04.03.2024

The Hermitage Museum will hold an exhibition of works of art in the form of NFT tokens

The State Hermitage has announced an exhibition of works of art in the form of non-fungible tokens (NFT). The event will take place before the end of the year as part of the Hermitage 20/21 project; the museum’s contemporary art department is working on its preparation.

One of the largest art museums in the world will host an exhibition of art in the form of non-fungible tokens (NFT).

The State Hermitage has announced an exhibition of works of art in the form of non-fungible tokens (NFT). The event will take place before the end of the year as part of the Hermitage 20/21 project; the museum’s contemporary art department is working on its preparation.

The Hermitage notes that NFTs are “the most urgent agenda in the field of contemporary art,” and the planned exhibition will be the first of its kind in Russia. This is a continuation of the museum’s work on new forms of art, which began in 2018.

NFTs secure the rights to a digital object using a special type of token on the blockchain, the parameters of which make it different from all other tokens or non-fungible. Earlier, NFT sales were associated with the suppression of the ether price in the market.

In the meantime, the Mintable maker-place in the form of NFT put up for sale works by Russian avant-garde artist Vladimir Baranov-Rossine, including the original «Abstract Composition», which will be sent to the winner of the auction by mail.

“The NFT space provides a new medium and boundaries for creative expression, which are very suitable for showcasing the collection in a way never seen before,” said the artist’s grandson Vladimir Baranov-Rossine.

5 hours before the end of the auction, the maximum offer for the Abstract Composition created 96 years ago is $ 13,450. The record in the NFT space belongs to Beeple, who sold a digital collage at Christie’s for $ 69 million.

«Two sides of one NFT»

Meanwhile, lawyers at Dilendorf Law Firm PLLC say that the US Securities and Exchange Commission (SEC) may treat some NFT tokens as securities. Lawyers acknowledge that not all virtual assets will come under US scrutiny.

If the NFT is backed by a unique digital art object, then such a token is unlikely to be of interest to the SEC. However, if the tokens are offered to the general public with the promise of liquidity, such tokens can be regarded as an investment contract, the lawyers emphasized.

Despite the excitement, the vast majority of the leading sites in this market are in the hands of just one startup. So, the infrastructure of the market for non-fungible tokens turned out to be dependent on only one service provider for Ethereum – Alchemy.

The startup supplies almost all large NFT projects with API connections to the Ethereum network. The list already includes Makersplace, OpenSea, Nifty Gateway, SuperRare and Cryptokitties.

Where can you buy and sell NFT tokens?

OpenSea is the largest online marketplace for digital collectibles and other rare electronic assets. On OpenSea, you can buy and sell non-fungible tokens (NFTs), including the ERC721 and ERC1155 standards, and discover a variety of digital goods.

Collectibles NFT Platform

The OpenSea platform was founded in November 2017 and is today the largest marketplace for buying and selling digital collectibles and other rare assets. The platform offers over 300 types of assets and over 10,000,000 items.

Thanks to OpenSea, you can buy, bid, and discover digital collectibles and other assets such as domain names and member-specific NFTs.

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