The auction is planned to feature 5 NFTs available for trade, with a starting bid of 10,000 BUSD for each.
The State Hermitage Museum, one of the world’s largest and most influential institutions, is planning to launch a Premium NFT Auction Collection on Binance, the latest in a long line of various fields of human activity entering into the crypto space. The big event will take place on the Binance NFT Marketplace for one week, from August 31 to September 7.
The auction is expected to have 5 NFTs available for trade, with a starting bid of 10,000 BUSD for each.
According to the Binance statement on its NFT initiative with the museum, “the collection would be titled “Your token is kept in the Hermitage” and would feature limited edition NFTs with digital copies of the world’s masterpieces from the Hermitage’s main exhibition.”
The collection of works comprises digital replicas of works by artists such as Leonardo Da Vinci, whose work “The Madonna and Child” would be transformed into an NFT, and Vincent Van Gogh, whose work “Lilac Bush” would be turned into an NFT. Other paintings in the exhibition include Giorgione’s Judith, Wassily Kandinsky’s Composition VI, and Claude Monet’s Corner of the Garden at Montgeron.
Within 14 days after the auction’s conclusion, the NFT movie will be airdropped to the winners’ Binance wallets. According to Apar from Binance, the company “reserves the right to promptly disqualify any participants showing symptoms of fraudulent behavior.” And that it “reserves the right, at our sole discretion, to cancel or change any Activity or Activity Rules.”
Remember that the Museum announced earlier this year in July that its initiative with non-fungible tokens (NFTs) will help the museum “provide better availability of the Hermitages collection” and demonstrate “the importance of digitalization in art collecting.”
According to the official release, each NFT will be issued in two copies, one of which will be held by the Hermitage and the other by the buyer.
The NFT metadata will include Hermitage director Mikhail Piotrovsky’s signature, the moment of signing, and confirmation that it was signed in the Hermitage.
In a statement at the time, Piotrovsky stated that NFT makes luxury items more accessible while remaining exclusive.
He also stated that the Hermitage will continue to investigate what digitalization can accomplish for the museum. “We will base our new experiments on these new technologies,” he stated.