Venezuela auctions its first state NFT in Rarible for more than $ 10,000

The boom in NFTs (non-fungible tokens) initially seemed destined for private industry, especially arts and music. However, in recent months, an interesting movement is being developed by traditional sectors interested in using blockchain technology to mine works, objects, or moments that are “unique” or “rare” for society. In addition, it is developing digital identity systems, tickets or tickets to concerts or events, among a myriad of use cases that have not yet been explored but that are possible thanks to blockchain.

Is Venezuela a pioneer country in crypto?

This June 25, 2021, Venezuela announced the launch of its first NFT as a country, in the globally known Exchange of NFT’s Rarible. The news was released by Joselit Ramírez, national superintendent of crypto assets in the Latin American country on his twitter account, where he pointed out that its creation was the reason for the commemoration of the Bicentennial of the Battle of Carabobo.

Source: <a href= Twitter ” src=”” data-src=”–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTEwOTkuNTk3MzE1NDM2MjQxNg–/–~B/aD0xMDI0O3c9ODk0O2FwcGlkPXl0YWNoeW9u/”/>Source: <a href= Twitter ” src=”–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTEwOTkuNTk3MzE1NDM2MjQxNg–/–~B/aD0xMDI0O3c9ODk0O2FwcGlkPXl0YWNoeW9u/” class=”caas-img”/>

The auction has an initial price of 5,154 ETH which would be a little more than 10,000 US dollars, according to the Ethereum price when publishing this article.

With this announcement, Venezuela is ratified as one of the countries that globally adopted the use of crypto assets within its economy at an early stage.

Petro for scientific projects

Petro for scientific projects

Proof of this, the fact that it was the first country in the world to create its own cryptocurrency; the controversial Petro. Whose support lies in the great oil, gold and diamond reserves of the country. As well as, in developing a fairly complete and non-restrictive regulatory framework for the use and exchange of crypto assets.

Venezuela thus becomes the first country in Latin America, which, through a government institution, tokenizes a momentous moment for society, as was the battle of Carabobo.

Why is so much money being paid for these NFT digital assets?

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Because of its value. It is about the representation of an event that is part of the history of a country and a continent. In this case: the battle of Carabobo.



It is not about prices but about value and that value resides in the characteristic of being unique assets that cannot be replicated and whose existence is clearly limited.

The post Venezuela auctions its first state NFT in Rarible for more than $ 10,000 was first seen on BeInCrypto.

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