Fundraising & NFTs
White Paper on Nonprofit / Public Sector Fundraising via Non-Fungible Tokens (NFTs)
Focusing on a hypothetical case study involving art museums.
Articles on non-fungible tokens (NFTs, sometimes referred to as “Nifties”) have dominated tech headlines in recent months. What might this mean opportunity-wise for nonprofit and public sector fundraising?
Below, I’ll offer a brief summary of what NFTs are, using artwork as an example (including links to additional reading). Then I’ll jump into a hypothetical NFT-based fundraising scenario involving an art museum. I’m choosing art museums as my subject primarily because they’re prime examples of immense NFT profit potential.
Recently, I was discussing the New York Times article “The World Knows Her as ‘Disaster Girl.’ She Just Made $500,000 Off the Meme” with some successful working artists and musicians. Their responses ranged from (1) a few being “infuriated” (to quote one musician expressing anger at a digital asset being perceived as more valuable than the art itself), to (2) others struggling to understand why anyone would spend money on these (not that I can blame…