Coin Ceylon, a Lankan-based cryptocurrency firm, has launched Sri Lanka’s first Non-Fungible Tokens (NFT) to be officially supported on the Cardano blockchain. Over 1,000 of the over 6,000 NFT items have already been ‘minted’ (created) and demand from international customers remain strong. The NFT looks to digitize and preserve Sri Lanka’s ‘Yaka’ mask culture.
Coin Ceylon has taken it upon itself to bring to the Crypto Community a broader understanding of the rich historic underpinnings surrounding the entire ‘Yaka’ culture.
The company has in its economic model chosen to mint the NFT focusing on sustainability for the creators, environment, and investing community.
Coin Ceylon Founder Kavinda Kariyapperuma at the launch of the Yaka NFT said, “What makes us different from those other entities in the NFT space is that we are looking at making this sustainable.
We have already shown that Sri Lanka as a whole is capable of integrating into crypto-technology. The future success of this project is underpinned by the growing community that will just continue to support itself.’
“Look at the ‘Bored Ape Yacht Club’, the only way they can create value is through the broader community.” Coin Ceylon hopes to embed the Yaka NFT in other mainstream blockchain technology as well. To encourage early adoption of the NFT the company has attached physical items and real-world experiences to large holders of the NFT. Kariyapperuma acknowledged that there was no recognition of ownership outside the Cardano blockchain or in the legal sphere brought about by the minting of tokens.
“Cardano is energy efficient, scalable, and promotes real-world use cases.” The minting of these NFTs represents the first large-scale venture into digitizing and preserving the rich cultural history of the country within the crypto sphere.
On a pre-specified notable holding of the NFT, the owner of a wallet is eligible to physically receive a handcrafted version of their NFT to any part of the world. A much smaller group of large NFT holders are also eligible to win a trip to Sri Lanka to witness first-hand how the ‘Yaka’ masks are created. The blockchain was described by Kariyapperuma as being a mechanism to provide a digital certificate of authenticity. Cardano Foundation Head of Financial and Regulated Institutions Sandro Knopfel said, “At Cardano, we pride ourselves on creating technology that can scale.”
Proceeds generated through the minting of tokens shall be rolled over into social ventures such as artist welfare schemes, cultural preservation, and livelihood upliftment. The Cardano blockchain is one of the more energy-efficient blockchain technologies. (TP)
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