NFTs are useful for charitable organizations. The digital assets can tap into new donors wanting to assist worthy causes
Curators of NFTs are generating millions of dollars in donations for charitable/nonprofit organizations through this technology.
An Art Blocks artist made the highest donation via NFTs last year, surpassing $3.5 million.
Many NFT projects, like Grandmother Grove and Chillin Chameleons, also use NFTs to assist in acts of goodness.
But how do these digital assets draw a link with such goodwill?
HOW NFTS CAN HELP CHARITABLE CAUSES
NFTs are a relatively new source of funds for charities to tap into new donors and to find those who engage in Web3 initiatives.
Charities can trace the funds through supply chains, and donors can see where their donations are going thanks to them being unique and unidentifiable. Sadly, many charities wrongly take chunks of contributions for personal financial gain—this isn’t an issue with non-fungible tokens.
Following this, many global charities accept crypto donations or the proceeds of sales of NFTs. For instance, Ellen DeGeneres created and auctioned NFTs to raise money for the World Central Kitchen.
Additionally, there are many other projects like Grandmother Grove and Chillin Chameleons whose founders or communities add charitable giving as the core of their mission.
USING NFTS TO TRANSFORM FUNDRAISING
Now you know how NFTs can benefit nonprofits and charitable organizations alike, let’s dig into ways such firms work in the NFT space.
It’s helpful to know that many NFT creators are floating around the space that are more than happy to get charitable and nonprofit organizations onboard. Not only to help raise funds but also to gain respect and status.
Such creators can easily donate auction proceeds to charities through numerous NFT marketplaces, like OpenSea or Rarible. They simply set payouts to the organization’s cryptocurrency wallet through MetaMask.
Another excellent way to use such digital assets for donation purposes includes using existing content to mint into NFTs, like images, designs, and videos.
Once minting is successful, creators list the content via the tokens on marketplaces before sending proceeds to their chosen organization.
WRAP IT UP
NFTs open up a world of opportunities that are not achievable via FIAT currencies.
The unique use cases NFTs hold gives both charitable and nonprofit sectors promising opportunities. The powerful tools the digital assets offers are fantastic for reaching donors around the globe in out-of-the-ordinary ways.
If you’re looking to raise funds and awareness for a worthy cause, check out OpenSea. You can find many projects that may be down to join forces.
If wanting to create your own digital assets representing your charity or nonprofit organization, follow this straightforward minting process.
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