{"id":16312,"date":"2023-01-17T02:56:44","date_gmt":"2023-01-17T02:56:44","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/defi-daos-and-nfts-crypto-is-redefining-how-charities-raise-funds\/"},"modified":"2023-01-17T02:56:46","modified_gmt":"2023-01-17T02:56:46","slug":"defi-daos-and-nfts-crypto-is-redefining-how-charities-raise-funds","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/defi-daos-and-nfts-crypto-is-redefining-how-charities-raise-funds\/","title":{"rendered":"DeFi, DAOs and NFTs: Crypto is redefining how charities raise funds"},"content":{"rendered":"
Non-fungible tokens (NFTs),\u00a0decentralized autonomous organizations (DAOs), and\u00a0decentralized finance (DeFi) are redefining how charities raise donations and distribute funds to those most in need.\u00a0<\/p>\n
Through ever-evolving crypto and blockchain-related technology, crypto philanthropists told Cointelegraph that they’ve witnessed \u201cnew wealth distribution mechanisms” never seen before.\u00a0<\/p>\n
\u201cPhilanthropy has traditionally been seen as a high-cost-of-entry, individualistic activity but with web3, collective decision-making bodies like DAOs can use tools that streamline financial coordination and encourage more participation,\u201d explained Omar Antila, Product Lead at Crypto for Charity.<\/p>\n
\u201cCrypto enables new innovative fundraising strategies, like charitable NFT-drop campaigns, or allowing people to pool their crypto funds in decentralized finance (DeFi) protocols that earn interest for a specific cause,\u201d he added.<\/p>\n
In October, a number of breast cancer-focused organizations started implementing NFTs to highlight Breast Cancer Awareness Month.\u00a0<\/p>\n
Antila noted that he has seen many other\u00a0philanthropic communities built around non-fungible tokens (NFTs), which have raised support for many other causes in need, such as testicular cancer, human trafficking, and the war in Ukraine.<\/p>\n
Last year, UkraineDAO, a\u00a0decentralized autonomous organization crowdfunded $6.1 million for a 1\/1 Ukrainian flag nonfungible token (NFT). Proceeds were aimed at nonprofit organizations in Ukraine helping those affected by the Russian invasion.<\/p>\n