request our brochure

Technology for social good: the NFTs fundraising revolution

April 19, 2022

With technology powering virtually every industry and the explosion of blockchain innovations and applications, digital is spreading into unconventional areas and promises to revolutionize art, music, and social causes as well.

The idea is: by combining empathy, passion, and big-tech innovation, we could recreate the foundations of our social systems and begin to address social issues that can significantly benefit millions of people. In this sense, NFTs are leading a new revolution in philanthropy and fundraising by using technology to tackle the core problems of humanity.

NFT is more than a buzzword. The latest tech trend is an acronym for “non-fungible tokens”, digital assets backed by cryptocurrency technology that performed tremendously last year, reaching a total market size of $44.2 billion. NFTs can be anything digital, such as drawings, music, images, gifs, videos, or any type of digital file. Their uniqueness comes from the fact that they are not fungible or interchangeable in the first place. This means that any minted NFT has the potential to increase in value because of its inherent exclusivity and scarcity.

The ease with which a global audience can be reached and the growth of digital assets have led to NFTs being seen first as the next stage of art collecting and now as the new revolution in philanthropy. NFTs are becoming a vehicle for social change by facilitating fundraising for charitable causes. From donations to organizations and humanitarian aid – over $60 million has been donated in cryptocurrencies since the outbreak of war in Ukraine – to environmental causes such as the protection of endangered species, NFTs are funding a wide range of socially and environmentally important causes.

Although a new phenomenon, what seems revolutionary about NFTs is that donors are recognized with unique, traceable NFTs. On the one hand, participants can engage and receive timely information about the impact of their donations, leading to greater transparency. On the other hand, donors are rewarded for their contributions with NFTs from philanthropic projects that can be traded on and may be even more valuable in the future.

Source: Moneycontrol