Russia’s Famous Hermitage Museum Aims to Raise Money Using NFTs – Bitcoin News
The Hermitage Museum in Saint Petersburg is considering the exhibition of NFTs for works of art from its rich collection and is holding discussions with Binance about this. Museum management expects the tokens to bring in additional funding should Russian authorities exempt NFTs from applicable digital asset regulations.
Hermitage Museum in talks with Binance for Artwork NFTs
The world-famous State Hermitage Museum in Russia is negotiating with the leading cryptocurrency exchange Binance to issue and sell non-fungible tokens (NFTs) for works of art. On June 24th, Binance launched its NFT marketplace, which offers various forms of digital artwork and collectibles. The coin trading platform also announced its “100 Creators” program, which showcases NFT content from local talent from around the world.
In order for the Hermitage to issue its tokens, Russian legislation for the sector may require some clarification. Marina Tsyguleva, head of the museum’s legal department, said that according to her statement, this type of token can be removed from the scope of the digital asset regulations, as proposed by the Central Bank of Russia. Quoted by Interfax news agency, Tsyguleva revealed:
We are in the process of discussing our collaboration with Binance.
The Hermitage Museum hopes to use the NFTs to raise additional funding. However, it remains unclear whether the tokens fall under the existing regulations. The Law “On Digital Financial Assets”, currently the most important law regulating the Russian crypto space, came into force on January 1, 2021, but does not cover all aspects of the cryptosphere.
Russian legislation on digital assets needs to be refined
Crypto experts and even Russian lawmakers agree that the definitions of the Digital Assets Act need to be clarified and refined. It currently enables the issuance and distribution of tokens, also known as “digital rights”, as well as security tokens, utility tokens and stablecoins.
Tsyguleva further stated that the cultural institution can only sell non-exclusive rights to its works of art. This creates some difficulty in entering the NFT market, but does not completely rule out the possibility. The NFTs can be used, for example, to raise funds for restoration projects, added the museum representative.
The Hermitage Museum is planning Russia’s first art exhibition of NFT tokens, according to an announcement released earlier this year. The event will be organized as part of the “Hermitage 20/21” project, reported RBC. The museum said the use of non-fungible tokens is the most relevant agenda in contemporary art.
What do you think of the Hermitage in Russia initiative to issue NFTs for works of art? Let us know in the comments section below.
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