Saving Our Heritage with NFTs: The Heirloom Project

What is it about?

The paper "NFT based Fundraising System for Preserving Cultural Heritage: Heirloom" proposes a new system for funding the preservation of cultural heritage using blockchain technology. The system, called Heirloom, allows foundations to raise money for cultural assets by transforming them into unique digital items called NFTs (Non-Fungible Tokens). Here's how it works: ● Foundations identify cultural assets in need of preservation and create agreements with the asset holders. ● They then convert these assets into NFTs, which are essentially digital representations of the assets. ● These NFTs are then listed on an online marketplace accessible through a decentralized application (DApp). ● Supporters can donate to the preservation of these assets by purchasing the NFTs. ● The funds from these purchases go directly to the foundations, who use them for the protection and maintenance of the assets. All transactions and ownership details are recorded on the blockchain, ensuring transparency and traceability. Additionally, the metadata associated with each NFT, such as images, descriptions, and historical information, is stored on IPFS (InterPlanetary File System), a decentralized storage system. This ensures the long-term accessibility and security of the data. The paper highlights a case study focusing on preserving ancient olive trees in Milas, Turkey, demonstrating the real-world application of the Heirloom system.

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Photo by Vytas on Unsplash

Photo by Vytas on Unsplash

Why is it important?

The importance of the Heirloom system and the paper's findings can be summarized as follows: ● Preservation of Cultural Heritage: Cultural assets are at risk of damage or loss due to various factors, including neglect, environmental conditions, and lack of funding. Heirloom provides a new avenue for fundraising and raising awareness about the importance of cultural heritage preservation. ● Transparency and Accountability: Utilizing blockchain technology ensures that all transactions and funds allocated for preservation are recorded transparently and immutably. This increases trust and accountability among stakeholders. ● Direct Funding: Heirloom eliminates intermediaries, allowing supporters to directly contribute to the preservation of cultural assets they value. ● Global Reach: The digital nature of NFTs allows for global participation in cultural heritage preservation efforts. Supporters from around the world can contribute to the preservation of assets regardless of their physical location.

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