Giving Back with NFTs
While most of the ink on NFTs is spilled talking about sky-high valuations and individuals making a mint with this new art medium, there are also organizations that are making out big with NFTs that you might not expect: charities.
The Giving Block, Graph, Niftable, Giveth, and others streamline the process of donating to charities to make an impulse donation as easy as an impulse buy.
Shaq's SHAQ GIVES BACK charity raised over $1M with NFTs that benefit his foundation uplifting underserved communities. These NFTs are also favorably structured such that the royalties from their secondary sale also flow to the foundation.
Charities, like SHEQONOMI, which provides resources to children in developing countries, have been playing around with innovative use cases to limit the friction that donors who lack resources but have an abundance of passion and time to dedicate to a cause. They have created a listening app that allows users to earn tokens for providing user-generated data. These tokens are held in virtual wallets or they can be used to purchase NFT artwork.
UNICEF, one of the world's largest and best known charities, has also gotten involved, launching a thousand NFTs in celebration of their 75th anniversary.
NFT artwork philanthropy even extends to film. The entertainment company iNDIEFLEX created a series of film NFTs to educate viewers about children’s mental health. Viewers are given #NFTs for free, with one exclusive film NFT available for purchase. Proceeds are given to charity.
NFT philanthropy appears likely to continue to flourish. Many NFT investors are first-time philanthropists and have proven themselves to be a very generous community when afforded the tools to quickly act on their generosity.