What is the goal of UNESCO's Intangible Cultural Heritage initiative?

The United Nations Educational, Scientific, and Cultural Organization (UNESCO) recently expanded its notion of cultural heritage from tangible artworks to include intangible heritage. UNESCO defines intangible heritage as traditions that are inherited and passed on, such as oral traditions, performing arts, social practices, rituals, festive events, knowledge, and skillstraditions that do not necessarily leave a physical trace. Currently UNESCO has designated 212 masterpieces of oral and intangible heritage, that are endangered of becoming extinct and has outlined a unique plan of action for preserving each.