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

Quick take:

• Algorand Foundation has invested in Quantum Temple’s $2 million pre-seed round.
• The web3 startup is creating a blockchain-based platform that will help in the preservation of cultural heritage.
• The round was led by Borderless Capital with Shima Capital and Outliers Fund also participating.

Quantum Temple has announced a $2 million pre-seed round led by Borderless Capital. The round also attracted participation from Algorand Foundation, Shima Capital, Outliers Fund, New Moon Ventures, and NxGen among others.

The web3 startup is building a platform that will connect conscious collectors with ancestral communities. In return, they will be able to compensate them and celebrate their work by transferring royalties in perpetuity. 

Quantum Temple has also created an impact fund where proceeds from NFT sales will be deposited to help onboard ancestral communities onto web3. The company thinks local governments can also take advantage of its platform to boost proceeds from cultural tourism by adding a new dimension to their economic models.

Quantum Temple’s decentralised platform uses NFTs and blockchain technology to document and fund expressions of cultural heritage through digital, physical, and experiential NFTs.

This ensures that culture and heritage are not lost in history due to challenges like inequitable wealth distribution, conflict, and forced migration.

The project is led by a multi-disciplinary team of experts including anthropologists, civil society advocates and content creators, with culture keepers and people from government institutions also involved.

“Quantum Temple is using blockchain technology not only to enrich our collective understanding and appreciation of cultural heritage, but it also generates revenue for artists and artisans who are stewards of precious cultural resources. This represents the promise of Web 3 technology: Benefitting the many and not just a few” commented Matt Keller, Director of Impact & Inclusion at Algorand Foundation.

On the other hand, Poseidon Ho, Founding Partner of Outliers Fund and early investor of Quantum Temple commented: “Quantum Temple is one of the very few Web3 projects that create social innovation and social impact at a global scale.”

Quantum Temple has also launched a Cosmic  Eggmembership NFT that will give philanthropists, pioneers, and conscious travellers the opportunity to become part of its founding members.

According to the company’s website, proceeds from the NFTs will go to the Impact Fund dedicated to preserving cultural heritage.

“To achieve our mission, we’re connecting philanthropists and culture patrons who are committed to protecting cultural heritage and its role in maintaining our collective identity, beliefs, and purpose,” said Linda Adami, CEO of Quantum Temple.

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