The world of NFTs is changing fast. It is different today from what people described it a few years ago. What was expected to be a passing cloud is a trending talk today. By the close of 2021, the NFT market had soared to $44.2 billion.
The highest valued NFT sold online was artwork sold at $69.3 million. Going beyond the collectibles and art, NFTs are now playing a key role in raising money. It has been used for environmental conservation and charitable fundraising.
What are NFTs?
In the real world, items of art are tangible. An artist can create attractive paintings or drawings and display them in a store. They can also paint them on a wall for people to admire them. This kind of art has existed in the world for many centuries.
Art in the virtual world is different. You can see it, but you cannot touch it. When art is created in the digital world, it is termed NFT. It means non-fungible token. It represents objects in the real world. However, it can only exist online. It is often used in digital gaming and collectibles. The first NFT version was created in 2017. Since then, hundreds of other versions have emerged.
How does the NFT help students get rid of bullying?
Bullying is a big issue in most schools. The victims can help fight the vice by pouring their emotions into painting. If they understand NFT meaning, it is possible to change their paintings to NFT art. The art can then be sold in the NFT market to raise money to help fight bullying. Understanding what NFT is and selling tokens is not enough. A student should read free essay topics on bullying on EduBirdie online service. The free examples are written by professional writers who hold degrees like Ph.D and M.Phil. They aim to help students understand the problem of bullying and how to get a solution.
How is NFT used for social impact?
NFTs run purely on the blockchain. Due to this, it is impossible to alter the original NFT. It also makes it possible to own an NFT for the first time. Currently, people are forming NFTs based on decentralized communities. Due to the way they are growing fast, online communities have created ways to add social value. Some of the money raised is used to improve society.
For example, the Apocalyptic Apes have a mission. They aim to improve the earth by cleaning the ocean. Another example is the Typical Tigers, who are supporting tiger rescue projects. Honey badges is another NFT that is raising money to improve human lives. They support enhancing human rights, equality, and quality of life.
Women Rise raises funds to support gender equality, education for girls, and women’s rights. Some of the money is used to build schools. The Meta Bosses Club has 9,180 tokens. They aim to raise anti-bullying awareness. The Impact Women NFT was launched by the Philanthropic Project. It aims to raise money to fight domestic violence.
Will NFTs become the benchmark for social impact initiatives?
Since the first NFT was launched, the right owners have focused on making profits for themselves. It was only recently that focus started changing. More people are using them for social impact projects. NFTs have a greater advantage. It is easy to market them and build a strong team around them.
The community around you becomes your campaigners. The rewards and ranking system encourage participation. Members take the tokens as a way of gaming to discover more. The NFT keeps growing as your community grows. Due to this, NFTs are becoming the benchmarks for social impact projects.
They don’t have an end date, so to speak. They can help raise money for both current and future projects. NFTs are created and sold on blockchain. Due to this, they are regarded as highly secure. The original NFT remains original. It doesn’t matter how many times it’s sold or discovered.
Money can consistently and continually be raised through NFT. The money can continually help fight poverty. It can help fight racism, improve education, the environment, and many other projects.
NFTs are the latest online phenomenon. They were initially used as profit-generating tokens. Today, they are used for social impact projects. Various artists have created NFTs to raise funds. Some have succeeded in raising hundreds of thousands of dollars. The money raised goes to support social impact projects. They help fight against poverty, racism, and inequality. The money is also used for environmental wellness projects and enhancing education.
Carla Davis spins words into magical essays and blogs that her audience is left in awe of her. She consistently manages to keep the readers hooked till the last word in her essays, blogs and creative stories. She’s currently doing a book on how student entrepreneurs make it big in the corporate world.