NFT: Empowering Artists and Charities to Embrace the Digital Movement

Depending on who you ask, NFTs are either a novel and exciting way to invest, or a bearish, over-hyped industry. Regardless, journalists, investors, and collectors have all paid a lot of attention to the growing NFT market over the past year. NFTs remain one of the most popular entry points to Web3. Everyone from casual art lovers to crypto billionaires has the opportunity to own unique assets stored on the blockchain.

As NFT visionaries recently pointed out, NFTs also have the potential to be used for great things beyond digital asset collection. Over the past six months, several communities have released charitable NFTs to raise funds for issues such as testicular cancer, human trafficking, and the war in Ukraine. While many believe the NFT trend is finally on a path to sustainable growth, its potential as a tool for charities is poised to reach exciting new highs in the coming months.

This kind of mission-driven innovation is not a new concept to the world of cryptocurrencies and Web3. The metaverse connects people who might never meet in the real world. Digital currencies and DeFi have created financial access and freedom for millions, if not billions. In an area closely related to longevity (the science behind healthier, longer human life), research advances are enabling people to live comfortably in their own bodies for longer periods of time. The world we live in is very different now than it was five years ago, and that change continues. The next new change will be charitable donations through NFT.

Show your philanthropic support

Back in the mid-2000s, we saw a trend where it became fashionable to support your favorite cause. Bright yellow Livestrong bracelets, WWF shirts and tote bags emblazoned with the charitable foundation's logo became an easy way for people to show the world they care about a cause. Today, while bumper stickers and printed water bottles are still common ways for people to show their philanthropic side, there is a lack of high-quality, top-of-the-line rewards that offer the same visibility. When donors donate to a charity, they are usually only rewarded with a "thank you" note for their donation and the opportunity to have their name written on a commemorative plaque. While this is clear evidence of philanthropic involvement, there is a lack of interaction and an inspiring community.

NFTs related to charitable donations are making it fashionable to display charitable support in the digital world. NFTs created by charities aren’t just developed for a purpose — they’re also designed to be excitingly appealing in their own right. Buy a mission-driven NFT while also showing the world a beautiful piece of digital art. With Instagram and Spotify introducing NFT functionality on their respective platforms, the future of NFT-driven donations looks set to become increasingly social. Communities already on these social platforms have the potential to rally around meaningful causes, as we saw with a Twitter community helping fund a member overwhelmed by high medical bills. The crypto community has proven itself to be a formidable force time and time again, which makes me confident in the bright future of NFTs and philanthropy.

NFTs benefit artists and foundations

While a lot of attention has been paid to recent celebrities joining the NFT craze and new rare artworks, little has been explored about what buying NFTs actually means for charitable organizations. I’ve mentioned before that it’s time for the philanthropy industry to embrace the crypto wave, as embracing technologies like digital currencies and NFTs can attract forward-thinking investors who are keen on innovative ideas and new ways of seeing the world.

When these visionaries, or anyone, purchase a mission-driven NFT, they have the opportunity to show their support for a cause in a unique way. It's also important not to overlook the artists in these conversations. Creators are using NFTs to redefine their relationships with supporters, including encouraging their fan bases to support causes they care about. There is a common misconception that buying NFTs is nothing more than a new way for investors to spend their money.

Mission-driven NFTs show the world that NFTs are a way to unite in charitable giving and supporting artists. They allow charitable organizations to benefit from new technologies while remaining true to their mission and values. I believe the longevity field will readily adopt this technology. Longevity supporters are forward-thinking brilliant individuals who also happen to be cryptocurrency enthusiasts — a perfect match for NFT-related donations. I hope we'll see more of this soon.

A new way to give charitably

In general, the term "charitable giving" has elements of "old school" charity. Sure, this still makes you feel good about supporting a cause, but it leaves a lot to be desired in terms of ongoing engagement. Building a community of dedicated, innovative and passionate supporters is an excellent way for charities to reach new audiences and meet their fundraising goals. However, this requires us to change the way we think about giving and make it a reality.

In my opinion, new charitable giving is crypto-native, social, and decentralized. By accepting cryptocurrency donations directly, you can donate directly to foundations without having to convert your cryptocurrencies into cash or incurring tax liabilities. The social element of giving will allow you to highlight the causes you care about most through NFT collectibles. It will be truly decentralized, meaning anyone, anywhere in the world can support meaningful causes. While donor recognition dinners may be a thing of the past, a virtual network of supporters with diverse backgrounds and perspectives offers an exciting alternative future. NFT-based utilities are also a very powerful tool that can help communities track members' contributions and reward members with perks, exclusive opportunities and services beyond digital images.

We are living longer and living in a more connected society than ever before. So we should be more supportive and philanthropic – but to do that we need to include charitable giving in our ranks.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.