The State Hermitage Museum has entered into a partnership with Binance NFT, paving the way for the museum to auction off select artworks as non-fungible tokens (NFTs) by the end of August 2021, as per a blog post on July 26, 2021.

Venturing into the NFT Arena:
Renowned as one of the world's oldest and esteemed museums, The State Hermitage Museum has chosen Binance NFT as its platform for the creation and auctioning of its inaugural digital artworks, commonly referred to as NFTs.

Per the blog post, the collaboration with Binance NFT will facilitate the minting of exclusive limited-edition NFTs featuring digital reproductions of masterpieces from the museum's art collection. These include works by renowned artists such as Leonardo da Vinci's Madonna Litta, Giorgione's Judith, Vincent van Gogh's Lilac Bush, and more.

A Unique Auction Approach:
Distinctively, the Binance-Hermitage NFT auction will feature two NFT copies for each artwork: one will be sold to the highest bidder during the auction, while the other will be retained by the museum.

Blockchain Immortality:
Adding a unique touch, each digital NFT copy will bear the personal signature of Mikhail Piotrovsky, the General Director of the Hermitage, with the date, exact time, and location of signing recorded on the blockchain.

Rising NFT Trend:
The burgeoning NFT ecosystem has witnessed exponential growth in 2021, with the global NFT market now valued at $2.5 billion, buoyed by the entry of institutional players.

Historical Significance:
Established in 1764 by Catherine the Great, Russia's longest-reigning female leader, the State Hermitage Museum boasts a rich history. The project aims to enhance accessibility to its esteemed collections while underlining the museum's democratic ethos and the significance of blockchain technology.

Piotrovsky remarked:
"Innovative technologies, particularly blockchain, have ushered in a new era in the art market, centered around ownership and its guarantee... This marks a significant milestone in the evolution of the relationship between individuals and assets, individuals and objects."

Additionally, the Chicago Bulls, a highly successful NBA club, has introduced its NFT Collections, known as the Bulls Legacy Collection. This collection showcases the club's iconic six basketball world championship rings, available for purchase from July 26-31, 2021.