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How NFTs can Fight Poverty

NFTs Can Fight Poverty
NFTs, or non-fungible tokens, have taken the world by storm as an efficient way to invest and make a profit. In contrast to the also widely known cryptocurrencies such as bitcoin, each NFT is one of a kind, with unique pre-installed code and data. NFTs are not in typical commercial transactions. They are more like art pieces that people can sell, trade or buy. Since bidders and buyers use crypto graphics as displays of wealth and to represent property rights, it might be surprising to think that NFTs can fight poverty.

Twitter CEO Jack Dorsey sold his very first tweet as an NFT for $2.9 million with the intention of donating the sum to GiveDirectly, a charity that supplies cash to various communities in extreme poverty around the world. Pioneering this wonderful use of the NFT, Dorsey conveyed his profits to the Africa Relief Charity through GiveDirectly in March 2021.

What is GiveDirectly?

Paul Niehaus, Rohit Wanchoo, Jeremy Shapiro and Michael Faye founded GiveDirectly in 2008. As the name might suggest, this organization provides direct money transfers to families in need worldwide, especially in African countries.

GiveDirectly operates in Uganda, Kenya, Rwanda, Liberia, Malawi, Morocco, Mozambique, DRC, Togo and the U.S. So far, this program has distributed millions of dollars to 20,000 people within 197 villages and surveyed an extra 100 villages to act as a control group for research purposes.

On top of one-time donations, the charity offers various useful programs and opportunities. One of GiveDirectly’s most beneficial schemes is its Universal Basic Income program, through which willing donors may donate $1 per day per individual.

Donors have the option of supporting one individual, three individuals, 10 people or an entire village. Some recipients will collect ongoing payments for 12 years, making this a great giving opportunity for those who have just scored big with an NFT jackpot.

NFTs, Millennials and Charity

Most, if not all of the time, NFTs sell for large sums of money, leaving the seller with an instant and enormous growth in their wealth. NFTs typically range in price from almost millions to millions of dollars. According to Morning Consult, millennials are the generation most involved in collecting and selling NFTs; a shocking 23% of those involved in NFTs were millennials.

Additionally, millennials suffered the most financially from the COVID-19 pandemic because they also experienced the 2001 recession and the Great Recession. Between the Great Recession and the recession that the pandemic caused, millennials are no stranger to money shortages. They are either on an ongoing job hunt, just lost their job or are unlikely to see a raise. Consequently, it is no surprise millennials swiftly took advantage of the NFT money-making format.

Urging NFT sellers to give to reliable charities like GiveDirectly is thus one avenue through which NFTs could have a significant impact on global poverty. An increasing amount of millennials are telling miraculous rags to riches stories, similar to the stories of the most charitable celebrities and millionaires.

Since competitive bidding systems determine NFTs costs, it is easy to wait for an NFT to reach an exorbitant price. Mike Winklemann sold the most expensive NFT for $69 million. The craziest bids amount to sums the average millennial may never see in their entire lifespan.

Celebrities who come from humble beginnings are the ones who donate the most, most notably Brad Pitt and Kanye West. With this empathy toward the experience of living in a state of prolonged scarcity and uncertainty, along with Jack Dorsey and his sold tweet’s respectable example, more and more NFT sellers may use their gains to aid in fighting poverty.

How NFTs Can Fight Global Poverty

A rapidly increasing number of millennials and zoomers are gaining a keen interest in NFTs, so it is valuable to have conversations with peers about what the funds could go towards, such as charitable endeavors. The young populace in the United States should know that NFTs can help in the fight against poverty.

– Fidelia Gavrilenko
Photo: Flickr

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5 Celebrities Donating to Fight COVID-19

Celebrities Donating to Fight COVID-19
COVID-19 continues to threaten the world. Although celebrities cannot be on the frontlines, they are doing their part in the battle against the virus. From creating their own nonprofit organizations to donating to global charities, these public figures continue to support the improvement of global poverty and health. Here are five celebrities donating to fight COVID-19.

5 Celebrities Donating to Fight COVID-19

  1. Justin Bieber: Back in February 2020, before COVID-19 began largely affecting the U.S., Canadian-born singer Justin Bieber made a donation to the Bejing Chunmiao Children Aid Foundation. The organization, a public charity, focuses on bringing health, home and joy to underprivileged children in China. In Bieber’s donation announcement post on Instagram, he said, “China, we stand with you as a collective humanity.” Bieber recognized the importance of donating globally as countries fell one by one to COVID-19. A month later, he canceled his 2020 U.S. national tour to protect the well-being of his fans.
  2. Lady Gaga: When COVID-19 struck, singer sensation Lady Gaga took it upon herself to do more than just donate. She wanted to give voice to underprivileged communities, essential workers and volunteers risking their lives to help others. In collaboration with international advocacy organization Global Citizen, Gaga created the “One World: Together at Home” broadcast. This 8-hour fundraising phenomenon included performances and videos from superstars like John Legend and Beyonce. The event raised $127 million. All of the money is for the World Health Organization (WHO), the Coalition for Epidemic Preparedness Innovations and UNICEF.
  3. Priyanka Chopra Jonas: At the end of March 2020, Priyanka Chopra and husband Nick Jonas announced that they donated undisclosed amounts to 10 organizations, including UNICEF and Doctors without Borders, to do their part in fighting the COVID-19 pandemic. Chopra, an Indian actress, also has her own organization, The Priyanka Chopra Foundation for Health and Education. The Foundation works to support underprivileged children across India. A global UNICEF Goodwill Ambassador, Chopra is part of many efforts to protect child rights and promote education for girls.
  4. Rihanna: Popstar Robyn “Rihanna” Fenty created The Clara Lionel Foundation (CLF)  in 2012. The nonprofit aims to protect and improve education and emergency response programs around the world. The organization donated $5 million to global COVID-19 response organizations including the World Health Organization (WHO) and the International Rescue Committee. Additionally, CLF also joined forces with Twitter/Square CEO Jack Dorsey and Jay-Z’s Shawn Carter Foundation to donate $6.2 million to 11 organizations responding to COVID-19’s global impact.
  5. Jack Dorsey: Along with partnering with Rihanna and Jay-Z, billionaire Jack Dorsey pledged $1 billion, 28% of his net worth, to his own limited liability company called Start Small. Furthermore, Dorsey intends the fund to support global COVID-19 relief and girls’ health and education. Although he has not specified how much of the $1 billion will go to COVID-19 relief, Dorsey is maintaining transparency. He tracks all donations on a spreadsheet open to the public. If 10% of the fund goes to supporting the COVID-19 crisis, the donation would be the largest from a public philanthropist in the U.S. during this pandemic.

These five celebrities donating to fight COVID-19 show that while some celebrities invest money into existing global charities and others create their own, all fight to improve people’s livelihoods. These celebrities serve as a reminder to use privilege and societal standing to benefit those who are less privileged, especially during a global pandemic when the entire world is struggling.

– Kiyomi Kishaba 
Photo: Flickr