Research Article
SoK: Can NFTs Solve the Economic Problems of Countries with Ancient Heritage? Egypt as a Case Study
@INPROCEEDINGS{10.1007/978-3-031-31420-9_10, author={Shymaa Arafat}, title={SoK: Can NFTs Solve the Economic Problems of Countries with Ancient Heritage? Egypt as a Case Study}, proceedings={Blockchain Technology and Emerging Technologies. Second EAI International Conference, BlockTEA 2022, Virtual Event, November 21-22, 2022, Proceedings}, proceedings_a={BLOCKTEA}, year={2023}, month={4}, keywords={NFT Metaverse Blockchains tourism economics cryptocurrency security \& privacy developing countries}, doi={10.1007/978-3-031-31420-9_10} }- Shymaa Arafat
Year: 2023
SoK: Can NFTs Solve the Economic Problems of Countries with Ancient Heritage? Egypt as a Case Study
BLOCKTEA
Springer
DOI: 10.1007/978-3-031-31420-9_10
Abstract
A lot of research has been done on the debatable role cryptocurrencies can play in developing countries; in this paper we look from a different angle at NFTs. We believe that NFTs, especially with MetaVerses, came as a bless to nations with ancient heritage that attract tourists. Online tourism existed from the year 2000, and nowadays with COVID-19 travelling restrictions along with the advance of VR/AR/XR museum tours many projects are there and gained satisfaction. In this paper we propose and analyze the merit of adding the NFT component to this recipe; NFTs of museum pieces can be sold for money, and NFT games can be made based on historical stories or famous characters. There is also the use of NFTs inside Metaverses whether by selling country original NFTs on existing ones like brands do, or by building special Metaverses of ancient civilizations and places like the Red Sea with its rare coral reefs; we trace similar starting projects around the world. Then we discuss the challenges and design decisions involved in the development cycle of such projects, including Blockchain choice, auction & pricing mechanisms, economical analysis; also NFT copyrights problems and Metaverses security risks along with the newest available and under research solutions. We end the journey with the conclusion that NFTs & Metaverses can monetize the country’s heritage without selling the physical assets, and will promote research and education of human resources as a bonus advantage.
