Russian State Hermitage raises $ 440,000 through Binance NFT auction

Although the Russian state maintains an virtually unfriendly stance in the direction of cryptocurrencies like Bitcoin (BTC), Binance, a big government-sponsored museum, is benefiting from the business by elevating a whole lot of hundreds of {dollars} in funds, unusable tokens, or NFT.

The Russian State Museum, the most important museum on the earth, has accomplished the primary NFT auction on the Binance cryptocurrency alternate’s NFT platform, promoting five encrypted collections depicting artists’ masterpieces akin to Leonardo da Vinci and Vincent van Gogh.

The auction contains 5 NFT copies of artworks organized by the Hermitage, Wassily Kandinsky Component VI, Giorgione Judith, Da Vincis Madonna, and Child, Claude Monets Garden nook in Montgeron, and van Gogh’s Lilac bush.

According to information from the Binance NFT platform, the Hermitage auction generated a greater than $ 444,000 in Binance USD (BUSD), a US dollar-denominated stablecoin operated by Binance, the essential cryptocurrency alternate.

The highest bid of the auction belongs to Da Vinci Madonna and Child. The winner is providing 150,500 BUSD for the acquisition of a digital illustration of the well-known murals.

Source: Binance NFT

As beforehand reported by Cointelegraph, all proceeds from the NFT auction will go to Hermitage. In July, Hermitage introduced plans to promote NFTs, saying that its authorized division is working with official advisory agency LFCS to develop and encourage NFTs based mainly on a mannequin that’s “fully compliant with Russian law.”

Related: Main work: Swiss financial institution points NFT shares in Picasso work at $ 6,000 per share

Meanwhile, cryptocurrency funds like Bitcoin are removed from being legally accepted in Russia. Dmitry Peskov, the official consultant of Russian President Vladimir Putin, reiterated right this moment that Russia has no purpose of acknowledging Bitcoin as authorized tender as it could hurt the nation’s monetary system. In January 2021, Russia formally prohibited making funds in cryptocurrencies akin to Bitcoin as a part of its crypto legislation “On Digital Financial Assets.”

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