The Hermitage of Russia to sell digital art in the form of NFT tokens

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The Russian Hermitage Museum, the world’s largest art collection, has announced that it will sell several masterpieces, including a work by Leonardo da Vinci, in the form of non-fungible tokens (NFTs).

The St. Petersburg-based museum, in partnership with the Binance NFT marketplace, will hold the auction until September 7, the Hermitage said in a statement.

An NFT is a digital object with a certificate of authenticity created by the blockchain technology that underpins cryptocurrency. It cannot be tampered with or otherwise manipulated.

In recent years, NFTs have been sought after by art collectors, with some selling for millions of dollars.

L’Ermitage will release a limited edition of NFT, including a digital copy of Leonardo da Vinci’s “Madonna Litta”, as well as works by Vincent Van Gogh, Claude Monet and Vassily Kandinsky.

The starting price for each batch was set at 10,000 BUSD, a cryptocurrency that tracks the US dollar. All proceeds will go to the museum.

Each NFT will be issued in two copies, one held by the museum and the other intended for the purchaser. NFT metadata will include the signature of Hermitage Director Mikhail Piotrovsky.

“The Hermitage is an innovative curator, a conservative museum that uses the latest technology,” Piotrovsky said in the statement.

Founded in 1764 and housed in the former winter residence of the Russian Imperial family, the Hermitage houses more than three million works of art.


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