The Russian State Hermitage raised $440,000 through Binance NFT auction

Although the Russian government maintains an unfriendly stance on cryptocurrencies such as Bitcoin (Bitcoin), a major state-backed museum has benefited from the industry by raising hundreds of thousands of dollars through the use of non-fungible tokens (NFT).

The world’s largest museum, the Russian State Hermitage Museum, has completed its first auction on the NFT platform by the world’s largest cryptocurrency exchange Binance, selling five tokenized collections depicting Leonardo da· Masterpieces by artists such as Vinci and Vincent Van Gogh.

auctions include Five NFT copies of art works sponsored by Hermitage, including “Composition VI” by Vasily Kandinsky, “Judith” by Giorgione, “Madonna and Child” by Leonardo da Vinci, and Claude Monet’s “The corner of Montgeron Garden” and Van Gogh’s “Lilac Bush”.

According to data from the Binance NFT platform, the Hermitage auction produced a total of more than 444,000 USD worth of Binance USD (BUSD), which is a USD-denominated stablecoin operated by Binance.

The highest bid at the auction was “Madonna and Child”,” With the winning bidder place A digital representation of the famous artwork purchased at a bid of 150,500 BUSD.

Source: Binance NFT

As Cointelegraph previously reported, All proceeds from NFT auctions Will go to the Winter Palace.When the NFT sales plan was announced in July, the Hermitage Said Its legal department is cooperating with the legal consulting company LFCS to create and sell NFTs using a model that “fully complies with Russian legislation”.

related: Masterpiece: Swiss Bank issued the NFT stock in Picasso’s paintings at a price of $6,000 per share

At the same time, cryptocurrency payments like Bitcoin are far from being legally accepted in Russia.Earlier on Tuesday, Dmitry Peskov, the official representative of Russian President Vladimir Putin, reiterated that Russia has There is no reason to recognize Bitcoin as legal tender, Because it will damage the country’s financial system.Russia Officials prohibit residents from using cryptocurrency payments Like Bitcoin, as part of its encryption law, “About Digital Financial Assets”, in January.

A spokesperson for Hermitage did not immediately respond to Cointelegraph’s request for comment.