NFTs and historical preservation

Non-fungible tokens (NFTs) are digital assets - akin to a digital certificate - that represent ownership or proof of authenticity of a unique item or piece of content with the data recorded on blockchain. Unlike cryptocurrencies such as Bitcoin or Ethereum or indeed physical money, which are fungible and can be exchanged on a one-to-one basis, NFTs are unique and cannot be exchanged on a like-for-like basis. This uniqueness is what makes NFTs ideal for representing ownership of digital art, car ownership, collectibles and, importantly, historical artifacts. When the auctioneer, Christie’s, sold its first NFT, ‘Everydays - The First 5000 Days’ by digital artist, Beeple, for $63million, NFTs snatched the headlines. Moreover, they offer several advantages for the preservation and monetisation of cultural heritage. One of the challenges of anything rare, including antiquities, is their provenance; NFTs provide a transparent and immutable ledger of ownership and history. Of equal importanc…