The social influence of non-fungible tokens

CHENNAI: Think NFT and we think crypto kitties, crypto punks, bored apes and the imagery of eclectic digital artwork and the millions of dollar collectors are splurging to own a piece of this surrealistic phenomena. Initially discounted as a mere passing fad, the market for non-fungible tokens (NFTs) has surged. To unlock the full potential of NFTs for novel use cases, including charitable fundraising and environmental conservation, some key challenges need to be urgently addressed.

NFT’s one of the more exciting developments has been the purposeful social impact projects that have arisen. These projects have helped bring awareness and funding to many important social causes and have been another great example of the power of crypto and blockchain in contributing to social good. I am sharing some here that would make us look at NFT’s with a renewed respect and admiration for NFT’s are not just hype or a millionaire’s playground.

Women Intense NFT, is a great initiative from India. It is an NFT collection consisting of unique art pieces representing a diversity of women from across the world. Women Intense NFT wants to powerfully communicate gaps in these areas to encourage girls and women to access more resources and opportunities to make life better for themselves, the community and making the world a better place, while helping make the NFT space more inclusive and diverse.

Another wonderful initiative is ChangeDAO that believes that NTFs can be a driving force for social impact. They have created the “Triple P NFT” model, in which every digital asset benefits multiple stakeholders: people, planet, profit. Each ChangeDAO NFT supports a worthy cause, and they are working hard to minimise energy consumption, and purchase carbon offsets to cover the energy used in the minting of their NFTs. Impact is a great collective looking to use NFTs for social impact, and has the simple mission to “make philanthropy an integral part of Web3.” They accomplish this by assisting charities with accepting cryptocurrency donations, while creating commemorative NFTs that are provided to donors to acknowledge their crypto donations. 95% of all funds raised by Impact go to charity.

The Digital Art for Social Impact is yet another great programme. It is an innovative collection of NFTs minted on the polygon blockchain collaborating with NFT artists from Venezuela, Canada, and Nigeria. Their mission is to provide future education and improve the living conditions of kids in rural communities around the world. For starters, they have converted 100 hand-drawn arts from underprivileged children into minted NFT Arts available on online NFT marketplaces to improve the quality of life for underprivileged children across the globe.

Women and Weapons, is another project that leverages NFT’s. It is a collection of 10,000 diverse women NFTs, with hundreds of attributes which make each verifiably NFT’s for social Impact unique. 5% of all proceeds raised through the project support The Malala Fund, an organization that supports equitable access to education for women around the world.

NFTs, blockchain, cryptocurrency, and Web3 can have a real social impact through technology by using these innovations to focus on good causes, charities, and social issues. With the tremendous interest in NFTs, it is only a matter of time before they become a mainstay in the operations of those start-ups working to solve issues and make the world a better place.