The non-fungible token (NFT) that represents Nelson Mandela’s original arrest warrant sold for the equivalent of $130,000 at an auction. Money raised by the Mandela Museum will be used to support the Liliesleaf Museum Heritage Site Project which documents South Africa’s struggle for democracy.
This is not the Mandela Museum’s first NFT sale
The original arrest warrant for Nelson Mandela is a document issued in 1962. It earned Mandela 27 years in prison for his anti-apartheid activism. The document was donated to the Mandela Museum in 2004. Now, at auction, the museum succeeded in raise 1.9 million rand, or $130,000, for selling the NFT version of this coin. Momint marketplace CEO Ahren Posthumus said the purchased NFT will give its owner exclusive access to the original document at the Liliesleaf Museum.
Ahren Posthumus also spoke about the quality of the NFT saying:Ink is visible through the paper“. At the same time, he pointed out that NFT sales helped “museum sites to stay afloat“. “They have been hit hard by the lack of tourism due to COVID-19“, he added. He concluded by adding:So it’s a way to revitalize their flow and keep the story alive.“.
That said, the Mandela Museum plans to use the $130,000 raised to support the Liliesleaf Museum Heritage Site, a museum that documents South Africa’s struggle for democracy. Moreover, it must be said that the Mandela Museum is not at its first sale of NFT. In fact, last year he had sold the NFT of a feather gun that had belonged to Oliver Tambo, another freedom fighter. He then raised $50,000.
NFT sales volume is down
In reality, the volume of NFT sales is declining, despite the efforts made by cultural institutions to make the most of this new technology. Some data reveals that the daily sales of NFT are dropped to 100,000 last weekwhile they averaged 376,000 last month.
According to the cryptocurrency analysis company Nansen, a third of NFT collections are considered “dead” due to the minimum transaction amount. The prices of some coins have dropped below their introductory value and are now trading below their design rates.
For many players in the NFT industry, the origin of this decline is obvious. Indeed, they believe that the decrease in the volume of sales of NFT is due to the Russian-Ukrainian war.
The Mandela Museum has sold the non-fungible token (NFT) representing Nelson Mandela’s original arrest warrant for R1.9 million, equivalent to $130,000. The money raised is intended for the development of the Liliesleaf Museum Heritage Site. In addition, there has recently been a marked decrease in NFT sales.
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.
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Nelson Mandela: The sale of the NFT of his arrest warrant brought in $130,000
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