Wednesday, November 30, 2022

Mandela Arrest Warrant NFT Auctioned to Help Museum

A non-fungible token (NFT) designed to house the 1961 arrest warrant of anti-apartheid icon Nelson Mandela has sold at auction for $130,000. The funds will help maintain the Lilleleaf Museum Heritage Site, a farm where Mandela and other leaders of the anti-apartheid movement hid from the authorities in the 1960s. But the funds will not be enough to reopen the museum, which has been hit hard by the lack of tourism during the COVID pandemic.

Nicolas Volpe, founder of the Lillyleaf Museum, says about $1.7 million (R25 million) is still needed before the museum can reopen.

“To pay off all debt based on all historical data and to provide for at least the next year or two,” he said. “Repairs need to be made, demonstrations need to be fixed, and then day-to-day operations, pay for salaries and put the place back on its feet.”

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Volpe says he was contacted last year by one of the owners of Momint, the company that runs the NFT marketplace. He explained that museum artifacts can earn cash while they are on site for security purposes and preservation.

Volpe said he felt this was the perfect opportunity to create an alternative source of income for Lilyleaf.

“He explained to me the process of NFTs and I said that this is a great opportunity not only for Lillyleaf but for historical sites around the world because we currently live in an environment where the reality is that government funding is not what it is. What it used to be,” he said.

Momint CEO Ahren Posthumus explains that NFTs, which use blockchain technology, are a way of putting a value to content on the Internet. The buyer of the warrant, they say, receives significant long-term gains.

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“So, they’re the only person in the world who will actually have the original of the alpha file of a scan of the document. So, you can view the document online and it’s incredibly highly detailed. You see ink bleed through the paper.” But the owner of the document is the only one who will have the fully uncompressed version of this 3D file. This gives the buyer access to the physical document as well as a five percent royalty. Therefore, as a buyer In the U.S. if they resell the piece and if the piece is sold 10 or a hundred times, they will receive royalties on that piece which is amazing. The Lillyleaf Museum will get royalties equally on the resale of the piece,” he said.

File - In This February 11, 1990, File Photo Nelson Mandela And Wife Winnie Hold Fists As They Walk Hand In Hand As They Are Released From Prison In Cape Town, South Africa.

FILE – In this February 11, 1990, file photo Nelson Mandela and wife Winnie hold fists as they walk hand in hand as they are released from prison in Cape Town, South Africa.

Mandela, the first democratically elected president of South Africa, was released from prison in 1990.

The auction of his arrest warrant was followed by an NFT auction of a gun pen owned by Mandela’s fellow liberation leader Oliver Tambo. That NFT sale in November also raised $50,000 for the museum.

Volpe says the Momint team has photographed several other artifacts he believes are valuable.

This article is republished from – Voa News – Read the – original article.

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