At the end of August, the State Hermitage Museum launched the sale of tokenized works of art on the Binance exchange. The museum sold five collectible tokens (NFT) and raised 32 million rubles.
NFT auctions on the Binance platform are held in BUSD stablecoins pegged to the US dollar. The starting price of each token was 10,000 BUSD, while the total revenue of the Hermitage was 444.5 thousand BUSD, that is, 32 million rubles.
Digital copies of masterpieces from the collection of the State Hermitage were sold from August 31 to September 7. Trading ended at 15:00 Moscow time.
Each issued collectible token has found its buyer. The most expensive sold was NFT for the painting “Madonna Litta” – the final price was 150,500 BUSD. The buyer paid 80,000 BUSD for “Composition VI” by Wassily Kandinsky. Vincent Van Gogh’s Lilac Bush was sold for 75,000 BUSD. Claude Monet’s Garden Corner in Montgeron was bought for 74,000 BUSD. Giorgione’s Judith was sold for 65,000 BUSD.
At the same time, each token received its own copy, which will be kept in the museum. In addition, each NFT is signed by the Director of the Hermitage, Mikhail Piotrovsky. Earlier, Piotrovsky said that the purpose of the release of NFT was not an expectation of large profits, but an assessment of how popular such a digital art form is.
“We congratulate the State Hermitage on the completion of an unprecedented project for the Russian market. This is a great victory and a unique example that gives all participants in the art market a lot of new opportunities for development, ”said Gleb Kostarev, director of Binance in Eastern Europe.
Recall that in early August, the Hermitage accused the Rammstein leader of illegally selling NFTs with images of the museum.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
