NFTs
To preserve cultural heritage, an NFT Hackathon is being held
Sherab Lhamo
The Dzongkha Culture and Development Department (DCDD) of the Ministry of Home Affairs, in collaboration with Govtech, organized the Hackathon centered on the tokenization of the 18th century Zhabdrung Phuensum Tshogpa Thangka.
With the main objective of engaging the youth by leveraging technology to promote and preserve the country’s heritage in Bhutan. Starting yesterday, a three-day Non-Fungible Token (NFT) Hackathon is being held at the Department of Dzongkha Culture and Development (DCDD), Thimphu.
DCDD Textile Museum Chief Curator Tshering Uden Penjor said the NFT hackathon was held to increase proficiency in blockchain development and create digital assets.
The initiative aims to introduce the digital economy, while safeguarding the country’s cultural heritage.
Tshering said they chose Zhabdrung thangka because “we needed something symbolic of Bhutan, among other familiar thangkas.” She added that Zhabdrung Ngawang Namgyel is synonymous and a symbol of Bhutan and its rich cultural heritage.
Chanel Lee, one of the trainers and creator of Tasty Toastys, a limited-edition generative NFT collection, said participants would learn the history of NFTs, the basics and case studies of how companies and organizations around the world use NFTs. Additionally, they will learn how to create their own NFTs, set up cryptocurrency wallets, and upload NFT art online.
Tshering said 10 NFTs would be created by 13 participants selected through an open registration published on Govtech’s Facebook page.
The top three NFTs will be promoted and incorporated into the museum’s NFT collection. The department is exploring marketing opportunities in the digital space, currently in negotiations with DHI (metaverse), OpenSea and Sandbox.
The ICT director of the Emerging Technology Division of the GovTech Agency, Garab Dorji, said that Govtech’s role is to promote technology and NFT. “We are trying to see how Bhutan can benefit from this.”
During the hackathon, a panel discussion was held DHI, Bhutan Post, Royal Monetary Authority (RMA) shared their experience on NFT.
Bhutan Post Philately Division head Nima Zangmo said the Bhutan post office has had many postage stamps since 1954, based on cultural traditions. She shared that to develop interest in stamp collecting among new generations, Bhutan Post converted physical stamps into NFTs.
They collaborated with Stampsdaq, an EU-based NFT company, for blockchain management and minting. Although Bhutan Post minted six NFTs, they did not generate enough revenue due to lack of awareness among Bhutanese collectors. However, they are planning to promote their existing NFTs.
Veteran marketing and PR strategist Florence Ang, one of the speakers, said Bhutan Post needs to reach its audience, including NFT collectors, as this demographic is “narrow rather than broad.”
RMA Technology and Innovation Department IT Director Jhuma Lhazay said they are exploring central bank currency. “We also have a new technology regulatory framework where we allow interested innovators to innovate in the digital space.” RMA began exploring digital currency in 2019 and is currently planning to test digital currency.
The hackathon will end on Wednesday, where the three winners will be announced.