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The historic Vatican Library announced the launch of a new non-fungible token (NFT) project that would be distributed to users in Italy who support its manuscript collection.
What Happened: According to a press release, the experimental project was announced in collaboration with NTT DATA Italia, a Japanese multinational firm.
Users who support the Web3 project by sharing through their social channels will receive a so-called NFT Silver that allows access to high-resolution 15 manuscripts from the library. Those supporting the project with a donation will get access to all the high-resolution images from the selection, 21 in total. The campaign will run until July 16.
The NFTs were referred to as non-transferable. Also called soulbound tokens in cryptocurrency parlance, these types of NFTs cannot be transferred to another user once received.
One of the oldest libraries in the world, the Vatican Library contains one of the most significant collections of historical texts. The objective of the aforementioned campaign was to preserve their cultural heritage.
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Why It Matters: The Vatican's strategic foray coincides with similar attempts to convert entities of historical and cultural significance to NFTs.
Paris Match, a popular French magazine, transformed some of its classic archival pictures into NFTs and placed them up for auction.
Earlier this month, digital asset investment firm Galaxy Digital turned a 300-year-old vintage violin into an NFT. The tokenized version was used as collateral for a loan.
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