Fri 12 November 2021:
For the first time, a non-fungible token (NFT) of a rhino horn was auctioned off in South Africa to generate funds to protect real rhinos.
According to reports, a businessman from Cape Town spent 105,000 rands (US $6,850) for the digital horn, which he intends to put into a trust for his children.
“If worst-case scenario, if rhinos go into complete disarray then I would still own a rhino horn, because the NFT is a token of the physical rhino horn,” Charl Jacobs told AFP.
VIDEO: The world’s first rhino horn NFT goes up for auction to raise funds for conservation in South Africa.
The non-fungible-token was sold for 105000 rand ($6864 USD) to local businessman Charl Jacobs, who said he would place the NFT in a trust for his children pic.twitter.com/lpSdut7pSO— AFP News Agency (@AFP) November 12, 2021
Proceeds from the sale will go to the private Black Rock Rhino conservancy, home to 200 rhinos that are able to breed while protected from poachers.
“We are doubling our population every four years. So, it’s a really important conservation project,” conservationist Derek Lewitton told AFP.
“But it costs a fortune. If you don’t want to get poached, you have to spend a ton in terms of manpower and security infrastructure. and this a way to help us fund that.”
Of late, NFTs are becoming popular among art collectors who are splurging millions of dollars on digital drawings, music, and videos.
An NFT is a digital asset that represents real-world objects like art, music, in-game items, videos and sometimes even memes.
An NFT’s authenticity is certified by blockchain technology and can be bought and sold online. According to CoinDesk, $174 million has been spent on NFTs since late November 2017.
(With inputs from agencies)
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