NFTs
Vatican turns to NFTs to preserve cultural heritage, set to reward users who support with ‘soulbound tokens’
The historic Vatican Library announced the launch of a new non-fungible token (NFT) project that would be distributed to users in Italy who support its manuscript collection.
What happened: According to a press release, the experimental project was announced in collaboration with NTT DATA Italya Japanese multinational company.
Users who support the Web3 project by sharing through their social channels will receive a so-called Silver NFT that allows access to 15 high-resolution manuscripts from the library. Anyone who supports the project with a donation will have access to all the high-resolution images in the selection, 21 in total. The campaign runs until July 16th.
NFTs were considered non-transferable. Also called ‘soul-bound tokens‘ in cryptocurrency jargon, these types of NFTs cannot be transferred to another user once received.
One of the oldest libraries in the world, the Vatican Library contains one of the most significant collections of historical texts. The objective of the aforementioned campaign was to preserve its cultural heritage.
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Why this matters: The Vatican’s strategic foray coincides with similar attempts to convert entities of historical and cultural importance into NFTs.
Paris gamea popular French magazine, turned some of its classic archival images into NFTs and put them up for auction.
Earlier this month, digital asset investment firm Galaxy Digital transformed a 300-year-old vintage violin in an NFT. The tokenized version was used as collateral for a loan.
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