While non-fungible tokens (NFTs) can take many forms, profile picture and digital art NFTs are some of the most well known. Given that NFTs enable digital artists to create and sell uniquely verifiable works of art, it makes sense that NFTs are booming within the artistic community.
Many NFT creators have chosen to support nonprofits that are focused on artistic and cultural programming. From organizations that mentor young artists to ones that empower underserved communities, these causes are often a perfect fit to receive the proceeds from NFT fundraising.
On the eve of this year’s Crypto Giving Tuesday, NFT artist Lascauxart made a generous donation of 16ETH to Free Arts NYC, an organization that provides art and mentoring programs to help underserved youth develop creativity and confidence.
“THANK YOU to Lascauxart—your generous gift is more than just a donation,” Free Arts NYC responded on Twitter when they saw the donation come in on Crypto Giving Tuesday. “It signals that the web3 community is invested in the next generation of young creatives. We can’t wait to share the impact of support for inspiring NYC’s youth.”
The donation was just one of many to launch a successful Bag Season—The Giving Block’s signature year-end crypto fundraising campaign—that has seen hundreds of thousands of dollars’ worth of crypto donated to charitable causes and the participation of dozens of NFT projects. This is just the beginning, with many in the NFT space eagerly looking ahead to what 2023 will bring.
What Crypto Donations Mean to Arts and Culture Nonprofits
Nonprofit organizations that are devoted to cultural celebration and arts education especially were impacted during the COVID-19 pandemic when traditional fundraising events such as concerts were put on hold, and mentors (such as music teachers) couldn’t provide programming in-person.
Not only did crypto donations provide a viable revenue stream for nonprofits when they were seeking further revenue sources, but many organizations are also beginning to view crypto as essential to their mission. Blockchain technology has impacted the way culture is experienced and shared, and crypto provides an opportunity to reach more people than ever before.
“Crypto is integral to the Foundation for Art and Blockchain. The grants we send to artists are settled on the blockchain, and even our initial funding came in the form of cryptocurrency.”
-James Baggett, Executive Director, Foundation for Art and Blockchain
It’s easy to support nonprofits that focus on championing arts and culture; NFT creators and other crypto donors can make a contribution to multiple arts and culture organizations through a single donation, thanks to The Giving Block’s Arts and Culture Impact Index Fund.
The nonprofits participating in this fund advocate across the United States and worldwide. Every dollar counts toward these organizations’ central missions of preserving art, performing plays, providing access to arts education, and more.
Learn more about the Arts & Culture Impact Index Fund and what you can do to support cultural preservation, educational arts programming for youth, and more.
Be a Crypto Hero and Support Arts & Culture Today
Like the NFT creator Lascauxart, you too can be a Crypto Hero and support the arts and culture nonprofits you love. Hundreds of organizations accept Bitcoin, Ethereum, and other cryptocurrencies through The Giving Block. Search today for your favorite nonprofit or browse the participating organizations in the Arts & Culture Impact Index Fund.
