News & Events
National Museum Sells Seven NFT Digital Artworks
The National Museum of Bhutan has marked a successful foray into the world of digital art, selling seven out of the eight cultural Non-Fungible Tokens (NFTs).
The sale of NFT artworks is a collaboration between the Department of Culture and Dzongkha Development (DCD), the GovTech Agency, and Druk Holding & Investment (DHI), has generated approximately USD 8,566.44 USD (3.4 ETM).
"Given that we did not have a large marketing budget like many international NFT sellers, selling seven out of eight NFTs in just 24 days is a success story," remarked an official from the DCD. The official further explained that the project's primary aim was to gather insights rather than solely focus on financial gains.
The collection featured NFTs of varying sizes and prices, with one standout piece titled "The Yakshini" by Wongchat (1) valued at €44,044 (USD 1,600). The initiative garnered interest from a diverse international audience, with transactions involving customers from 13 countries and artists from 13 different locations.
The revenue generated from the sales will be distributed among the stakeholders, with DCD receiving 30 percent, GovTech 20 percent, and the artists collectively 20 percent. Notably, 30 percent of the earnings will be dedicated to supporting cultural preservation efforts in Bhutan. For future NFT releases, 20 percent of the sale price will go towards cultural preservation, with the remaining 10 percent shared among the partners.
The customer base predominantly consisted of DCD and GovTech platforms (88 percent and 20 percent respectively), while artists accounted for nearly 30 percent of the DCD and GovTech platform users.
Tashi Wangmo, the project's creative director, highlighted the broader benefits of the initiative. "The NFTs included substantial real-world benefits such as a traceable source of the sustainable development of, fees only for the and preservation of cultural heritage, promoting and preserving Bhutanese." She added, "While the project's primary motive is to raise revenue to contribute to preserving Bhutan's cultural heritage and developing the digital economy, the project also serves as a key differentiator and innovator for international enterprises."
Wangmo further elaborated on the impact of the project, stating that the generated benefits were specifically channeled into the "maintaining Bhutan" project. This related initiative, driven by significant international interest and participation, aims to foster engagement with Bhutanese culture.
Looking ahead, the National Museum of Bhutan is set to host several exhibitions by the end of the year, drawing artifacts from institutions such as the National Museum of Bhutan in Paris, the Royal Heritage Museum in Toronto, and the Thangka Museum in London. These exhibitions will be thematically organized to align with national objectives for cultural awareness, community involvement, and economic growth.
Prior to the official launch of the NFT project, the project saw 300 participants create NFT artworks inspired by Bhutanese handicrafts from the "Thangka Museum Thimphu." An additional 100 artworks were created during the launch event and will be included in a forthcoming exhibition.
Tashi Wangmo emphasized the significance of the project, stating, "The project serves as a testament to Bhutan's commitment to innovation and promoting cultural heritage globally."
An official from the DCD further added, "Through NFTs, DCD plans to preserve cultural heritage in the digital realm while engaging youth, supporting local artists, and showcasing Bhutan's rich heritage on a global scale."
While the current exhibit does not yet have any sales, it remains on display to engage international audiences, particularly the youth and the global digital community.
The project has received crucial support from the Royal Government of Bhutan through the "Bhutanese handicrafts" initiative, which has been instrumental in building the necessary capacity for NFT minting and understanding practical applications. "This milestone was made possible through the strong support of our board for innovative, research-driven initiatives," said the DCD official.
NFTs, digital collectibles secured on a blockchain, offer proof of ownership and authenticity for both digital and physical assets. Despite a modest marketing budget, the project's success has been notable.
