State Hermitage Museum Is Planning To Hold Non-Fungible Token Exhibition

State Hermitage Museum Is Planning To Hold Non-Fungible Token Exhibition

It is one of the most trending news these days that the State Hermitage Museum, which is also known as the second-largest museum of culture and art from Russia, has also shown interest in the crypto world and that it is planning to hold non-fungible token (NFT) exhibition in the near future.

Hermitage Museum made an announcement on the 25th of March, 2020, discussing the idea of holding the NFT exhibition in the near future. Moreover, management announced that this exhibition would be considered to be part of the 2020/21 project of the museum, which will be administrated by the dept. of the Contemporary art of State Hermitage Museum.

This Hermitage 2020/21 project organized by the dept. of contemporary art is going to be unique of its kind as the announcement stated that Non-fungible tokens (NFT) are now a new trend of attaining rights for an artwork by the use of blockchain technology, which entertains the customers to inaugurate explicit and transparent control over the ownership and copyrights. 

Purpose of the Exhibition

This exhibition is expected to be the extended intention of the project, initiated by the State Hermitage project for newly trending art diversities. It is acknowledged that the Askenov Family’s foundation, which is aimed at social innovation and local cultural funding, going to be the strategy to the Hermitage for non-fungible token (NFT) project, which will produce fruitful results for the analysis and better understanding of the market’s interest regarding cultural practices.

Following week, Cointelegraph commented about some artist whose art has been in the museum for the exhibition held at Hermitage Museum based in Saint Petersburg, in which artists like Kevin Abosch, an Irish artist, seemed to be interested in cryptocurrency and showed his interest in the crypto world and showed his interests in experimenting the non-fungible token (NFT) technology for the sake of installations of digital art.

As per Hermitage’s official statement on Thursday, the exhibition is likely to be held in 2021, and this project will be considered as a landmark step taken by the authorities as it is going to be the first of its kind in the field of the crypto world and non-fungible tokens (NFT) art.

The Crypto world is expanding day by day as different institutions have started taking an interest in cryptocurrencies and other digital financial markets as these platforms are foreseeing the ultimate future of the digital world.  

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