Unlocking Potential: The Benefits of NFTs for Non-Profits

NFTs have become a popular way for artists, celebrities, and others to raise funds for various causes, and many NFT sales have included charitable donations as part of the sale. On Giving Block in 2021, the total volume of crypto donations was $69,644,535, an increase of 1,558% from 2020 with NFT Sales contributing $12.3 million.

What is an NFT?

NFT stands for “non-fungible token” which allows you to buy and sell ownership of unique digital items and keep track of who owns them using the blockchain. It can technically contain anything digital, including drawings, animated GIFs, songs, or items in video games. An NFT can either be one of a kind, like a real-life painting, or one copy of many, like trading cards, but the blockchain keeps track of who has ownership of the file.

NFT benefits for Non-Profit Organisations:

NFTs (non-fungible tokens) can bring several benefits to non-profit organisations, including:

  1. Fundraising: NFTs can help non-profits raise funds through unique and collectable assets that can be auctioned or sold.

User Cases of Non-Profits that have sold NFTs:

NFTs are becoming a popular and creative way for Non-Profits to Fundraise for their project. These are just a few examples:

  1. UNICEF CryptoFund: UNICEF launched the UNICEF CryptoFund in 2020 to raise funds through cryptocurrency donations, including NFTs.
  • Alex’s Lemonade Stand Foundation: Alex’s Lemonade Stand Foundation (ALSF) is a foundation that funds cancer research, awareness, and support for families of sick children. ALSF chose to fundraise for the foundation themselves, without corporate partners or famous NFT Artists. The foundation launched three Gold-Ribbon NFTs at 0.1 and 0.3 ETH ($243.06 and $486.11) during Childhood Cancer Awareness Month. Each NFT had an assigned number of hours that it would support in the lab for cancer research, ranging from 1 to 10 hours.

How can NFTs support charities?

Small and large non-profits can significantly benefit from NFTs donations and proceeds to support their operating budget by incorporations some of the examples below:

  1. Brand Partnership: Big brands have vast resources and have already launched their own products as NFTs. An organisation can partner with a corporate partner to host an auction for the charity and Artists can donate their work as an NFT.

How to donate NFTs:

  1. An Artist can “mint” NFTs on PayRue NFT Marketplace and Gift them to the Non-Profit Organisation by transferring the NFT to the organisation’s digital wallet.

When NFT is “minted, it means the NFT authentication is registered on the blockchain. After this, it can not be altered or forged by anyone.

How to get started:

Charities and Artists that are interested in exploring NFT donations, and launching an NFT Non-Profit campaign can contact PayRue team for further inquiries. Our team works with non-profits, and projects that are incorporating NFTs into their business model. We offer a number of different solutions to help you launch your project.






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