NFT project to finance preservation of Cologne Cathedral

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• Parts of Cologne Cathedral have been available as NFTs since the beginning of March
• Four more drops are planned for the future
• Dom NFTs are not suitable as profitable investments

Exactly 3,528 NFTs from the lower section of the west portal at Cologne Cathedral have been for sale since the beginning of March. The Zentral-Dombau-Verein (ZDV) wants to use this to cover part of the restoration costs that are incurred each year to preserve the cathedral. According to the ZDV, “Dome Cologne NFT” was inspired by a financing campaign at the time the organization was founded: In 1842, the ZDV – at that time still a citizens’ initiative – had large-format copper engravings made in order to collect donations for the completion of the cathedral.

Pure to Gold: Dom NFTs come in different price ranges

On the website created especially for “Dome Cologne NFT”, buyers can see on a pixel map which parts of the west portal have already been sold as NFTs and which have not. The images marked with a red dot like in a gallery are no longer available, all others can be purchased in various formats at prices between 300 and 500 euros: In addition to the simple NFT (Dome NFT Pure), the images from the western portal are also available on the USB stick (Dome NFT Bronze), as a HYBRID printout (Dome NFT Silver) or as a Collectors Box (Dome NFT Gold). With the purchase of an NFT, buyers not only receive the digital brand, but also the right to a one-year membership in the ZDV, which offers further advantages – including a right of first refusal and the reminder of upcoming NFT drops.

After the Boisserée collection (first level west portal) dropped at the beginning of March, the Meister Gerhard collection (Petersportal and west portal north) was announced for June 1st. This is followed by NFTs on the second and third levels in the fall and winter, and finally NFTs on the cathedral towers in the spring of next year. It is not yet known how many NFTs will be published in total and at what price they will be sold.

Young people should be encouraged to donate with the NFTs

The ZDV is convinced of the potential of the project: “In principle, this is the digital form of the copper engraving […] I think it’s something very important that people can take something home and say: We are part of this community that wants to preserve the cathedral – even if it’s a digital token,” quoted the Tagesschau ZDV Secretary Rüdiger Fuchs He assumes that the digital form of the NFTs could also be of interest to young people in particular, which is a positive development for the ZDV.”I think it’s important that the younger generation is now also involved in the financing and in the Peasant maintenance of the cathedral is included,” Fuchs told the Tagesschau.

Ether (via OpenSea), PayPal and bank transfers are accepted as payment methods for the donation NFTs. Saskia Draxler from Galerie Nagel Draxler, however, takes away the illusion from profit-oriented small investors: At such auctions there is usually no total sale and therefore no increase in value. “There is no hype. The focus is really on fundraising. The amount that flows once,” Draxler told the Tagesschau.

Olga Rogler / Editor finanzen.net

Image sources: Schroders, archy13 / Shutterstock.com