You must have heard of NFT or Non Fungible Token. It has been creating raving news on pratically all media portals lately. So, what’s this buzz about?

On 29 July, 2021, Binance announced its recent partnership with the Hermitage Museum, the world’s second largest art museum. The first is The Louvre, Paris. The museum plans to tokenize masterpieces created by Leonardo Da Vinci and Vincent Van Gogh.

Despite Russia has banned cryptocurrencies, the museum said the tokenization efforts planned to kick start as early as August this year, as it is inline with Russian laws.

Why Binance?

Well, the reason is Binance sees this whole NFT differently. It believes there is a long term prospect in what NFTs can do digitally (not only for art) but for practically any type of unique creation. The prospects for NFT seem huge (for now).

In fact, Binance recently launched their own NFT marketplace called Binance NFT. It plans to bring together artists, creators, and crypto enthusiasts on a single platform to create and trade NFTs. Pretty remarkable and bold effort.

DISCLAIMER: I am not promoting Binance NFT marketplace in any way. Neither is Blockchain Academy being paid by Binance to promote information about their NFT platform. Whilst there are many other NFT marketplaces in the world, kindly do your due diligence and checks before investing any money in NFT marketplaces.

Hermitage Art Museum director, Mikhail Piotrovsky said they’ve already discussed with Binance and plan to launch the NFTs in an exhibition towards the end of August, this year.

This is definitely good news as it will pave the path for blockchain and cryptocurrencies to be mass adopted.

Each NFT token will also contain the signature of Hermitage director Mikhail Piotrovsky with the corresponding date, place and time to ensure their “absolute uniqueness,” Binance said.

Helen Hai, head of Binance NFT, further elaborated:

“Recognition of blockchain technology and NFTs by one of the largest museums in the world is another step towards global digitalization. We highly appreciate the opportunity to cooperate with The State Hermitage; together we are making history!”

The museum plans to release two (2) copies of the art NFT. One is to be kept by the museum while the other will be sold on the Binance NFT marktplace. The best part is, all proceeds will be channeled back to the museum.

An NFT is a unique digital token which can represent multitudes of assests, not just art. Take for example a video, an audio recording or even trading cards. They all can be tokenized and made unique with blockchain technology.

NFTs aren’t interchangeable with each other, they may function as proof of authenticity and ownership within the digital realm.

Did you know one of the most expensive NFTs that was auctioned by a world class auction company Christies, was sold for a whopping US$60.2 million? 

Any user of the NFT platform can participate in the auction. You just need to register with minimum verification requirements and you’re able to participate either in the buying or selling process.

Share your thoughts below.

Article updated on 23/8/2021