Web3 charity Teddy DAO is raising funds via daily NFT auctions

Web3_charity_Teddy_DAO_is_raising_funds_via_daily_NFT_auctions

Teddy DAO will conduct a daily auction of teddy bear NFTs in partnership with the fundraising platform JustGiving, allowing buyers to donate proceeds to a charity of their choosing.

The Web3 software company Lucky Friday introduces Teddy DAO, a collection of non-fungible tokens (NFTs) whose sale proceeds are donated to charity.
Together with the global fundraising organization JustGiving, Teddy DAO intends to use cryptocurrency as a funding mechanism to promote global social impact.
Beginning on June 23, Teddy DAO will run daily auctions for one of its teddy bear non-fungible tokens, which were designed by digital artist Yumi and issued on the cross-chain smart contract platform Moonbeam. The auction victors can then donate the proceeds to one of the 400 charities supported by JustGiving, after which the cryptocurrency is converted to fiat currency and donated via the platform.

In the future, Teddy DAO intends to utilize the 450,000 JustGiving-supported charities as part of its objective to help solve real-world problems through cryptocurrency donations.
David Chapman, the founder of Teddy DAO, told CoinDesk that the initiative was inspired by an NFT sale he conducted last year in which he sold a unique collectible and raised $15,000 for UNICEF. He noted that this event not only highlighted the demand for NFT-supported charitable donations, but also suggested that the method could be used to enroll new Web3 users.
Chapman stated, “Whereas NFTs have been predominantly for-profit and charitable donations have been rare, we thought it best to demonstrate a new use for NFTs by creating digital collectibles that will be minted once per day, thereby guaranteeing a steady revenue stream for charities within JustGiving’s network of partners.”

Crypto-based charitable donations have gained popularity as a means of leveraging blockchain-based currencies and NFTs for social impact despite an ongoing bear market that has largely stifled NFT sales.

This month, Vitalk Buterin, the inventor of Ethereum, donated $10 million from the sale of the memecoin Shiba Inu to an Indian covid relief organization. And in May, the cryptocurrency funding platform Endaoment partnered with the non-profit Global Giving to expand its list of organizations that accept cryptocurrency donations.

Content Source: coindesk.com

The post Web3 charity Teddy DAO is raising funds via daily NFT auctions appeared first on NFT News Pro.



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