The Hermitage Museum will hold an exhibition of NFT works of art

One of the largest art museums in the world will hold an exhibition of works of art in the form ofnon-fungible tokens (NFT).

The State Hermitage has announced an exhibitionworks 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 mosttopical agenda in the field of contemporary art ”, and the planned exhibition will be the first of its kind on the territory of Russia. This is a continuation of the museum's work on new art forms, which began in 2018.

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

In the meantime, on the Mintable marketplace in the formNFT has put up for sale works by Russian avant-garde artist Vladimir Baranov-Rossine, including the original Abstract Composition, which will be mailed to the winner of the auction.

"The NFT space provides a new medium and boundaries for creative expression that are very suitable for showcasing a collection in ways never seen before.", - said the artist's grandson Vladimir Baranov-Rossine.

5 hours before the end of the auction maximumThe proposal for 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 auction for $ 69 million.

"Two Sides of the Same NFT"

Meanwhile, lawyers from Dilendorf Law FirmPLLCs state that the US Securities and Exchange Commission (SEC) may treat some NFT tokens as securities. Lawyers acknowledge that not all virtual assets will fall under US scrutiny.

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

Despite the hype, the vast majorityThe leading sites in this market are in the hands of just one startup. Thus, the infrastructure of the non-fungible token market 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?

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OpenSea is the largest online marketplaceto host digital collectibles and other rare electronic assets. On OpenSea, you can buy and sell non-fungible tokens (NFTs), including the ERC721 and ERC1155 standards, as well as discover various digital goods.

The official website of the OpenSea platform https://opensea.io

OpenSea platform was founded in November 2017years, and today it is 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.

For a detailed guide on working with the OpenSea platform, see here.