By Shelly Melancon (Switzerland)
Russia’s State Hermitage Museum, St. Petersburg, will offer popular artwork collections as non-fungible tokens (NFT). The Hermitage museum, Russia, has revealed that it is launching a new NFT-based project. Part of the announcement involves the release of NFT versions of popular artworks in its museum. The first NFT series to be launched will be the most popular paintings from five artists.
Five Artworks Will Be In The First NFT Collection
They are Claude Monet’s “Corner of The Garden at Montgeron,” Wassily Kandinsky’s “Composition By Vi,” “Lilac Bush” by Vincent Van Gogh, and “Madonna Lite” from Leonardo Da Vinci. The museum also announced that two versions of these NFTs would be minted. One version will be auctioned on the Binance NFT exchange, while the museum will retain the other version.
One distinct feature of each NFT is the signature of the Hermitage Director (Mikhail Piotrovsky) as well as the date and time each token is marketed. Thus, each NFT is distinguished from one another, and the signing location is included in the metadata.
The museum disclosed via Facebook that its main objective from this project is to expose more people to this collection and “show the democratic nature of the museum.” Also, the museum hopes to promote NFTs as the next phase of the global art collection. The Facebook post further stated that “this project is a trial on the adoption of art digitization by the general populace.”
Also read:NFTs are non-replaceable and can only be owned by one person, which gives him a unique feeling of owning an art piece. The epitome of this project is the feeling within each owner. They get to own a version of an art piece from the best museum in the world.
Hermitage Takes Care Of All Legality Involved
While the quality of this collection is important, Hermitage has also taken steps to ensure that it is not contravening any Russian law. As the museum rightly pointed out, it is almost illegal to be involved in any cryptocurrency operations in Russia, and there are strict regulations regarding similar tokens.
Hence, the museum’s legal team went to great lengths in ensuring that the minting and auctioning off these NFTs are under Russian law. Thus, the museum sets the pace for any interested party (individual or institution) to mint and auction NFTs legally in Russia.
The auction is scheduled for the last quarter of this year, and all Binance users can be involved. The museum plans to use proceeds from the sale to revamp some long overdue art collections.
Bank Of Russia Bars Russian Exchanges From Listing Crypto Securities
Russian authorities are not relenting to prevent their citizens from being involved in the virtual assets space. Now, the central bank of Russia (CBR) has instructed Russian exchanges not to list crypto-related securities or tokens.
It stated that cryptocurrencies are classified as digital rights under Russian financial laws and are illegal as payment settlements. However, the CBR noted that the Russia-issued digital currencies are exempted from this new directive.
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