Raising money for charity with NFTs

Hosted by PartyBid, the UkraineDAO has raised over $6.5M so far

UkraineDAO is a fundraising initiative raising money for the Ukrainian civilians suffering from the conflict in their country. The initiative is raising money for charity with NFTs. The project, organized by:

has seen over 2100ETH in cumulative donations. This is the largest NFT-based crypto raising effort surrounding Ukraine to date. Donors to this initiative will be part of a snapshot today (March 3rd), and will receive ~1000 $LOVE for every ETH they donated. Of course, if donors sent less than an ETH, they will get an allocation of $LOVE as well.

These tokens have no utility but represent one’s contribution to the project. These $LOVE tokens act as a POAP, or as they put it on the website, receivers should:

“maintain them in their wallets as a reminder of our world’s ongoing humanitarian needs.

How Are NFTs and DAOs Changing Charity?

In the case of UkraineDAO, donors were simply pooling as much money as they could to purchase their share of an NFT version of the Ukraine flag. We’ve taken a look at PartyBid before, and the basics of how their platform works.

But, this is potentially the start of a change in the way we raise funds. Prior, donors had to use platforms like GoFundMe to raise money on this scale. The amount of intermediaries in that process is truly stunning. Additionally, the issues that could arise from everyone donating to one individual, under the guise that the funds are going to where they say they are, are pretty obvious. But, when we start donating funds that anyone can track from the second they are donated, these issues start to go by the wayside. Additionally, the funds are unmovable without the approval of the DAO/signers as a whole. Anyone can donate by sending funds directly to UkraineDAO.eth and can be sure that their funds are going to their intended recipients.

Additionally, we’re starting to see the country of Ukraine using this tech themselves.

Donors sending crypto funds directly to the Ukrainian government are eligible for their own snapshot today. Donors will most likely receive their own POAP, similar to the UkraineDAO setup.

Raising money through cryptocurrency and NFTs seems to be an almost no-brainer. This won’t be the last time you see fundraising initiatives choosing to raise money for Charity with NFTs, as opposed to traditional ways. While this is the start, you can donate now, and be a part of history!

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