NFT and Blockchain Technology for a Sustainable Future of Cultural Heritage

As our world shifted online when the global pandemic hit, crypto art crystalized the boom of non-fungible token (NFT) with record-high auctioned prices. The hype for NFT is real in the art world—going beyond, how can NFTs and the underlying blockchain technology help preserve and authenticate cultural heritage? Is NFT a new way to achieve sustainability of cultural heritage? Thanks to the immutable blockchain ledger, NFT can act as a reliable authentication tool to deter illicit trafficking of cultural artefacts. Besides minting NFT artworks as an additional revenue stream, NFT can be leveraged to facilitate curatorial strategies, public engagement, and act as a tool for fundraising and business development of cultural institutions. NFT also secures artists’ compensation through resale royalty and by avoiding third parties’ commissions. NFT further democratizes ownership of digital cultural assets. What is magical about NFT is its ability to build communities and bring back to life tangible and intangible cultural heritage that has ceased to exist in the physical world. Blockchain and NFT have the potential to fundamentally change the traditional art market and participate in cultural heritage protection owing to their unique features and new functions. Through empirical case studies, this paper attempts to decrypt the potential of NFT by identifying the NFT practices of cultural institutions and analyzing the trends on NFT marketplaces. The metaverse of NFT for cultural heritage seems boundless, only limited by copyright laws and—paradoxically—by the state of technology itself.