There’s a lot of talk about NFTs in the digital world, and that means that a lot of businesses are reading up on them. For charities and non profit organisations, NFTs could be a thing of the future, with different functions of the charity being able to benefit from NFTs. It sounds exciting, and it is, but there’s a lot of things to learn and knowledge to gain about NFTs to make the most of them in the charity sector. We’ve done our best to simplify it so that you get your head around what NFTs are, how charities can use NFTs for fundraising, and what you need to do going forward. Let’s start with the basics:
What is an NFT?
In short, an NFT is a non fungible token. But, what’s that? Well, non-fungible means that it can’t be replaced. In that sense, it’s different to bitcoin or crypto currency, because that can be traded. Mostly, they’re bought using ethereum blockchain. They can be anything digital, like drawings or music, and digital art seems to be the biggest form of NFT at the moment. Basically, it’s a unique digital token.
How can charities use NFTs for fundraising?
NFTs are actually opening the door to new ways of fundraising. Is it time for charities and non profit organisations to leverage this technology and use it to their advantage? Well, there are pros and cons to NFTs, and there are still some obstacles to get over in order to really make the most of them. But, projects are currently getting a multitude of donations, and it seems like it’s only going to become more prolific. We’re talking more and more auctions of digital assets to fundraise for different charities and non profit organisations.
NFTs for charities
For non-profit organisations and charities, NFTs are probably going to be a thing of the future. So, what can you do going forward? Make sure that you stay alert and do your research. Really see how NFTs can help you in your charity through projects leading charitable fundraising. Once you understand how non fungible tokens work, you can see how they can benefit you in the charity sector. Have you got your head around NFTs now?
Here at Alcimi, we specialise in digital strategy, and can assist your charity with anything in the digital sphere. Contact us and say hello today to see how we can help you!