A Collection Of Classic Artworks Will Released as NFTs on Binance
Niko Pajkovic — September 7, 2021 — Tech
References: binance & cryptopotato
Binance announced that it will be partnering with The State Hermitage Museum to launch a premium collection of fine art masterpieces, recreated as digital collectibles via Binance NFT. Aptly titled 'Your token is kept in the hermitage,' this digital-only collection will include five reproductions of classic pieces by legendary artists including Vincent Van Gogh and Leonardo Da Vinci.
More specifically, the collection will consist of Giorgione’s 'Judith,' Vincent Van Gogh's 'Lilac Bush,' Kadinsky's 'Composition VI,' Monet's 'Corner of the Garden at Montgeron,' and Da Vinci's 'The Madonna and Child.' Each artwork will be auctioned on Binance's digital marketplace, with a buy-in bid off $10,000 BUSD. The museum will also keep one virtual copy for its own archives.
Deciding to opt into the NFT wave is certainly a forward-thinking -- if not, opportunistic -- move made by The State Hermitage Museum, which will now be able to duplicate the cultural value of these classic artworks for a very low cost while pulling in massive sums of money without needing to forfeit their physical copies.
Image Credit: Shutterstock
More specifically, the collection will consist of Giorgione’s 'Judith,' Vincent Van Gogh's 'Lilac Bush,' Kadinsky's 'Composition VI,' Monet's 'Corner of the Garden at Montgeron,' and Da Vinci's 'The Madonna and Child.' Each artwork will be auctioned on Binance's digital marketplace, with a buy-in bid off $10,000 BUSD. The museum will also keep one virtual copy for its own archives.
Deciding to opt into the NFT wave is certainly a forward-thinking -- if not, opportunistic -- move made by The State Hermitage Museum, which will now be able to duplicate the cultural value of these classic artworks for a very low cost while pulling in massive sums of money without needing to forfeit their physical copies.
Image Credit: Shutterstock
Trend Themes
1. Digital Collectibles - The launch of Binance NFT's premium art collection is an opportunity for other museums and art galleries to explore creating and selling their own digital collectibles.
2. NFT Auctions - The success of Binance NFT's auction of the State Hermitage Museum's art collection could open up opportunities for other auction houses to start selling NFT art pieces as well.
3. Virtual Museum Experiences - The State Hermitage Museum’s digital art collection could inspire other museums and galleries to offer virtual experiences, allowing art lovers from all over the world to experience the museum without leaving their homes.
Industry Implications
1. Art Market - The Binance NFT platform presents the art market with an opportunity to digitalize and monetize their collections, potentially changing the way that art is sold and purchased.
2. Blockchain Technology - The blockchain technology behind NFTs could be implemented in other industries to create digital ownership and scarcity models for other types of valuable assets.
3. Museum and Gallery Industry - The success of the State Hermitage Museum's NFT collection could lead to other museums and galleries digitizing their collections and potentially opening up new revenue streams.
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