Russia’s Hermitage to Sell Digital Copies of Art as NFTs

The museum will sell digital copies of works by da Vinci, Giorgione, Kandinsky, van Gogh and Monet on Binance NFT.

Jul 26, 2021 at 6:49 p.m. UTC
Updated Sep 14, 2021 at 1:30 p.m. UTC

The Hermitage Museum in St. Petersburg, Russia, which houses one of the world's major art collections, will auction virtual copies of five of its most famous masterpieces in August on the Binance NFT marketplace, the museum said in a press release.

The museum will sell digital copies 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. It didn't specify the exact date of the sale.

The initiative with non-fungible tokens (NFTs) will help the museum “provide better availability of the Hermitage’s collection" and demonstrate "the importance of the digitalization in art collecting," the announcement said. 

Each NFT will be issued in two copies, one held by the Hermitage itself and the other going to the buyer. The metadata of the NFTs will include Hermitage director Mikhail Piotrovsky's signature, the time of the signing and certification that it was signed in the Hermitage.

“NFT makes the luxury things more available, yet, at the same time, exclusive,” Piotrovsky said in a statement, adding that the Hermitage will keep exploring what digitalization can do for the museum. “On these new technologies, we will base our new experiments,” he said. 

The museum has consulted with the Russian law firm LFCS to issue the tokens in compliance with Russian regulations, the announcement read.

Helen Hai, Binance's head of NFTs, said in the announcement that the Hermitage’s participation in the nascent NFT market is “priceless” and sets an example for other museums. “Soon, we’ll see more projects developing this union of the blockchain tech and art,” she said.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
San Francisco NFL Player Alex Barrett Taking His Salary in Bitcoin

The most valuable crypto stories for Thursday, May 20, 2022.

The most valuable crypto stories for Thursday, May 20, 2022.

CoinDesk - Unknown
2
CoinDesk - Unknown
Justin Sun Still Thinks Algorithmic Stablecoins Are a Good Idea

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

The crypto mogul also said LUNA and UST might make good "meme coins," he said on CoinDesk TV’s “First Mover.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Former BitMEX CEO Arthur Hayes Sentenced to 2 Years Probation

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

Hayes pleaded guilty to one count of violating the Bank Secrecy Act (BSA) in February, and faced a sentence of up to 12 months in prison.

CoinDesk - Unknown
4
CoinDesk - Unknown
Market Wrap: Cryptos Decline Amid Choppy Trading, DeFi Tokens Underperform

Aversion to risk remains as volatility returns to stocks and cryptos.

Aversion to risk remains as volatility returns to stocks and cryptos.

CoinDesk - Unknown