SEC

Artifacts From Uganda National Museum to Be Made Into NFTs

The National Museum in Uganda has partnered with a software development company, Murcom, to tokenize digital versions of their artefacts. The Ugandan Museum which is one of the oldest national museums in Africa will be launching non-fungible tokens (NFT) of its artefacts on Binance’s NFT and digital collectibles marketplace which is billed to launch on towards the end of June. The museum is the biggest in the East African country.

The non-fungible tokens fever is spreading far and wide and has found relevant application in the art, sports, gaming and finance industries such that we now have NFTs across all these sectors with innovations emerging daily.

The sale of Beeple’s Everyday: The First 5000 days for a whopping $69 million attracted the attention of crypto enthusiasts and opened their eyes to the potentials in the space. Another NFT, Disaster Girl had sold for $500,000 in April. 

Murcom Explains Details of the Partnership 

The software development firm, Murcom explains details of the partnership in its post on Medium, saying they will carry out the digital representation of different artefacts in the museum on the blockchain using a platform belonging to the firm and also known as MUDA NFT.

Both the software firm and the National Museum in Uganda will be part of Binance’s “100 Creators Campaign” which is geared towards commissioning their marketplace for NFTs. The campaign will feature content from local artists and content creators all over the world. Red Hong Yi, Malaysian Modern artist who has had her works featured on TIME magazine will be part of the campaign. 

Suleiman Murunga, Director of the firm explains the reason the museum is interested in partaking in the NFT craze and also speaks about the way the NFTs of a variety of artefacts will be made.

In a separate development, lately, the sales of NFTs have reduced by over 60%. However, with new marketplaces and functionalities emerging, we could see sales peaking up to surpass the record sale set by Beeple.

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