Russian State Hermitage raises $440K via Binance NFT auction

Russian State Hermitage raises $440K via Binance NFT auction

Despite the Russian state maintaining a mostly unfriendly stance on cryptocurrencies like Bitcoin (BTC), a major state-backed museum is benefiting from the industry by raising hundreds of thousands of dollars with nonfungible tokens, or NFTs.

The Russian State Hermitage Museum, the largest museum in the world, has finished its first NFT auction on the NFT platform by Binance crypto exchange, selling five tokenized collectibles depicting masterpieces from artists like Leonardo da Vinci and Vincent van Gogh.

The auction included five NFT copies of Hermitage-hosted artworks 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.

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According to data from Binance NFT platform, the Hermitage’s auction has generated a total of more than $444,000 worth in Binance USD (BUSD), a United States dollar-denominated stablecoin operated by Binance, the world’s largest crypto exchange.

The auction’s highest bid went to Da Vinci’s The Madonna and Child, with the winning bidder

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