Depending on who you ask, NFTs are either a new and exciting way to invest, or a bearish and hype sector. Anyway, journalists, investors and collectors have been getting a lot of attention to the growing NFT market over the past year. NFTs continue to be one of the most popular Web3 entry points, an opportunity to own unique assets stored on the blockchain, from casual art enthusiasts to the cryptocurrency billionaire.
As NFT visionaries recently pointed out, NFTs can also be used for incredible purposes beyond the collection of digital assets. In the last six months, the community has launched NFTs to increase support for causes such as testicular cancer, trafficking, and war in Ukraine. While many believe that NFT trends are finally on the road to sustainable growth, their potential as a tool for charities will reach exciting new highs in the coming months. Ready to reach.
This mission-driven innovation is not a new concept for the world of cryptocurrencies and Web3. The world of the Metaverse connects people who may not have met in the real world. Digital currencies and DeFi have provided financial access and freedom to millions, if not billions, of people. In the closely related longevity space (the science behind healthier and longer human life), advances in research are allowing people to live longer and more comfortably in their bodies. The world we live in now is very different from what it was five years ago, and it never stops. The next element to be suspended (or upgraded in my view) is charitable donations via NFTs.
Related: NFT philanthropy shows a new way to give back
Introducing your support
In the mid-2000s, we saw a tendency to become fashionable to support your favorite goals. A bright yellow Livestrong bracelet, WWF shirt, and tote bag with the Charity Foundation logo have become an easy way to show the world that people care about a particular cause. Bumper stickers and printed water bottles are still a common way for people to show off aspects of philanthropy, but they lack the high quality top-level rewards that provide the same visibility. When a donor makes a donation to a charity, the donation is usually recognized only by the opportunity to put his name on a “thank you” note and a memorial plaque. This is definitive proof, but it lacks the engagement and community that people find inspiring.
Linked to charitable donations, NFTs make it fashionable to introduce charity support in the digital world. Created by charity, NFTs are not only designed with purpose in mind, but also designed to be attractive and exciting. Buy a mission-driven NFT and you’ll also get beautiful digital art to show to the world. As Instagram and Spotify are working to bring NFT functionality to the platform, the future of NFT-led donations looks more and more social. As we saw the Twitter community helping to fund members who were overwhelmed by high medical costs, communities already on these social platforms could surround meaningful causes. The crypto community has repeatedly proven to be a powerful force and is confident in the bright future of NFTs and charities.
NFTs benefit artists and foundations
While much attention has been paid to the latest celebrities who have joined the NFT fad and new drops with unusual art, the real meaning of buying an NFT for charities hasn’t been explored much. When philanthropic departments adopt cryptocurrencies, they can attract enthusiastic and visionary investors to innovative ideas and new ways to see the world by adopting digital currencies and technologies like NFTs. I mentioned earlier that has come.
When these visionary people, or someone, buy a purpose-driven NFT, they have the opportunity to introduce their support for the cause on their own. It is also important not to overlook the artist in these conversations. Creators are using NFTs to redefine their relationships with supporters, such as encouraging fan bases to support the causes of interest. There is a general misconception that buying NFTs is a new way for investors to spend their money.
Mission-led NFTs challenge this story by showing the world that NFTs are a way to unite charitable donations and supporting artists. They enable organizations to benefit from new technologies while staying true to their mission and values. I think longevity is one of the areas where this technology can be easily adopted. Longevity supporters are visionary celebrities who are also crypto enthusiasts. This is great for NFT related donations. I hope to see this sooner.
Related: Whereas men wanted, women did the following: Empowering female creators with NFTs and cryptocurrencies:
A new approach to charitable donations
In general, the phrase “philanthropic donation” has an element of “old-fashioned” charity. This reminds me of writing a paper check that will be mailed to my favorite 501 (c) 3. Of course, this still makes me feel better about supporting the cause, but much is desired from the perspective of continued involvement. Building a community of passionate supporters focused on innovation is a great way for charities to reach new audiences and reach their funding goals. But there will be a change in the way we think about what we give to achieve this.
In my opinion, the new charitable donations are crypto-native, social and decentralized. By accepting cryptocurrency donations directly, you can cash your cryptocurrencies and donate directly to the Foundation without any tax liability. The social element of giving gives us the power to highlight the causes of concern through the NFT collection. And it is truly decentralized. This means that anyone in the world can support a meaningful purpose. Donor Awards Dinner may be a thing of the past, but a virtual network of connected supporters with diverse backgrounds and perspectives offers an exciting alternative future. NFT-based utilities are also a very powerful tool to help the community track membership and reward contributions with access to exclusive opportunities and services that go beyond the distribution of perks and digital images.
We live longer than ever and live in a more connected society. As a result, we need to be more supportive and philanthropic-but to do that, we need to fold charitable donations.
The views, ideas and opinions expressed herein are for the author only and do not necessarily reflect or express the views or opinions of Cointelegraph.
Garri Zmudze Is a managing partner of LongeVC, a Swiss and Cyprus-based venture capital firm, accelerating innovative biotechnology and longevity start-ups. He is an experienced business expert, angel investor, and has had some success across biotechnology and technology companies. He is a longtime supporter and investor in biotechnology companies such as Insilico Medicine, Deep Longevity and Basepaws.