The Food Bank Singapore Raises Fund Through NFTs
The Food Bank Singapore today launches its first aution of non-fungile tokens (NFTs) to raise fund to support 10,000 beneficiaries in Singapore with food and essential items for one year.
The NFTs feature FBSG’s mascot KooriMo and include a unique utility to benefit and honour the successful bidder.
The three sets were drawn by an artist from Smobler Studios, which today signed a memorandum of understanding to help FBSG establish a presence on the metaverse.
“We are aware many Singaporeans are apprehensive about cryptocurrency and the metaverse. This initiative is also part of an awareness and education campaign to acquaint our community to the Web3 space through familiar faces like Yung Raja, a meaningful cause and established partners such as FBSG to lend credibility and gravitas. Ignorance isn’t always bliss for a small country like Singapore so it is bestto lean in, learn more especially if we want to stay competitive and remain an innovation hub,” said Loretta Chen, Co-founder of Smobler Studios.
“NFT is a cool and interesting way to use art to spread our messages. From our
metaverse experiment, we hope to share lessons learnt with fellow nongovernmental organisations (NGOs) so that they too can consider this space for their
fundraising efforts,” said Nichol Ng, Co-founder of FBSG.
MOU with Nichol Ng, Co-founder of FBSG)
To align with the new economy and make it more convenient for a new generation of tech savvy donors, FBSG is among the first charity organisations to accept cryptocurrency as donations. FBSG works with Coinhako to ensure the transaction is secured and legitimate.
New ideas always come with challenges. For instance, charity organisations with IPC status such as FBSG are authorised to issue tax deduction receipts for donation received. However, cryptocurrencies do not qualify for such tax benefits as there is no existing framework covering donation using digital assets.
To engage the younger generation of donors, FBSG has also appointed local rapper Yung Raja as its first phygital ambassador. Chosen for his passion for the charity’s cause and knowledge in the digital space,
Yung Raja is tasked to spread the word on digital adoption, including championing crypto and NFT donations.
Originally published at The Neo Dimension.