The Ukrainian government started requesting cryptocurrency donations after Russia occupied the country, and they undoubtedly received some. Over the past six months, the war-torn nation has received donations of digital assets totaling more than 130 million dollars, which have aided in the fighting. The use of cryptocurrency made this the biggest international act of charity in recent memory.
With the use of blockchain technology, charities have a brand-new, exciting potential to expand their donation possibilities and include a sense of community across their entire operation.
Long-Term Communities for Long-Term Goals
Charities play a crucial role in our society and benefit many people. Charities are frequently made up of groups of people who want to better the planet and the world at large. One of the most effective strategies to increase influence and awareness is to create a group of like-minded individuals around a concept.
The ideal platforms include Web3 and NFTs, where many native users just take part for the community benefits. A strong community created around a common interest is a terrific method to engage committed individuals. NFTs are a fantastic method to increase the reach of any organization, provide convenience for its supporters, act as a remembrance of the donation, and encourage further giving in the future.
Building a community offers a tight group of individuals with similar beliefs and objectives to aid and collaborate with, which is nearly always in the interest of a charity. Having a group of individuals on hand enables the charity to raise awareness more quickly, garner more attention, and provide the organization with greater support in-person.
Onboarding Charities Into Web3
Specifically for charities to be able to drop their own branded NFTs, SHOPX created the platform CharityX. CharityX was developed to give nonprofit organizations a means to participate in Web3 and take advantage of the potential. NFTs can be sold to raise money and, depending on the donor and the nonprofit brand, even provide unique access. The NFT can be used as a pretty image or even as a ticket or pass for a neighborhood event. This gives nonprofit organizations more independence and financial opportunities, as well as a method to connect with one another and express gratitude to the donors.
One of the numerous Web3 tools SHOPX provides is CharityX, and this is how they intend to integrate charity into the blockchain community. CharityX makes it easier for nonprofits to participate and provides them with the ideal chance to get into the Web3 market.
The Ethereum-based cryptocurrency token Pawthereum is only dedicated to assisting canines and felines. The group has collaborated closely to generate money for animal shelters across the nation, both physically and electronically. There have never been greater justifications to accept bitcoin donations, with a portion of each transaction made using this cryptocurrency going to animal shelters.
Products like Pawthereum and CharityX are constructing the blockchain space’s infrastructure so that charity foundations can flourish. Many traditional charities would be left behind in this tide of innovation and miss out on all the potential benefits if there wasn’t a quick and easy tool to let them participate in Web3.
Who’s Raising Funds on The Blockchain
Charitable organizations ought to have started implementing this new technology right away once Ukraine demonstrated that cryptocurrencies and digital assets were not only a practical means of making donations but also a method that people truly desired to utilize. Cryptocurrency has aided several other charitable foundations as well as raised more than $100 million for Ukraine on its own.
A family is behind the NFT initiative Belugies, which aims to help save the Beluga Whales. The project has donated $250,000 so far, demonstrating the power of a neighborhood banding together for good.
On-Chain Monkeys has raised funds for charitable organizations many times, including a community member auctioning their token for a UNICEF event, right after raising 100 ETH for Ukraine. The parent firm of OCM, MetaGood, has participated in numerous fundraising and charitable activities as well as humanitarian disaster relief efforts like evacuating a woman from Afghanistan and raising awareness of issues worldwide.
There are many benefits to using the blockchain for fundraising by charitable organizations. NFTs provide royalty fees in addition to being a new source of funding, and they frequently increase support, visibility, and donations over time.
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