Indonesian government looks to NFTs to preserve cultural heritage

One of the superior benefits of blockchain exertion is the quality to grounds and seizure accusation successful a permanent, tamper-proof record. Once information is connected a blockchain network, it cannot beryllium altered, making it an perfect solution for record-keeping. 

Tokenized assets, specified arsenic nonfungible tokens (NFTs), tin besides beryllium placed connected a blockchain. This tin verify ownership portion demonstrating that definite events occurred astatine peculiar times. For example, the Meta History Museum tokenized information from the warfare successful Ukraine successful May 2022, placing the accusation connected a blockchain web to sphere records of the war.

Ensuring that circumstantial events instrumentality spot is besides becoming much important than ever owed to the emergence of artificial quality (AI) and its quality to generate heavy fakes, on with humanities images that whitethorn appear realistic.

NFTs for preserving taste heritage

Preserving accusation utilizing decentralized technologies is gaining traction. For instance, Muhammad Neil El Himam, lawman president for integer system and originative products successful Indonesia’s Ministry of Tourism and Creative Economy, told Cointelegraph that helium precocious formed a concern with Quantum Temple — a privateness institution utilizing NFTs for preservation — to assistance support the country’s taste heritage. Himam explained that NFTs could guarantee that practice tin beryllium preserved and created without limits:

“I judge that NFTs tin lend to preserving Indonesia’s taste practice portion enhancing virtual tourism. NFTs whitethorn besides beryllium a mean successful ushering successful the adjacent cardinal users into the crypto space, particularly if the NFT elements of the taste practice are well-known and appreciated.”

Linda Adami, CEO of Quantum Temple, told Cointelegraph that her steadfast developed a multichain NFT marketplace to bring taste practice and tourism to the Ethereum and Algorand blockchain networks. Adami explained that the level is moving intimately with Indonesia’s Ministry of Tourism and Creative Economy to tokenize tangible and intangible taste practice arsenic unsocial integer assets.

Recent: The concealed of pitching to antheral VCs: Female crypto founders blast off

“Digital representations see accepted ceremonies, craftsmanship, and cognition of quality and our universe, but besides philharmonic and oral expressions, dances and pilgrimages. By tokenizing taste heritage, 3 captious areas of worth are created: immutable archives of culture, transparent alternate income streams done royalties, verified provenance and designation for taste creators,” she stated.

On March 21, 2023, Quantum Temple launched its “Paths to Alangö” NFT postulation astatine L’Atelier des Lumières successful Paris, France, during Paris Blockchain Week. “The postulation includes 11 unsocial NFTs that correspond antithetic aspects of Balinese taste heritage, specified arsenic dances, temples, landscapes and philosophy. The NFTs are created by section artists and taste practice experts,” Adami said.

NFT artwork displaying a Galungan solemnisation astatine Penglipuran Village successful Bali, Indonesia. Source: Quantum Temple

Adami said that technological innovations specified arsenic blockchain could play a important relation successful addressing cardinal challenges wrong a country’s taste sector. 

“Authenticity and prime are cardinal to taste heritage’s tangible and intangible value. Blockchain tin beryllium utilized to make an immutable and invaluable grounds that recognizes authorship and guarantees the authenticity and provenance of originative assets,” Adami remarked.

Harry Halpin, CEO and co-founder of decentralized privateness level Nym, told Cointelegraph that documenting things similar taste artifacts is becoming captious to forestall manipulation. According to Halpin, blockchain exertion is 1 of the champion ways to guarantee this, noting that Nym has been moving with the decentralized retention supplier Filecoin to document warfare crimes connected its blockchain network.

With this imaginable successful mind, Himam believes that it is highly apt different regions volition incorporated blockchain elements successful the future. “Indonesia is conscionable 1 illustration of galore processing countries that person begun to research the imaginable of these technologies,” helium said.

Challenges remain

While tokenized integer assets could beryllium a solution for preserving important information, regulatory and method challenges whitethorn hamper adoption. For instance, portion Himam is bullish connected blockchain technology, helium noted that regulatory uncertainty wrong the portion mightiness make friction.

Himam said that Indonesia’s Commodity Futures Trading Regulatory Agency controls however blockchain exertion is applied domestically. “Crypto assets are categorized arsenic a commodity that tin beryllium utilized arsenic the taxable of futures contracts traded connected an exchange,” helium said. However, helium added that arsenic Indonesia begins to instrumentality much blockchain usage cases, the authorities volition commencement to found wide regulations and policies connected however decentralized technologies could beryllium applied.

It’s besides notable that Indonesia’s nationalist crypto exchange is scheduled to beryllium completed successful June 2023. According to Himam, Indonesia is showing wide involvement successful cryptocurrency adoption. “The state has created regulations astir cryptocurrencies and is encouraging their use,” helium said.

Recent: Adoption and nerves — Crypto pumps amid banking crisis

However, Indonesia’s method infrastructure could make challenges for projects utilizing decentralized networks. Himam pointed retired that blockchain-based technologies necessitate specialized infrastructure, specified arsenic integer wallets, which whitethorn not beryllium wide disposable successful definite areas successful Indonesia. This, coupled with the information that astir Web3 projects necessitate skilled professionals, could effect successful dilatory determination innovation.

Despite the challenges, Quantum Temple’s Adami believes that Asian institutions whitethorn beryllium the furthest on successful knowing blockchain-based usage cases. “The Indonesian Ministry of Tourism and Creative Economy enactment understands however NFTs could connection a caller backing exemplary for the taste and originative assemblage portion besides protecting the intelligence spot rights of artists,” she remarked.