NFTs for Social Good
Non-fungible tokens, or NFTs, are a type of digital asset that can’t be exchanged, altered or split into smaller parts. They are often utilized as collectibles because they cannot be duplicated. Despite the excitement around NFTs and the multibillion-dollar industry they represent, they may also be utilized to promote social responsibility and give a variety of ways to incentivise good behaviour in our society.
In this post, we will look at how NFTs can be used to have a positive social impact.
So far, NFTs have provided a wonderful opportunity for consumers to sell a digital asset and profit from enhanced price actions. Additionally, NFTs can provide an essential transparent and original core of economic transactions. However, apart from their economic benefits, NFTs may contribute to the betterment of society as a whole.
The most obvious case is the fundraising for non-profit organisations and charities. Selling NFTs can give non-profits access to new sources of funding outside of established channels and help them diversify their revenue-raising efforts. Through the collecting of money connected with each transaction, charities will have a continuous and regular revenue stream. A non-profit organization called “Leyline” raised $60,000 by gathering artists and developers to sell NFTs to help children suffering from cancer get medical supplies.
Another use case is legacy non-profit organizations that can monetize their physical assets without losing access to them, providing a method for digital ownership. As NFTs are taking over, people are interested in new ways of owning assets, and NFTs allow us to own rare artifacts in digital forms. Museums can benefit from this phenomenon by selling paintings and art objects in form of digital assets, which will enable museums to create additional revenue sources, like the example of the famous Russian Hermitage.
Moreover, NFTs give an opportunity to solve environmental problems such as ocean pollution and the development of technologies for the biodegradation of plastic, as well as help save animals. For example, NFTs can provide a type of rewarding system for volunteering activities like cleaning polluted beaches, parks, or lands. A German project called CleanOcean is a frictionless decentralized yield-generation charity eco-token. Its aim is to carry out sustainable and eco-friendly trading with minimal CO2 output and emissions. Furthermore, CleanOcean’s NFT platform receives funds from donors and attempts to clean oceans by bringing together volunteers and enthusiasts who are rewarded with tokens for their contributions to cleaning up contaminated oceans and lakes.
The Ukrainian brand TTSWTRS presented an NFT film called Mission, which is dedicated to conserve the shores of Patagonia. The film demonstrates funding expeditions to clean up the ocean in remote regions of Patagonia by local groups in Chile and Argentina. It was presented at the ‘Truesy’ eco-friendly platform auction as an NFT. All earnings will be donated to the environmental organization ‘Parley for the Oceans’.
Recently, Real Nifty announced the launch of “The Ultimate Green NFT”, the first & ultimate green NFT. The proceeds of their sale would go towards reforestation to fund the planting, cultivation, and maintenance of a local forest in one of Brazil’s regions. NFT owners will also own a forest parcel named after them and a 30-year carbon credit (greenhouse gas license).
Thanks to the potential of blockchain, we can already use this technology to save animals. For example, the collection of unique animals in the form of NFT cards named #SaveAnimals by Nuzai network is the first big step in saving them from cosmetic and pharmaceutical testing. All the raised money would go to pro-animal organizations such as WWF (Worldwide Fund for Nature), IFAV (The International Fund for Animal Welfare) and NAVS (The National Anti-Vivisection Society). By the end of 2022, it aims to donate $1 million to combat cruelty to animals.
Another example is the ‘Extinction’ collection of gummy bears by WhIsBe artist, presented by iv gallery enlightening the plight of endangered animals on this planet. WhiSbe will be donating some of the proceeds to support wildlife groups like the Sheldrick Wildlife Trust.
Putting plants and animals that are in endangerment according to UNESCO in form of NFTs will help raising money to save these disappearing species. Showcase is an excellent project where people purchase NFTs that symbolize endangered animals. It pools funds to earn interest by trading NFTs and invests the collected money in animal conservation. Endangered NFTs supports both artists and NGOs, the earned income from NFTs is split between artists who create the digital collectible and NGOs who want to contribute to conserve endangering species.
Block.co’s upcoming NFT platform will enable traders to mint and obtain NFTs that are used to tackle environmental, cultural, and socio-economic problems of our society. Block.co’s NFTs will aim to promote sustainable tourism, incentivise people to take philanthropic actions to protect our environment and to volunteer.
Block.co looks forward to collaborating with museums, NGOs, and ecosystem protection organizations to promote noble causes in combination with nascent technologies. If you are interested in learning more about NFTs and how they drive social impact:
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