Signifty believes that NFTs can impact social good with the help of the great and good

Signifty believes that NFTs can impact social good with the help of the great and good – Mail Bonus

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Until now, speculation and status have been the primary use cases for immutable tokens. But one startup believes it has found an untapped application for NFTs that treats them as more than speculative tokens. Signifty claims that there is a place for NFTs within the charity sector, where they can be used to raise money for charities ranging from environmental projects to humanitarian ones.

In order for this vision to become a reality, Signifty needs the help of the great and the good: celebrities whose stardust will transform the humble NFT into a vehicle to effect positive change.

Art meets heart

The idea that Signifty is basing its platform on goes like this. Celebrities have charitable causes close to their hearts. NFTs have the ability to form passionate communities around shared interests. Signifty wants to channel the power of fans into a powerful force for social change using ‘Missions’. These are celebrity campaigns endorsed by the project’s Charity Hub, which creates NFT fundraising around the idea, with funds going directly to charity.

For example, imagine that Popstar X wants to protect Javan rhinos, an endangered species in Ujung Kulon National Park. Custom content in the form of audio, video, art, signature, letter or personal items from the star is digitized by Signifty, converted into an NFT collection and then made available to the public. The delegation will outline the fundraising goals, what can be achieved with the proceeds and how the NFT cascade will continue.

There will also be rules for participation; the event can be whitelisted and take the form of an auction or sale at a fixed price. If all goes well, the funding goal is met, fans get a piece of Popstar X in the form of exclusive NFTs, and Ujung Kulon National Park gets funding to protect the Javan rhinos. Everything is tracked in the chain, which ensures full transparency and everyone benefits.

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The beauty of the system is that participants can join for very different reasons, be it altruistic, speculative or mildly obsessed with Popstar X, but everyone will come away with something to show for their efforts and the endangered rhinos will live to feed another day.

The future of fundraising is social

While Signifty’s introduction of NFTs as a philanthropic tool is new, they are by no means the only startup to have caught on to the idea. Where there’s art, there’s The Arts, where creatives are known to champion charitable causes, often offering their work or holding fundraisers to facilitate this. Harnessing digital art for social reform is only a logical progression of this movement.

From fundraising for Ukraine to helping with environmental projects, NFTs have been used to distribute funds to all kinds of worthy causes. Last year, legendary NFT artist Beeple auctioned off his Ocean Front NFT, raising $6 million for the Open Earth Foundation, while Edward Snowden did the same for the Freedom of the Press Foundation of $5.4 million.

However, such actions have been one-off efforts, which have primarily served to raise money from those who were already wealthy. Signifty aims to democratize the process by giving mainstream investors an incentive to participate, allowing everyone to claim a piece of the pie, contribute to a cause they (or their favorite celebrities) believe in and earn exclusive rights NFT as a souvenir or exchangeable item.

NFTs are a far cry from the days of Pepe the Frog trading coins and pixel art. What began as an inflexible token standard has been transformed into a panacea for global reform, one cause at a time.

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