Russian State Hermitage raises $ 440,000 through Binance NFT auction

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Although the Russian state maintains a predominantly unfriendly stance towards cryptocurrencies like Bitcoin (BTC), a large government-sponsored museum is benefiting from the industry by raising hundreds of thousands of dollars with non-fungible tokens or NFTs.

The world’s largest museum, the Russian State Hermitage Museum, has completed its first auction on Binance’s NFT platform – the world’s largest crypto exchange – selling five tokenized collectibles, the masterpieces of artists such as Leonardo da Vinci and Vincent van Gogh represent.

The auction included five NFT copies of Hermitage-hosted artwork, including Wassily Kandinsky’s “Composition VI”, Giorgione’s “Judith”, Da Vinci’s “The Madonna and Child”, Claude Monet’s “Corner of the Garden at Montgeron” and van Gogh’s “Lilac Bush. “. . “

According to data from the Binance NFT platform, the Hermitage auction generated a total of Binance USD (BUSD), a US dollar-denominated stablecoin operated by Binance, valued at more than $ 444,000.

The highest bid of the auction went to “The Madonna and Child, ” with the winner placing a bid of 150,500 BUSD to purchase the digital representation of the famous work of art.

Source: Binance NFT

A Hermitage spokesman told Cointelegraph that all proceeds from the NFT auction will go to the museum “with the exception of the costs contracted as part of this project.” “The Hermitage does not do any operations with cryptocurrency. All funds will go to the Hermitage in fiat currency – Russian rubles, ”noted the representative.

When it announced its NFT sales plans in July, the Hermitage said its legal department was working with legal advisory firm LFCS to create and sell NFTs on a model that “fully complies with Russian law.”

Related: Masterpieces: Swiss bank issues NFT shares in Picasso paintings for $ 6,000 each

Payments in cryptocurrencies like Bitcoin are far from being legally accepted in Russia. Dmitry Peskov – the official representative of Russian President Vladimir Putin – reiterated earlier Tuesday that Russia has no reason to recognize Bitcoin as legal tender as it would damage the country’s financial system. In January, Russia officially banned residents from making payments in cryptocurrencies such as Bitcoin as part of its crypto law “On Digital Financial Assets”.