Russian State Hermitage raises $440K via Binance NFT auction

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Regardless of the Russian state sustaining a principally unfriendly stance on cryptocurrencies like Bitcoin (BTC), a significant state-backed museum is benefiting from the trade by elevating tons of of hundreds of {dollars} with nonfungible tokens, or NFTs.

The Russian State Hermitage Museum, the most important museum on the earth, has completed its first public sale on the NFT platform by Binance — the world’s largest crypto change — promoting 5 tokenized collectibles depicting masterpieces from artists like Leonardo da Vinci and Vincent van Gogh.

The public sale included 5 NFT copies of Hermitage-hosted artworks, together with Wassily Kandinsky’s “Composition VI,” Giorgione’s “Judith,” Da Vinci’s “The Madonna and Little one,” Claude Monet’s “Nook of the Backyard at Montgeron” and van Gogh’s “Lilac Bush.”

Based on knowledge from the Binance NFT platform, the Hermitage’s public sale has generated a complete of greater than $444,000 price of Binance USD (BUSD), a U.S. dollar-denominated stablecoin operated by Binance.

The public sale’s highest bid went to “The Madonna and Little one,” with the profitable bidder placing a 150,500 BUSD bid to purchase the digital illustration of the well-known paintings.

Supply: Binance NFT

As beforehand reported by Cointelegraph, all proceeds from the NFT auction will go to the Hermitage. When asserting the NFT sale plans in July, the Hermitage said that its authorized division was working with authorized consulting firm LFCS to create and promote NFTs utilizing a mannequin that “absolutely complies with Russian laws.”

Associated: Master-pieces: Swiss bank issuing NFT shares in Picasso painting for $6K each

In the meantime, funds in cryptocurrencies like Bitcoin are removed from being legally accepted in Russia. Earlier on Tuesday, Dmitry Peskov — the official consultant of Russian President Vladimir Putin — reiterated that Russia has no reason to recognize Bitcoin as legal tender, as this is able to be detrimental to the nation’s monetary system. Russia officially prohibited residents from making payments in cryptocurrencies like Bitcoin as a part of its crypto regulation, “On Digital Monetary Property,” in January.

A spokesperson for the Hermitage didn’t instantly reply to Cointelegraph’s request for remark.