September 26, 2023

Some years ago, a carpet given as a present to Pope Francis by the UAE was sold off as an NFT. Whereas the genuine is kept in the Vatican, a virtual replica has been utilized to raise money for Afghanistan.

Sale of the NFT of a Historical Carpet For 25 Ethereum

Sheikh Mohamad Bin Zayed Al Nahyan presented Pope Francis with the Pontifex carpet throughout a trip to Vatican City. They both met in September 2016 for the purpose of discussing the enhancement of UAE-Vatican diplomatic ties and the cultivation of inter-faith goodwill.

According to Khaleej Times, an NFT representing the carpet was traded for 25 Ethereum, or around $82K. The proceeds from the sale would be utilized to assist disadvantaged Afghan households throughout the chilly winter season.

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The pope would keep the actual form of the carpet that the Afghan women made. The NFT purchaser would get a scaled-down reproduction of the item manufactured by Zuleya, FBMI’s retail arm.

The program began in 2010 with the aim of improving the daily life of Afghanistan’s kids and women. FBMI funds medical, schooling, and numerous other humanitarian and financial improvements. It also offers careers in the arts, handicrafts, and agriculture.

The NFT transaction, according to FBMI CEO Maywand Jabarkhyl, is a “critical step ahead” for the effort. He explained that it’d allow the company’s designers to display their work to a worldwide reach while providing new cash sources for Afghan craftsmen.

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This is likely the much more iconic NFT to be traded in the Middle Eastern region, Musafir Khawaja, co-founder of Nftone, a Dubai International Financial Centre-based marketplace that offered the NFT, stated. Along with an exquisite gold frame featured on a 165 cm digitized painting with the NFTs stored on it, the buyer would receive a tangible reproduction of the carpet, he stated.

According to the source, the token is one of six pieces featured on virtual paintings at the Abu Dhabi Art fair, among some of the most incredible modern art in the world. In collaboration with the Morrow Collective NFT platform, Zuleya reproduced the carpet as an NFT.

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Growth of NFTs

NFTs have been around for a while, but their reputation started to expand in 2020. NFTs are a novel means to recreate digital items such as images, movies, and audio and get them stored on a blockchain for establishing validity and rights. According to the latest Reuters study, NFT sales would exceed $25B in 2021.

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