Traditional fundraisers are an insane amount of work, and they may not always pay off.
A venue must be rented. There is catering, alcohol, and tickets to consider. The gala must be staffed, and an agreeable date must be chosen.
It’s like planning a wedding every time.
Typically, nonprofits operate on a tight budget, so this is a big ask.
But the NFT world is helping charities make more money and do less work. It’s a win for both.
Jack Dorsey sold his first tweet as an NFT in March 2021 for 1,630 ETH ($2.9 million). He then promptly donated the funds to charity.
He’s not alone. Many NFT artists have followed suit and donated significant amounts of money to charitable causes.
While this has yet to become the norm, nonprofits are taking notice. Charities can take advantage of the NFT space and leverage the funds to support great causes in several ways.
Big brands have vast resources, giving them the ability to jump on emerging trends quickly.
When artists partner with visible brands, they can combine their efforts to raise money for charitable causes.
Auctions Hosted by Celebrities
Photographer Davis Factor auctioned off eight never-before-seen photos of Kobe Bryant on Cryptograph, the luxury and celebrity NFT auction platform.
The proceeds will benefit the Mamba and Mambacita Foundation.
Direct NFT Donations
Collectors or artists may donate their NFTs directly to a charitable organization. The charity can then decide whether to keep it or sell it and use the proceeds to further their work.
The NFT artist known as Trippy Bunny donated 100% of proceeds from mint sales of their flagship drop to the American Foundation for Suicide Prevention. The sales raised $220,886 for the charitable organization.
The Future of Charitable Donations through Crypto
Currently, few nonprofit organizations are equipped to handle NFT transactions or receive cryptocurrency, but some are. Huge names in NFTs have already done enormous good.
One of the most recognizable names in NFTs, the Bored Apes Yacht Club (BAYC), donated to Orangutan Outreach, a nonprofit that protects orangutans in their native forests of Borneo and Sumatra. This organization also provides care for orphaned and displaced orangutans.
These generous donations, including gifts totaling $850,000, have allowed Orangutan Outreach to build sanctuaries as soon as they receive local government approval. Recent contributions have allowed the organization to dramatically speed up its efforts and save more animals.
The crypto and NFT communities are committed to making a difference and using their art to do good. Jack Dorsey, Trippy Bunny, and BAYC are the tip of the iceberg, with many more artists eager to join and donate to causes they hold dear.
Nonprofit organizations should prepare quickly; a wonderful windfall is on the way.