Written In Partnership with Digital Nod
Did you know that UNICEF launched 1000 NFTs to mark its Platinum jubilee? It raised 235ETH from the sale proceeds via its charity fund – Giga, which connects schools to the internet in underserved nations. Numerous other global charities are taking the NFTs route to reach new audiences to raise funds. As per NFTs expert Woonkly, “by tapping into NFTs, charities have been able to breakthrough and leverage a young generation of supporters that exist beyond their usual donor base and philanthropists.”
NFTs came to the rescue of non-profits during the COVID-19 pandemic. “When local events were put to a screeching halt due to global lockdowns, NFTs and cryptocurrencies became new vehicles of fundraising for charities across the globe,” explains Woonkly. As charities adapt to the new normal, their evolved trust in the blockchain-based NFTs and cryptocurrencies has helped them consider NFT fundraisers as a dependable source of revenue generation.
Woonkly shares that NFT projects have clear segregation of how they will use the funds. Most of the NFTs are giving back to the community by supporting charities. Giving an average of 2% of each sale proceeds to a charity has become a norm for NFT projects supporting a cause and working with non-profits or other charitable organizations.
Another huge plus of raising funds via NFTs is that blockchain technology makes it easy for charities as well as donors to monitor where funds are utilized. The added layers of transparency NFTs offer enable charities to attract more Gen Xers and millennials.
By opening the doors for NFTs and cryptocurrency, charities have seen some of the biggest donations ever in the past year. Woonkly quips, “NFTs have come a long way from high-stake collectibles to artwork with a social impact,” and we can’t agree more.
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