Czech prince preserves family heritage using NFTs

William Rudolf Lobkowicz, Prince of the Czech Republic, is on a quest to preserve his family’s heritage by utilising non-fungible tokens (NFTs) to represent digitalized reproductions of the family’s beautiful art.

Prince William sat with CNBC’s technology reporter MacKenzie Sigalos on July 22 to discuss his creative strategy to preserve history.

When we initially returned to the Czech Republic and restoration started, it was the Wild West, and we had no business strategy.

The Lobkowicz family has fought to preserve their almost 600-year-old art collection. The irreplaceable collection was seized twice during the Second World War, first by the Nazis and later by the communists.

Meanwhile, the Prince was able to restore his family’s antiques owing to invoices left by the Nazis for the stolen items. Consequently, collectors may now possess digitalized valuables dating back 700 years that belonged to the royal House of Lobkowicz.

After 25 years of time-consuming and costly restoration operations, a plan was developed to expose the collection to the public and raise funding for the repair.

“We chose a strategy in which we attempt to lead people on a journey of charity. Therefore, we attempted something with artwork in need of repair. Then, we produce a picture of the NFT and sell it for the price of the piece’s repair.”

The worth of technology

In a recent Twitter thread, the Prince demonstrated his interest in Web3 and blockchain technologies. Lobkowicz sees great value in developing communities, tickets, and memberships via technology, which might assist museums in enhancing the cultural history they’re attempting to conserve and display.

Thanks to the Prince, the royal family once again owns its fantastic collection of 40,000 antiquities, some of which will be offered as NFTs.

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