Crypto

Why Is NFT Technology Being Adopted by the World’s Largest Museum?

non-fungible token (NFT)

The head of the State Hermitage’s contemporary art department addresses his idea for the future of NFT art.

According to Dmitry Ozerkov, the head of the State Hermitage Museum’s modern art department, all museums will eventually develop their digital copies in the metaverse.

Ozerkov is now working on a digital version of the iconic Russian museum, the Celestial Hermitage, which will feature non-fungible token (NFT) paintings.

In a deep interview with Cointelegraph, Ozerkov said, “We are all moving into the digital era, and our digital twin will be following us everywhere.”

With about three million works of art, the State Hermitage in Saint Peterburg, Russia, is the world’s largest museum by exhibition space.

With about 3 million works of art, the State Hermitage in Saint Peterburg, Russia, is the world’s largest museum by exhibition space.

The museum made its first foray into the NFT realm in September this year, 2021, when it sold 5 digital replicas of its most famous masterpieces as NFTs, raising nearly $450,000.

The Hermitage opened its first digital display, named “The Ethereal Aether,” in November 2021 featuring 38 NFTs within a computer reproduction of the institution.

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Visitors to the virtual exhibition can engage with the NFTs on display, unlike visitors to the physical Hermitage, who can only look at the artwork on display.

“You can walk through these doors without touching anything, but in the virtual world, you can do anything,” Dmitry Ozerkov explained. “You can play with artworks, make them interactive, and add data to them.”

The show is free to view online until December 10th.

The Hermitage’s interest in NFTs, as Dmitry Ozerkov points out, goes beyond market dynamics and attempts to study the creative value that NFTs might bring to the modern art world.

“My plan was to take a selection of existing pieces of the market and place them in a museum to see what art remained in them.” Is there any art there that we like, or do we only value money in them?”

The Author

Samuel Adeshina

Samuel is a financial reporter whose interests include blockchain, market, business, insurance, and Crypto to provide relevant information to all interested.