The art museum in the Eastern Ukrainian city of Kharkiv has partnered with cryptocurrency exchange Binance to offer non-fungible tokens (NFTs) of some of its most valuable artworks. Proceeds from the auction will be used to restore the museum’s activities and support its staff.
Ukrainian Museum to Sell 15 Works of Art as Digital Collectibles on Binance NFT
The NFT marketplace of the world’s largest crypto exchange by trading volume, Binance NFT, has announced the launch of tokens representing over a dozen of Kharkiv Art Museum’s works. The cultural institution has one of the oldest and most valuable art collections in Ukraine.
“Today, the museum’s holdings include about 25,000 works of fine art of Ukraine, Western Europe, the Middle and Far East of the 15th–21st centuries,” Binance said in a press release. The Kharkiv Art Museum will be auctioning 15 of them as NFTs from the “Art Without Borders” collection.
The collection will feature works by Albrecht Dürer, Georg Jacob Johann van Os, Ivan Aivazovsky, Simon de Vlieger, and other artists, the announcement details. The collected funds will be dedicated to restarting the museum’s normal operations and hiring additional personnel.
The auction began on Thursday, Oct. 13, and will continue for a week. The non-fungible tokens are divided into three categories — gold, silver, and bronze — with respective starting prices of 1,000 BUSD, 750 BUSD, and 500 BUSD.
Kharkiv is Ukraine’s second-largest city, situated close to the front line of the escalating military conflict with Russia in the eastern part of the country. The Ukrainian army was recently able to push back the Russian forces and currently controls most of the Kharkiv region.
The government in Kyiv and volunteer organizations have been relying on crypto donations and fundraising campaigns to finance both defense and humanitarian efforts. “Throughout the ongoing crisis in Ukraine, digital assets have played an important role in providing fast, efficient, and simple help to those in need,” noted Helen Hai, who heads Binance NFT.
“Together with the Kharkiv Art Museum, we will present the NFT collection which combines Web3 technology and pieces of art that the museum preserves so carefully,” the executive added, expressing hope the project will attract the attention of connoisseurs.
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Do you think such crypto initiatives can make a difference for other cultural institutions across Ukraine during the difficult times the country is going through? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
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