Binance and St. Petersburg State Hermitage Museum to Auction a Series of NFTs

Binance and St. Petersburg State Hermitage Museum to Auction a Series of NFTs post thumbnail image

NFTs are hot again! Binance NFT Marketplace announced on Monday that they will launch a premium NFT collection backed by the State Hermitage Museum in Saint Petersburg, Russia.  Starting on August 31, the NFT auction will run until September 7, 2021 and will see the works of renowned artists like van Gogh, Monet and da Vinci being sold to the highest bidder.

The Saint Petersburg-based museum is the largest art museum in the world and the partnership with Binance, who’s crypto exchange is the largest globally, seems fitting. The Museum holds some of the world’s finest masterpieces. It was back in 1764 that Russia’s Empress Catherine the Great started the impressively sized art collection

On August 30, cryptocurrency exchange Binance announced that the company’s NFT market dubbed the “Binance NFT Marketplace” plans to feature non-fungible token collectibles from some of the world’s most famous artists. Binance NFT Marketplace has teamed up with the well-known State Hermitage Museum. The Saint Petersburg-based museum is the largest art museum on the planet, and it boasts some of the world’s finest masterpieces. Russia’s Empress Catherine the Great started the impressively sized art collection back in 1764.

The State Hermitage Museum has already announced the collaboration on July 26. At the time, Mikhail Borisovich Piotrovsky, the general director of the Hermitage, said:

“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 that ownership. This is an important stage in the development of the relationship between a person and money, a person and a thing.”

Binance NFT Marketplace, that launched this June, said that “there are a total of 5 NFTs for auction, each with a starting bid of 10,000 BUSD.”

Undoubtedly, 2021 is the break-through year of NFT. Collectibles and artworks have sold for millions of dollars. Beeple’s “Everydays: The First 5000 Days” NFT remains the most expensive NFT ever sold for $69.3 million. More recently, payment giant VISA dabbled into NFT and purchased their own Cryptopunk #7619.

Competition among NFT platforms is fierce and Binance NFT Marketplace has to consider platforms like Opensea, Crypto.com, and Rarible. Popular crypto exchange FTX also has an NFT marketplace in the works in partnership with media and entertainment group Dolphin.

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