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Crypto members have turned into good doers thanks to the NFTs. How does the NFT philanthropy work?

Digital philanthropists. That is not a far-fetched label for people who have chipped in part of their crypto assets into charity projects. Blockchain tech that fuels the NFTs has opened a new world of digital charity accessible from anywhere. Combine this with the fact that crypto enthusiasts are participative and likely to take action - and you have a whole new platform for generating funds for the good cause. But what good causes are we talking about?

New to the crypto world? A quick briefing: blockchain is a decentralised global network that runs on thousands of computers without a central ‘mastermind’ - hence the word ‘decentralised’. The computers form a chain of blocks, resembling a large record book with infinite pages. Every record inscription to the network database happens in the whole network at the same time. Double entries (and double payments, etc.) are thus impossible - the network is the master megabrain itself. Why is this important? Let’s detour to NFTs.

NFT stands for Non-Fungible Token. Tokens are ‘particles’ of the blockchain database, which you can use for various purposes. And thanks to the blockchain technology, they can’t be duplicated - remember the part about double entries? Non-fungible in this niche means ‘I own it and no other person does, even though it’s just a fragment of digital data, you get me?

Non-Fungible Tokens can be basically anything, but their most popular manifestation are graphic images. Therefore many people, if they say ‘I just bought a cool new NFT’, they most likely mean an NFT image, which they have purchased on one of the numerous digital marketplaces such as OpenSea. By virtue of the blockchain, one can become a sole owner of the digital art, thanks to the unique record in the blockchain database of his ownership. This shall not be revoked until the owner decides to sell the image to another fan of NFT art.

And this is the moment where charity steps in. Many people out there like to share and help. But it gets a tad easier if you get something nice in exchange too. Like a non-fungible token of gratitude. Why not get a NFT image as a counter value instead of a badge from the girl scouts in this case? Very good assumption. Let us share the good news - it already works and is a great success.

Pay a visit to the Giving Block. A pun obviously referring to the blockchain is a hub for charity projects. Fundraising for schools, NGOs, women empowerment, anti-war funds - you name it. Anyone can become a donor by just simply donating a bit of your crypto funds to the project of your likes.

NFT charity is an option for both individuals and companies. Are you on your own? Go get yourself some dolphins. Not real ones of course, but their cartoon NFT counterparts. Dainty Dolphins donate a percentage of income from their minted adorable dolphin NFTs to an eco project chosen by the buyers. Fun fact: the project started simply from adoration of the beautiful creatures, but the NFT community has nudged the project into philanthropy. Never underestimate the crypto enthusiasts.

Large companies have been swimming in the NFT pool for some time already. And they came up with their own interesting ideas on how to help. Coca Cola has introduced their own unique NFT images, such as Coca Cola friendship cards. Moreover, they made an NFT auction for a coca-cola refrigerator (a real one in this case). The generated money of $575,883 was donated to Special Olympics International.

War victims have a safety net in the crypto world too. Globally awarded graphic designer Mykola Kovalenko has been making one anti-war poster since the day the aggression in Ukraine started. He offers these pictures of high personal value as NFTs in the global campaign “BLOCK war with art. Start a CHAIN” with the help of his home ad agency International Effectivity. 80% of the generated funds will be used to support war victims in Ukraine.

#NFT #mykolakovalenko

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