Tuesday, December 6, 2022
HomeNFTUkraine Art Museum plans to launch NFT collection on Binance platform

Ukraine Art Museum plans to launch NFT collection on Binance platform

The Kharkiv Art Museum has one of the oldest and most valuable institution paintings collections in all of Ukraine. On October 13, Binance NFT made the announcement that they will be launching a new NFT collection of the museum’s art. The museum’s collection of fine art dates from the 15th to the 21st century and includes around 25,000 pieces. These pieces originate from Western Europe, the Middle East, and the Far East.

Nonfungible token (NFT) use cases continue to advance beyond the hype days of static digital art collections as the Wed3 sector continues to grow. However, even within the sphere of art, the value of NFTs is being reinvented, as is the vase in an art museum in Ukraine.

In the past, non-fungible tokens (NFTs) have been used as a way for museums to digitise works of art. One such museum is the Royal Museum of Fine Arts in Antwerp, which tokenized a piece that was worth millions of euros from its collection.

Art has even been NFT-ized in metaverse museums, such as when Frida Khalo’s family brought a piece from their private collection into Decentaland that had never been shown publicly before.

During this time, the city of Kharkiy has been on the receiving end of heavy warfare as a result of the continuing conflict between Ukraine and Russia. Because of this, the value of this collection may help conserve culture that is now in danger of being lost, as was the case in the notorious theft of the National Museum of Iraq in Baghdad in 2003.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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