This paper presents a feature-based frame rate up-conversion algorithm which provides more comfortable visual experience by exploiting true motion of the objects. By considering the movement of the objects rather than the pixel values, the proposed method can create interpolated frames to reflect true movement of the video contents. We first find local features within a frame by using a feature detection algorithm. Then, the local features are matched between adjacent frames and are clustered to form an object region. The interpolated frame is created by using the perspective transformation, which enables to adequately track the dynamic movement of the defined objects. The proposed scheme efficiently resolves the blocking artifact problem and presents outstanding visual quality compared to the conventional block-based motion compensated interpolation algorithm.