- Polygon Labs reveals that a handful of NFT projects are now redefining the philanthropic ecosystem through “for good” digital collectibles.
- The likes of Polyraiders and the Troglodyte Society are some of the few NFT projects committed to providing resources through the movement.
Non-fungible tokens are becoming a tool for philanthropy, as NFT users approach these tokens from a different angle, and engage in more community-based charity activities.
Polygon recently disclosed that “for good” digital collectibles are becoming a big deal in the NFT space as they create new and improved ways for users to partake and interact with philanthropy and form communities to take purpose-driven action together.
Very recently, NFT projects like Polyraiders set aside significant funding necessary to deliver 1,100 sanitary products to girls in Nigeria. Earlier this year, Troglodyte Society, a registered charity and NFT community focused on providing aid to children in Sierra Leone set up funds to provide food for 650 kids and 500 adults with disabilities in Freetown.
These emerging NFT groups are pioneering new and better ways to channel value through a good cause. These movements have also highlighted the many ways in which NFTs are reshaping philanthropy, uniting collectors to pool resources, driving social movements, and even creating direct donor<>recipient relationships.
Participants of the movement can multiply their donations through group effect of support groups, by minting an NFT and contributing funds through community entry.
“Across a number of emerging communities, Web3 tools mean that philanthropy can be reshaped such that there are direct relationships between givers and recipients, transparent distribution of funds, and true horizontal, ground-up governance.” Polygon stated in a recent blog post.
Communities have the option to carry out donations directly or adopt an intermediary
The power of NFTs helps unlock additional value and make acts of giving more flexible. With impact transparency embedded in technical infrastructure, through blockchain, funders gain direct insight into how their contributions support projects.
The structure of NFTs is also flexible enough that it unlocks additional value, as transparency has already been added to its technical infrastructure. Using blockchain technology, funders can gain direct insight into their contributions and how it supports projects.
Donors can also adopt different options when carrying out community donations. One allows NFT communities to partner with existing NGOs and provide funding from NFT sales and secondary royalties.
Alternatively, donors can opt for direct fund delivery and bypass intermediaries, which could further help to maximize the impact of every dollar donated.
Polygon also reiterated its commitment to nurturing and sustaining this cause, as it revealed that it is working to build a flexible framework.
“Polygon Labs continues to work closely with Impact Plus to map the ecosystem and build a support framework to foster a healthy environment of collaboration for impact on Polygon….Together, we can build an equitable future for all through the mass adoption of Web3!” The blog read.
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