NFT philanthropy demonstrates new ways of giving back
NFTs, or nonfungible tokens, have created a wealth of opportunities over the last year. Data from market tracker DappRadar found that NFT sales reached $25 billion in 2021. Artwork NFTs in particular have seen impressive growth. Financial services firm FinancePR recently determined that 257 artists generated at least $1 million in the past 30 days from selling NFT artwork. It’s also notable that NFT transactions have continued to increase, despite recent slumps in the crypto market.
Yet with so much revenue being generated over a short period of time, some may be wondering how NFT creators are applying these new streams of income. While this is a tough question to answer, industry experts believe that NFT philanthropy is becoming a major trend as sales from nonfungible tokens increase.
Alex Wilson, co-founder of The Giving Block — a nonprofit crypto fundraising platform — told Cointelegraph that the rise of NFT philanthropy has mirrored general growth across the NFT sector. Wilson said that NFT philanthropy started taking off about six months ago, noting that The Giving Block has already seen over $12 million in cryptocurrency, or 30% of its donation volume, come from NFT-giving initiatives:
Given the amount of interest in NFT philanthropy recently, Wilson stated that The Giving Block is currently working with a number of major NFT platforms to make crypto donations easier by integrating the concept into their core product. “For example, we are working with NFT platforms to ensure that when someone is setting up an auction, they can select a charity from a dropdown and then have the proceeds automatically sent there,” he said.
In addition to initiatives from The Giving Block, Graph Blockchain, a decentralized finance and
Read more on cointelegraph.com
