NFT based Fundraising System for Preserving Cultural Heritage: Heirloom

Abstract

Cultural heritage assets are in danger of extinction or damage due to lack of publicity and financial problems. Technological advances can play a role in their preservation and promotion. This study aims to create a blockchain-based cultural property protection system which we named the Heirloom. The proposed system uses blockchain and IPFS. This system will allow foundations to receive funding to protect cultural assets without using an intermediary. The cultural assets are transformed into unique digital items using the NFT (Non-Fungible Token) technology. The metadata of the created NFTs is stored in the distributed file system IPFS (InterPlanetary File System). An autonomous working system is provided with smart contracts. The supporters give donations to earn their share of protection and maintenance rights. The proof of concept implementation is promising. A case study on protecting old olive trees in Milas has also started with a local foundation. Possible outcomes will be the ease of getting funds for preserving cultural heritage and increasing awareness. Future studies will include working on different methods for decreasing the costs of the system and integrating augmented and virtual reality technologies.