NFT marketplace will use the same account system as Binance.com. New marketplace users will need to register with Binance.com.
About the State Hermitage Museum
The State Hermitage possesses a collection of over three million works of art and artefacts of world culture. It includes painting, graphic art, sculpture and works of applied art, archaeological finds and numismatic items.
The State Hermitage is included in the list of especially valuable objects of the national heritage of the peoples of the Russian Federation and is under the patronage of the President of the Russian Federation.
Contact: [email protected]
Binance is the world's leading blockchain ecosystem and infrastructure provider for the cryptocurrency industry with a portfolio of financial products that includes the largest digital asset trading exchange by volume. Trusted by millions of people around the world, Binance is designed to expand the freedom of money for users. It offers a unique portfolio of cryptocurrency products and opportunities. These include: trade and finance, education, research and data, charity, investment and incubation, decentralization and infrastructure solutions, and much more.
Contact: [email protected]
About Binance NFT marketplace
Binance NFT Marketplace is an open space for artists, creators, crypto enthusiasts and NFT collectors with the best liquidity and lowest fees. Consisting of premium and recurring marketplaces, Binance NFT offers valuable collectibles and an easily accessible trading marketplace for all users.