How the Hermitage Museum is Cashing in on NFTs Despite Russia’s Crypto Stance

The Hermitage Museum Goes Digital

In a twist reminiscent of a plot from a heist film, the Russian State Hermitage Museum is breaking new ground, using nonfungible tokens (NFTs) as a cash cow despite the country’s frosty relationship with cryptocurrencies. This hefty cultural institution, renowned as the largest museum in the world, has embraced the digital art revolution by collaborating with Binance, the heavyweight crypto exchange known for its dominance in the market.

The Successful NFT Auction

The museum recently concluded its debut auction on the Binance NFT platform, raking in an impressive sum of over $444,000. This financial windfall came from selling five digital collectibles that depict iconic masterpieces by legendary artists, including Leonardo da Vinci and Vincent van Gogh. Talk about a modern art heist!

Featured Masterpieces

• Wassily Kandinsky’s “Composition VI”
• Giorgione’s “Judith”
• Leonardo da Vinci’s “Madonna Litta”
• Claude Monet’s “Corner of the Garden at Montgeron”
• Vincent van Gogh’s “Lilac Bush”

Among these prized pieces, the highest bid was a staggering 150,500 BUSD for the digital representation of