Fungii Studios advises NGOs, non-profits, and charitable organizations and pairs them with digital artists to create campaigns that raise capital for worthwhile causes harnessing the power of NFT technology, providing a new revenue stream and engagement tool for nonprofits.
NFTs (non-fungible tokens) function as digital assets stored on the blockchain that are uniquely identifiable. NFTs are essentially digital receipts recording ownership of digital and physical assets such as art, videos, wearables, or objects on a blockchain, and are deemed “the next chapter of crypto”. While NFTs are widely known for the use in digital art, they offer many other functions and solutions.
Currently NFTs are widely used as collectables of digital art, where digital artists sell their creations and keep the majority of funds. We believe NFTs can also be used as a method to raise funds, where the NGOs keep the majority of proceeds from NFT sales instead, which is fully trackable on the blockchain’s public ledger.
Blockchain is a system of recording information in a way that makes it difficult or impossible to change, hack, or cheat the system. A blockchain is essentially a digital ledger of transactions that is duplicated and distributed across the entire network of computer systems on the blockchain.
There are many blockchain platforms to choose from when launching NFTs, commonly known as Layer 1 blockchains, such as Ethereum, Solana, Terra, Cardano and Near Protocol. Each one has its own benefits, community and varying environmental impact. We will consult you on the best platform to launch on based on your needs.
While NFTs can be seen to be speculative assets, which only grow as a result of more and more people buying them, when NFTs are used as a method of donation, the underlying need for their value to increase is no longer of primary concern, as the original donation has already been transferred to the sponsoring organization.
While there are fake NFTs in the market and nefarious people may try to scam unsuspecting investors, the Blockchain and Smart Contracts are able to directly link the funding produced by the sale of your NFTs to your organizations wallet while leaving your organization a direct connection to true holders of your NFT.
Many cryptocurrencies, including Bitcoin & Ethereum, as well as some NFT projects have come under scrutiny because of the negative environmental impact the currency mining, which serves to maintain the blockchain. There are several crypto currencies that offer substantially reduced environmental impact in the operation and have growing NFT platforms. We will consult you on the best platform to use based on the environmental impact.
NGOs are able to set the required donation amount per item and the number of items in a collection to achieve their fundraising goals for a project. Further, organizations are able to receive royalties on any resale of NFTs to generate fundraising efforts beyond the initial goal.
NFTs can be used to demonstrate membership as part of your donor base and can be utilized by organizations to offer invitations to events, access to the metaverse, and offer new touch points for NFT holders.
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