Algorand-Backed Quantum Temple Raises $2M to Protect Cultural Heritage on Web3

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Fast take:

Algorand Basis has invested in Quantum Temple’s $2 million pre-seed spherical.The web3 startup is making a blockchain-based platform that may assist in the preservation of cultural heritage.The spherical was led by Borderless Capital with Shima Capital and Outliers Fund additionally collaborating.

Quantum Temple has introduced a $2 million pre-seed spherical led by Borderless Capital. The spherical additionally attracted participation from Algorand Basis, Shima Capital, Outliers Fund, New Moon Ventures, and NxGen amongst others.

The web3 startup is constructing a platform that may join acutely aware collectors with ancestral communities. In return, they’ll be capable of compensate them and rejoice their work by transferring royalties in perpetuity. 

Quantum Temple has additionally created an impression fund the place proceeds from NFT gross sales can be deposited to assist onboard ancestral communities onto web3. The corporate thinks native governments may reap the benefits of its platform to spice up proceeds from cultural tourism by including a brand new dimension to their financial fashions.

Quantum Temple’s decentralised platform makes use of NFTs and blockchain expertise to doc and fund expressions of cultural heritage by means of digital, bodily, and experiential NFTs.

This ensures that tradition and heritage will not be misplaced in historical past as a result of challenges like inequitable wealth distribution, battle, and compelled migration.

The venture is led by a multi-disciplinary group of specialists together with anthropologists, civil society advocates and content material creators, with tradition keepers and folks from authorities establishments additionally concerned.

“Quantum Temple is utilizing blockchain expertise not solely to counterpoint our collective understanding and appreciation of cultural heritage, nevertheless it additionally generates income for artists and artisans who’re stewards of valuable cultural sources. This represents the promise of Internet 3 expertise: Benefitting the numerous and never just some” commented Matt Keller, Director of Impression & Inclusion at Algorand Basis.

Then again, Poseidon Ho, Founding Associate of Outliers Fund and early investor of Quantum Temple commented: “Quantum Temple is without doubt one of the only a few Web3 initiatives that create social innovation and social impression at a worldwide scale.”

Quantum Temple has additionally launched a Cosmic  Eggmembership NFT that may give philanthropists, pioneers, and acutely aware travellers the chance to turn out to be a part of its founding members.

In keeping with the corporate’s web site, proceeds from the NFTs will go to the Impression Fund devoted to preserving cultural heritage.

“To realize our mission, we’re connecting philanthropists and tradition patrons who’re dedicated to defending cultural heritage and its position in sustaining our collective identification, beliefs, and function,” stated Linda Adami, CEO of Quantum Temple.

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