NFT is more than just a token for the riches
As much as the bubble of the NFT marketplace is rising with artists around the world profiting and some even making millions of dollars for their artwork, there are certain artists and organizations that have also dedicated themselves to the social cause and fundraising through NFT.
What initially appeared to be an upcoming marketplace for the richer or well-knowns to fill their pockets has now taken a turn and has been becoming a well-growing source to address the social needs of the society.
Just like Coca- Cola released its’ first-ever NFT this International Friendship Day in order to do charity for the Special Olympics, many other works of donations and charities have been marking up their significance in the NFT world.
Not only that, the co-founder and CEO of Twitter, Jack Dorsey, who sold his first tweet for about $2.5 million, said that it will be given as a donation to the charity ‘Give Directly’.
Ekstasy, a London-based ad agency launched the NFT auction with an aim to support Magic Breakfast which provides healthy school breakfasts to hungry and malnourished children in disadvantaged areas of the UK. The funds that this NFT auction raised will help the charity to continue to work towards its mission that no child is too hungry to learn.
In an auction on March 14, the Russian performance art puck music group Pussy Riot sold their first NFT. The music group, in a tweet, said that they intend to use the fund raised from the sale to support women’s shelters in Russia.
Beeple, the artist who holds the record for selling his NFT artwork for $69.3, auctioned another of his artwork for the cause NFT for charity. This artwork was sold for about $6 million and the fund raised was given to Open Earth Foundation.
Another one would be the American comedian, television host, actress, writer, and producer Ellen DeGenerous who auctioned off an NFT in April, raising $33,495. the fund that was raised in the auction is set to be donated to World Central Kitchen, a food-relied organization founded by Chef José Andrés.
NFT for social goods comes up with a way for each and everyone to get an opportunity to make their creative piece of art to become a meaningful asset that helps to address social and humanitarian issues.
NFTs being not only a part of ones’ valuable collection but also one of the most important collectibles in the digital space, can be used to make useful donations. It is the same as how one donated valuable goods for the charity auctions, NFT auctions have been raising money for the social issues at the same level.
From green NFT, social impact NFT to NFT for social goods has in one way or the other helped to address the social concerns and stepped up in making NFT a part of the deed.
People might consider NFT to be a token that is just to fund the digital marketplace but the charities and fundraisers have been seeing the great potential and valuing NFT for the social cause. The way NFT is progressing surely will help the non-profits when used for the right purpose and NFT is surely to grow and change over time.
