Russia’s Hermitage to Sell Digital Copies of Art as NFTs

The museum will sell digital copies of works by da Vinci, Giorgione, Kandinsky, van Gogh and Monet on Binance NFT

The Hermitage Museum in St. Petersburg, Russia, which houses one of the world’s major art collections, will auction virtual copies of five of its most famous masterpieces in August on the Binance NFT marketplace, the museum said in a press release. The museum will sell digital copies of “Madonna Litta” by Leonardo da Vinci, “Judith” by Giorgione, “Lilac Bush” by Vincent Van Gogh, “Composition VI” by Wassily Kandinsky and “Corner of the Garden at Montgeron” by Claude Monet. It didn’t specify the exact date of the sale.

The initiative with non-fungible tokens (NFTs) will help the museum “provide better availability of the Hermitage’s collection” and demonstrate “the importance of the digitalization in art collecting,” the announcement said.  Each NFT will be issued in two copies, one held by the Hermitage itself and the other going to the buyer. The metadata of the NFTs will include Hermitage director Mikhail Piotrovsky’s signature, the time of the signing and certification that it was signed in the Hermitage.

https://www.coindesk.com/

A digital art just sold for nearly $70 million

NFT piece becomes first sold by major auction house

An artist has netted $US70 million ($90 million) from the landmark sale of a digital artwork that does not exist in physical form. In the first such sale by a major auction house, Christie’s sold the piece titled, Everydays — The First 5000 Days, by American artist Mike Winkelmann, known as Beeple, for $US69.4 million. It is a collage of 5,000 individual images, which were made one-per-day over more than 13 years.

The sale of the work has put Beeple in the top three most valuable living artists, Christie’s said in a tweet. The work is in the form of a new type of digital asset — a Non-Fungible Token (NFT) — meaning it is authenticated by blockchain, which certifies its originality and ownership.

https://www.abc.net.au/