TL;DR Breakdown
- Da Vinci drawing to be auctioned as NFT on Binance.
- State Hermitage Museum partners Binance to auction da Vinci art.
- Binance strategically trying to boost trading volume in its NFT market.
After successfully launching its NFT market, Binance exchange has partnered with State Hermitage Museum to auction works by Leonardo da Vinci, Vincent Van Gogh, Claude Monet and more.
Binance in collaboration with the museum are auctioning the pieces in a Premium NFT Auction Collection on the Binance NFT Marketplace from 2021-08-31 to 2021-09-07.
The premium NFT auction is titled “Your token is kept in the Hermitage,” comprising of five NFT, the arts to be digitized are “The Madonna and Child” by Leonardo da Vinci, “Judith” by Giorgione, “Lilac Bush” by Vincent Van Gogh, “Composition VI” by Wassily Kandinsky, and “Corner of the Garden at Montgeron” by Claude Monet.
According to Binance press release, each digital artwork has two NFT copies: one of them will be stored at The State Hermitage Museum, and the second will be sold at auction on the Binance NFT marketplace. Each digital copy is personally signed by the General Director of the State Hermitage Mikhail Piotrovsky.
Exclusive reward for da Vinci, other NFT collectors
The 5 users who successfully purchase the NFTs from the auctions will receive an exclusive NFT video. The video will feature Mikhail Piotrovsky, General Director of the State Hermitage Museum, showing how he certifies copies of the artworks by signing them and indicating the exact time of each signature.
Each of the art piece will begin auction at 10,000 Binance USD (BUSD), roughly $10,000. The museum director will certify the copy after the successful auction.
Binance partnership with State Hermitage Museum, strategic to boost trading volume?
The partnership with the State Hermitage Museum appears to be a strategy by the exchange to boost trading volume on its NFT market.
Since the launch of Binance NFT market in June, trading volumes have been low. Binance revealed weeks back that since its NFT market launched, it has seen 25 million BUSD in sales, while onboarding 400 creators worldwide.
OpenSea, however, a competing NFT market surpassed $250 million in 24 hours as its weekly trading volume hit over $1 billion.
It is in wake of this Binance partnered with the museum.
The exchange when it announced its NFT market was going to launch was predicted to be one platform to further deepen the NFT frenzy and make the NFT market larger giving its status as number one crypto exchange firm globally with over 50 million users worldwide.
