A partnership between the world's largest cryptocurrency exchange, Binance, and the State Hermitage Museum has resulted in Binance NFT Marketplace auctioning off a collection of the world's masterpieces from the museum's main exhibition.
Featuring five NFTs, the collection contains a copy of each NFT kept at the Hermitage Museum.
Digital reproductions and reproductions of works by Giorgione, Leonardo da Vinci, Wassily Kandinsky, Vincent Van Gogh, as well as the Corner of the Garden at Montgeron by Claude Monet are available.
In recent times, non-fungible tokens, also known as NFTs, have gained increased popularity as provably unique digital assets. In addition to digital collectibles, music, and in-game tokens, NFTs can be used to purchase artworks, as Binance is doing with its latest auction.
A starting bid of ten thousand Binance USD (BUSD) is set for each of the NFTs to be auctioned off on August 31 during the Binance NFT Marketplace.
The Hermitage Museum's general director, Mikhail Piotrovsky, will then certify the copy by signing it and indicating the exact time each signature was made. A video showing Piotrovsky certifying the art will also be provided to the auction winners.
As the world's largest FX market, Binance NFT Marketplace provides users with the best trading, buying, and exchanging experience based on Binance's own blockchain-based infrastructure.
The Binance NFT Marketplace has already sold 25 million BUSD since its launch and has onboarded 400 creators worldwide.
The centralized Crypto exchange could very well be playing to boost its figures with the recent partnership with the State Hermitage Museum. The question remains, however, whether this will actually happen.
Meanwhile, data collated from DappRadar data, OpenSea, a leading Ethereum-based NFT marketplace, reported overnight volumes exceeding $250 million and weekly volumes exceeding $1.5 billion for the first time in the last seven days