Thursday, December 7

The “tokenization” of the Bonfires of San Juan, a future source of income for the festival?

One of the consubstantial characteristics of the monuments that are planted in the San Juan’s bonfires in Alicante is that they are ephemeral. But what if both builders and districts found a way to monetize and immortalize them even when they have already been burned to the ground? This is, neither more nor less, what allows the “tokenización“, a process that is called to be applied in the vast majority of goods that we know

in the faults They have already taken the first step. Several Valencian companies have created the first “tokenized” failure, the of Seville-Denia 2021.

And what is this and what does it mean? Consists of the creation of a NFT (non-fungible token) of the monument.

The non-fungible tokens they are based on blockchain-based cryptographic technology to represent something unique and non-replaceable, in such a way that its authenticity and its legitimate owner are guaranteed. They are usually bought in exchange for cryptocurrencies, but unlike cryptocurrencies they are not mutually exchangeable, that is, they are not fungible.

It has been the technology firm exponential which has collaborated with two startups, Architecture Patrimonio Virtual Y Valua Arts & Crafts, to develop this pioneering experience that is only a matter of time before it sinks in.

The aforementioned companies devised how to digitally preserve the Fallas, while Exponentia and the consultancy crypto projects, specialized in digital economy and crypto assets, have helped materialize the project. The union between all these actors has been possible thanks to Innova.Legal, a ‘think tank’ focused on the revitalization and study of technological and innovative projects that are particularly complex at the legal level.

This is how this was created fault digital asset that allows “not only to immortalize the monument forever, but also memory and identity by recording the experiences linked to it, such as virtual tours or explanatory videos of the artist”.

The NFT of the Seville-Dénia 2021 fault is already auctioned on the platform OpenSea, the world’s largest NFT trading market, and the highest bidder will take over and be its sole owner, although the query page so that any person or group has access to its content with different layers of information.

El CEO de architecture, Adolfo Ibanez, pointed out in a statement that “with this initiative we intend to start the path of cultural shelter of the city and its tradition”.

For his part, the CEO of Exponentia, John Garcia, stresses that as a Valencian “I am especially excited that technology is used to immortalize something as emblematic as the fallas and thus be able to impact our area of ​​influence”.

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Finally, the CEO of Valua Arts & Crafts, Xavier Serra, and the fallero artist Raul Martinez, author of the monument, consider that “tradition and innovation have joined their paths so that such an important asset for Valencia as the Fallas are, find a way to remain in time”.

The Bonfires have opened the way. Who will be the first to pick up the gauntlet?