- Metarex is revolutionizing fossil trade with NFTs and smart contracts.
- This move decentralizes fossil trade and brings history into public hands.
- Museums can finally keep up with rising asset costs.
Metarex is turning an authentic private Tyrannosaurus rex fossil into an NFT collection. By doing so, they are revolutionizing fossil ownership. Thus, taking them from private to public hands which is all thanks to the power of NFTs.
With this, Metarex is decentralizing the fossil trade industry to sell the physical T-rex. Meanwhile, it uses the profits to place the relic under museum care for public viewing as well as academic research.
To begin, Metarex showcases its whitepaper for the world’s first collection of dinosaur-fossil NFTs. The brand’s mission is to keep this historic artifact out of the private hands and make it accessible to academies.
In detail, Metarex will launch 59,000 NFTs that will represent the bones of 1 out of 32 T-rex fossils discovered so far. With the presence of smart contracts, the fossil once bought is put under the care of a museum. Here, paleontologists can commence their research.
The need for this is simple, T-rex Stan sold for almost $32 million. This is a much higher number than the initial $8.3 million sale in 1997. Museums cannot compete with these high prices. Thus, another unique solution emerges for a stifling challenge thanks to the power of blockchain technology.
In detail, the 58,000 NFTs of separate bones along with 1,000 NFTs of the whole T-rex are 3D images of the actual fossil bones. In addition, each one grants its holder 0.10% ownership of the chosen bones online IP rights to one of the bones.
More so, this NFT sale is set to start on December 7th on the Metarex platform which allows purchases using MetaMask or any other Ethereum-based wallet after passing a KYC. Likewise, COO and Co-Founder — Edwin Mata says,
This project is groundbreaking, considering how rare these fossils are, as there are only 32 Tyrannosaurus rex left in the world, we needed state-of-the-art blockchain technology for the Metarex, but it’s a true story that began 66 million years ago. We can now bridge present, past, and future, all while decentralizing historical artifacts and making them accessible to the academic community and the world itself.
Meanwhile, CEO and Co-Founder Jeff Jaffrey adds that he believes they are creating the coolest thing to happen to the NFT world so far. “We are taking an actual Tyrannosaurus rex skeleton and sticking it onto the blockchain.”
To add on, he says, “What child did not dream of owning his own dinosaur?” Also, he notes that this project is creating previously non-existent funding from the crypto world for the academic sector. Lastly, he highlights that this is not just any NFT, this is history in the making! To conclude, he encourages and welcomes everyone to join the NFT revolution.