In today’s business landscape, what’s just as important as a great product and market fit? If you said outstanding corporate ethics, you guessed right!
Modern consumers, particularly Millennials and Gen Z, expect the companies they support to practice corporate social responsibility (CSR) to help make the world a better place. But CSR isn’t just an afterthought, it actually serves a central strategic purpose for your business.
Establishing a charitable giving strategy or ethical production line practices can actually increase your bottom line. Good corporate citizenship expresses your brand identity and helps you connect with your target audience, all while making a positive impact on society.
A growing number of companies have launched NFT charity auctions and donated cryptocurrency to charities, enabling them to connect with a growing number of web3 users across the globe, who tend to be young, affluent, highly charitable, and eager to support brands invested in making change.
What is Corporate Social Responsibility?
Corporate social responsibility (CSR) is everything that a business does to integrate social and ethical concerns into its operations and interactions with its stakeholders, customers and community.
Numerous studies have shown that CSR efforts can help companies improve brand perception, gain consumer trust and boost employee morale, which positively impacts workplace productivity.
Brands Achieving CSR Success with Crypto, NFTs and the Web3 Community
The web3 space is a fast-growing force for good. In 2021, crypto donations of more than $330 million in value were donated to charities around the globe—including over $12 million from NFT related charitable auctions, fundraisers and proceeds.
Crypto and NFTs are leading a seismic cultural shift that’s disrupting the way we interact, transact, and express our identities.
With a CSR initiative geared towards this tech-savvy, forward-thinking user base, your brand can make a memorable impact, just like these innovative companies:
As part of a wider philanthropic effort called Circle Impact, global fintech company Circle made a $250k USDC donation to support humanitarian aid in Ukraine.
“Circle is proud to demonstrate solidarity with Ukraine by supporting The Giving Block’s Ukraine Emergency Response Fund to encourage the crypto and Web3 community and users of USDC everywhere to support humanitarian relief efforts,” wrote Dante Disparte, Chief Strategy Officer & Head of Global Policy at Circle.
The donation demonstrated Circle’s commitment to addressing global crises, it also highlighted the real-time mobilization of aid and relief that is possible with digital assets like USDC, a popular stablecoin.
Inspired by the ethos of Web3, which is intended to be inclusive and equitable, crypto and finance media brand Blockworks decided to donate a portion of ticket sale profits from its 2022 Permissionless conference to Girls Who Code, a nonprofit working to close the gender gap in technology.
“I can think of no two better partners for this initiative than Girls Who Code, which has an incredible legacy of using technology to further equality, and The Giving Block, which has defined what it means to use crypto as a force for good,” said Jason Yanowitz, Co-founder of Blockworks. “We’re honored to partner with such incredible organizations for this initiative, and look forward to the deeper meaning that this will bring to the Permissionless conference.”
Blockworks donated more than $100,000, thanks in large part to attendees of its annual conference, which brought thousands in the web3 community to Austin, Texas for learning and networking.
We believe Web3 can drive inclusion & establish a more equitable system 💜
— Blockworks (@Blockworks_) March 24, 2022
Another crypto media company leading the way in crypto-charged CSR initiatives is CoinDesk. The news brand has a track record of supporting charitable initiatives, from NFT auctions to poker nights.
In 2022, CoinDesk hosted the inaugural MetaGala, billed as “A Gala for Good,” during its annual Consensus conference. Ticket sales and sponsorships for the MetaGala raised over $160,000 for nonprofits supporting blockchain education for underserved communities, including Crypto Kids Camp, Girls Who Code, Code to Inspire and Crypto Tutors.
The donation was made in USDC via The Giving Block, which processed the cryptocurrency donations for the charities on the receiving end.
4. Magic Eden
Solana-based NFT marketplace Magic Eden gets points for adding a splash of creativity to their CSR initiatives by connecting charity to art and the NFT community.
Alongside Trippy Bunny Tribe, an NFT project whose charitable giving is well-documented, Magic Eden raised $25,000 in support of HOPE Inc., which provides financial assistance and other important life skills for low-income single parents.
The NFT marketplace also co-sponsored one of the most innovative web3 charity events of the year, which brought together two high-profile NFT communities. Apes vs. Punks, a hybrid virtual and in-person event, pitted holders of CryptoPunks and Bored Ape Yacht Club NFTs against each other in a friendly competition to see who could raise more money for charity. The crypto donations, which totalled $55,000 in value, were given to Riley Children’s Hospital.
HOPE works to provide financial assistance and other important life skills for low-income single parents. Giving them a chance at a better life pic.twitter.com/6WaHg81lyX
— Magic Eden 🪄 (@MagicEden) September 19, 2022
5. Code Green
This web3-based impact organization wants to “harness the power of Web3.0 for people, planet and progress.”
Led by Inna Modja, Code Green raises money through the blockchain (i.e., with cryptocurrency donations) by launching NFT charity auctions and connecting activists and art collectors to projects that are intent on making a social or environmental impact.
As philanthropic advisor to NFT project World of Women, it has helped direct more than $1M in cryptocurrency donations to nonprofit organizations like CARE, Save the Children and Outright International.
6. Input Output Global
The company behind the cryptocurrency Cardano (frequently among the ten cryptos with the highest market caps) has long been a proponent of blockchain education, funding educational projects like innovation labs and a university math center.
More recently, Input Output Global set up a fund to donate 500,000 ADA (worth ~$250,000 at the time of donation) to charities working to provide humanitarian aid in Ukraine.
“The power of blockchain and the crypto community to do good in the world shouldn’t be underestimated. Through this initiative, we are all able to provide charities with access to new sources of income which will go a long way to help the people of Ukraine in these incredibly difficult times,” said Charles Hoskinson, founder of Input Output Global.
Vayner3 is a digital agency that helps brands navigate the NFT, crypto, and metaverse space. Connecting the world’s foremost brands with a new demographic and embracing emerging tech trends is no easy task, but Vayner3 has made the transition look effortless.
Leveraging the visibility of contemporary art show Art Basel, Vayner3 gave the spotlight to charity partner St. Jude’s Children’s Research Hospital in order to highlight the potential for crypto philanthropy to have an even greater impact in the years to come.
“Our incredible partners at St. Jude Children’s Research Hospital used Art Week to highlight patient art, raise awareness for childhood cancer research, and lay the foundation for leading Web3 philanthropy,” wrote Adam Polansky, Vayner3’s Director of Client Partnerships, in a post on LinkedIn.
8. Stella Artois
Global beverage brand Stella Artois’s pivot to Web3 happened under Vayner3’s guidance.
To honor its long-term partnership with nonprofit Water.org, Stella Artois wanted to tap into the buzz around NFTs in order to reach an audience tuned into digital trends like the metaverse and cryptocurrency.
In collaboration with artist Eliya Stein, they released a collection of NFTs that would be sold in a charity auction, with all of the proceeds supporting Water.org. The collection sold out within a few hours and helped provide clean water toc communities in need.
9. TIME Magazine
TIME Magazine is another traditional brand making the jump into web3 with a blockchain-driven CSR activity. Its first web3 community initiative, TIMEPieces, launched in 2021 and has collaborated with more than 150 web3 artists and has over 60,000 collectors.
One percent of primary sales of its recent NFT collection TIMEPieces x Deepak Chopra: The Seven Collection will be donated to NeverAlone Mental Health Initiative, which supports web3 mental wellbeing programs.
In all, profits from TIMEPieces collections have helped support charities to the tune of more than $600,000.
Decentralized Finance (DeFi) is rapidly gaining popularity among the global crypto user base. Core developers of popular decentralized exchange (DEX) SushiSwap made a donation of 25 ETH (worth approximately $50,000 at the time) to support No Kid Hungry, a charity with a mission to end childhood hunger in the United States.
Diane Clifford, Managing Director of Constituent Development and Operations at No Kid Hungry wrote that the donation “will provide up to 500,000 meals for kids across America.”
SushiSwap has also established a community fund with $SUSHI, the platform’s native governance token, worth $1M at the time of donation. The fund will support a variety of causes, from environmental sustainability to medical research, through its grants.
Get Involved in Corporate Social Responsibility 3.0
The Giving Block is a trusted CSR partner for brands involved or interested in crypto, NFTs, and web3. As the crypto fundraising solution for 2,000+ charities including St. Jude’s, Save the Children, Direct Relief, and many more, our team is here to make your philanthropic vision a reality.
Let’s start a collaboration that makes an impact.