A South African museum, Liliesleaf Museum Heritage Site, recently raised $130,000 via the auction of a non-fungible token (NFT) created from an arrest warrant issued against Nelson Mandela in 1962.
Proceeds from the NFT sale to fund museum activities
A non-fungible token (NFT) minted with the arrest warrant of former South African President Nelson Mandela was recently auctioned for $130,000 (R1.9 million), according to a report. Proceeds are expected to help fund the Liliesleaf Museum Heritage Site, an organization that documents South Africa’s struggle for freedom and democracy.
According to a Bloomberg report, Liliesleaf Museum Heritage Site had initially received the original document in 2004 as a donation. The warrant itself was issued in 1962 by South Africa’s then minority rulers after they accused Mandela of conspiring to overthrow the government.
After holding the document for nearly 18 years, the Liliesleaf Museum heritage site has again raised funds using an NFT which depicts an object once associated with South African freedom fighters. Before the last auction, the heritage site had already received around $50,000 after auctioning an NFT of a pen gun belonging to fellow South African freedom fighter, Oliver Tambo. In both cases, Momint – a South African NFT marketplace – managed the auctions.
The Pivot to NFTs
Commenting on the latest NFT auction, the CEO of Momint, Ahren Posthumus, is quoted in the report explaining why museums are pivoting to NFTs. He said:
Museum sites remain afloat. They have been hit hard by the lack of tourism due to Covid. So it’s a way to revitalize their flow and keep the story alive.
In addition to museums, conservancies like the Black Rock Rhino have used proceeds from NFTs to pay for some of the sanctuary’s day-to-day expenses. The pivot to NFTs by charitable organizations comes after one study suggested that more South Africans are buying or are interested in buying NFTs.
