Depending who you ask, NFTs are either a new and exciting way to invest, or a bearish, overhyped sector. Regardless, journalists, investors and collectors have paid significant attention to the growing NFT market in the past year. NFTs continue to be one of the most popular Web3 entry points, an opportunity for everyone from casual art fans to crypto billionaires to own a unique asset stored on the blockchain.
As NFT visionaries have recently pointed out, NFTs also have the potential to be used for incredible causes beyond digital asset collection. In the past six months, communities have launched NFTs to raise support for causes like testicular cancer, human trafficking and the war in Ukraine. While many believe the NFT trend is finally on the path to sustainable growth, its potential as a tool for charities is poised to reach exciting new highs in the coming months.
This mission-driven innovation is not a new concept for the crypto and Web3 worlds. Metaverse worlds connect people that may have otherwise never met in the real world. Digital currencies and DeFi have created financial access and freedom for millions, if not billions, of people. In the closely related longevity space (the science behind healthier, longer human lives), research advancements are making it possible for people to live comfortably in their bodies for longer. The world we live in now is vastly different than it was even five years ago — and it isn’t stopping. The next element to be disrupted (or, in my view, upgraded) will be charitable giving through NFTs.
Related: NFT philanthropy demonstrates new ways of giving back
Showcasing your support
Back in the mid-2000s, we saw a trend where supporting your favorite causes became fashionable. Bright yellow Livestrong bracelets, WWF shirts and tote bags sporting charitable foundation logos became an easy way for people to show to the world that they cared about a certain cause. While bumper stickers and printed water bottles remain a common avenue for people to show off their philanthropic…