Non-fungible tokens have been big news lately, with astronomical sums of paid cryptocurrency for intangible works of art. (If you haven’t heard of DTV, you might find our explanation handy.)
Many charities have already taken advantage of the frenzy. NFTs can be a great way to make money through auctions, allowing organizations to raise funds in a transparent way, while engaging new audiences and building brand awareness.
So if you want to get in on the action and fundraise with NFTs, here are some tips to get you started.
Ask your ambassador to create an NFT
Maybe you have a great ambassador for your charity that has a strong following. You can ask them to create works of art (whether digital art, movies, music) and then auction them off using a marketplace like Rarible, OpenSea, or Foundation (think them like Etsy or Ebay).
The process of creating an NFT differs slightly from site to site, but this “how-to” guide by Foundation give an example of what is involved. Most market platforms require users to use cryptocurrency, so you will need to set up a digital wallet in the correct currency to be able to use it (which is very easy to do).
Take Edward Snowden, American whistleblower and president of the Press Freedom Foundation. In April 2021, he auctioned off an NFT on Foundation which raised over $ 5.4million (around £ 3.8million).
Stay Free ‘is a signed work that combines “the entirety of a landmark court ruling that NSA mass surveillance violated the law, with Plato’s iconic portrayal of the whistleblower.”
He donated funds to the association and, using Air, allocated part of the funds to offset the carbon emissions of the transaction.
VScollaborate with existing NFT creators
There can be a lot of money involved in NFTs. In March 2021, digital artist and NFT creator, Beeple, auctioned off ‘Ocean Front’ which raised $ 6 million (around £ 4.24 million) for the Open Earth Foundation.
If an NFT creator would like to donate the auction proceeds to your charity, they can auction it using their usual preferred platform. They’ll just need to set the payment address to your organization’s cryptocurrency wallet address (which you’ll need to set up in advance).
Another option is to use a platform like The donation block, which helps charities set up to accept crypto donations, as well as actively raising crypto funds. It already supports more than 200 US nonprofits.
Create an NFT using your own creative elements
Does your charity have its own creative assets that could be sold as DTV?
Newly established Covid: help is the first UK charity entirely dedicated to supporting people of all ages affected by the pandemic. He auctioned off his logo as NFT, offering the winning bidder the chance to be the world’s first founding charity crypto-philanthropist.
The auction was held on Foundation, and while she only raised a small amount of money, it’s an example of how to think creatively about using NFTs to earn money. new audiences and create a buzz.