NFTs are empowering charities and non-profits across the globe to join the Web 3 movement. As per BSC News, “Non-fungible tokens offer an opportunity to raise support for causes that matter.” Whether for the people affected by the COVID-19 pandemic, the war in Ukraine, breast cancer, or food shortage, non-profits worldwide have used NFTs to raise funds and support those in need. In return, the investors and art collectors get a chance to own a unique piece of artwork on Web 3, which they can proudly call an extension of themselves.
A global call to action
BSC News believes that online charitable fundraising via NFTs will scale further as the number of auctions and sales are growing unanimously across digital marketplaces like OpenSea. “NFTs for charitable causes are attracting donors from all corners of the society, paving the way for redistribution of wealth to the lowest strata of the society. This also promotes equity and inclusion while presenting a global call to action to the rich and prosperous,” opines BSC News.
NFTs offer transparency as each transaction is recorded. “Ownership records are maintained on a shared ledger on a blockchain, and each transaction can be tracked easily,” elucidates BSC News. Multiple digital fundraising platforms facilitate online charity fundraising campaigns. “Since each transaction is verified and documented, the chances of manipulating funds are minimal for charitable institutions,” explains BSC News. “In fact, NFTs are one of the most secure and attractive ways to raise funds in today’s digital era.”
Leveraging social media for good
“Charities are leaving no stone unturned to raise awareness for their NFT sales. Besides their offline events, they leverage social media to gain momentum for their fundraising efforts by reaching out to numerous NFT enthusiasts, influencers, and investors present on these platforms,” shares BSC News. “NFTs and social media go hand in hand; the creators want to use technology to its full potential and reach audiences far beyond their usual reach.”