Depending on who you ask, NFTs are either a new and exciting way to invest, or a bearish, overhyped sector. Apart from that, journalists, investors and collectors have paid significant attention to the growing NFT market over the last year. NFTs continue to be one of the most popular access points for Web3, an opportunity for everyone, from free list fans to crypto billionaires, to own a unique asset stored on a blockchain.
As NFT idealists have recently pointed out, NFT also has the potential to be used in incredible matters beyond digital asset accumulation. Over the past six months, communities have launched the NFT to increase support for issues such as testicular cancer, human trafficking and the war in Ukraine. While many believe that the NFT policy is finally on the path to sustainable growth, its potential as a tool for charities is poised to reach exciting new heights in the coming months.
This project-driven innovation is not a new concept for the world of cryptocurrencies and Web3. Metaverse worlds connect people who might otherwise never have met in the real world. Digital currencies and DeFi have created financial access and freedom for millions, if not billions of people. In the closely related longevity space (the science behind healthier, longer human lives) there is research that enables people to live more comfortably in their bodies. The world we live in now is very different from what it was even five years ago – and it is not stopped. The next factor that will be disrupted (or, in my opinion, updated) will be charity through NFT.
Connected: NFT charity shows new ways to give back
Shows your support
In the middle of 2000, we saw a trend where support for your favorite causes became fashionable. Bright yellow livestrong bracelets, WWF shirts and bags with the charity logos became an easy way for people to show the world that they care about a certain cause. While bumper stickers and printed water bottles are a common way for people to show off their charity side today, there is a lack of high quality awards that offer the same visibility. When donating to charity, their contribution is usually only acknowledged with “thanks” and the opportunity to have their names inscribed on a memorial plaque. This is conclusive proof, but it lacks the participation and community that people find inspiring.
Charity-related NFTs demonstrate charitable support in the digital world. NFTs created by charities are not only developed with issues in mind – they are also designed to be attractive and exciting. Buying a project-driven NFT also gives you a beautiful digital artwork to show the world. With Instagram and Spotify moving to bring NFT functionality to their platforms, the future of NFT-driven donations looks set to become increasingly social. There is an opportunity for communities that are already on these social systems to rally around important causes, as we saw happen with the Twitter community that helped fund a member who is obsessed with high medical costs. The cryptocurrency community has proven itself to be a powerful force over and over again, making me confident of a bright future for NFT and charity.
NFTs benefit artists and institutions
While much attention has been paid to the latest celebrities joining the NFT frenzy and new drops with rare lists, less research is being done on what it really means for charities to buy NFT. I’ve mentioned before that it’s time for the charity sector to embrace the cryptocurrency wave, as adopting digital currencies and technologies such as NFTs can attract forward-thinking investors interested in innovative ideas and new ways of looking at the world.
When these idealists, or some of them, buy purpose-driven NFT, they have the opportunity to demonstrate their support for issues. It is also important not to overlook the artist in these conversations. Authors use NFT to redefine their relationships with supporters, including encouraging their fans to support issues they care about. It is a common misconception that buying NFTs is a new way for investors to spend money.
Project-driven NFTs challenge this narrative by showing the world that NFTs are a way to unite charities and support artists. They allow organizations to benefit from new technologies while continuing to believe in their role and values. I believe that longevity is one area that will adopt this technology easily. Longevity supporters are forward-thinking photographers who are also cryptocurrency enthusiasts – perfect for NFT-related gifts. I expect we will see more about this very soon.
Connected: While men wanted, women did: Empower female authors with NFT and cryptography
A new approach to charity
In general, the phrase “charity” has been involved in “old school” charity work. It reminds me to write checks that are mailed to your favorite 501 (c) 3. Of course, this still makes you feel good about supporting a cause, but it leaves a lot to be desired in terms of continued participation. Building a community of innovative and passionate supporters is an incredible way for charities to reach a new audience and achieve their fundraising goals. It will, however, change the way we think about giving to make this a reality.
In my opinion, the new charity donation is cryptic, social and decentralized. By accepting cryptocurrencies directly, you can give to agencies directly, without having to pay out your cryptocurrency and be subject to tax liability. The social aspect of giving will empower you to shed light on the causes you care about most through your NFT collection. And it will certainly be decentralized, which means that anyone, anywhere in the world, can support significant issues. While gift recognition dinners may be a thing of the past, a virtual network of connected supporters with diverse backgrounds and perspectives offers an exciting other future. NFT-based utilities are also an incredibly powerful tool for helping communities track memberships and reward donations with benefits and access to exclusive opportunities and services beyond digital image distribution.
We live longer and live in a more connected society than ever before. It follows that we should be more supportive and humane – but to do that we need to bring charity into the group.
The views, thoughts and opinions expressed herein are the sole responsibility of the authors and do not necessarily reflect or represent the views and opinions of the Cointelegraph.
Garri Zmudze is the managing director of LongeVC, a venture capital firm based in Switzerland and Cyprus that accelerates innovative start-ups in biotechnology and longevity. He is an experienced business man and an angel investor with several successful exits in biotechnology and technology companies. He has long been a supporter and investor in biotech companies including Insilico Medicine, Deep Longevity and Basepaws.
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