Millennials and Gen Z are being heralded as the philanthropic generation as the younger audience donates their fortune from NFT gains
Contrary to the popular trope that millennials and Gen Z are self-involved, these generations have actually been revealed to be generous and charitable. It shouldn't be surprising, given the strong spirit of activism that runs through their veins, especially when it comes to championing mental health, social causes, and environmental issues. Aside from patronising socially conscious brands and supporting those that align with their values, the philanthropy-minded generations is also showing support for their causes in a uniquely modern way: by giving donations in cryptos and NFTs.
Over the pandemic, millennials and Gen Z have given more than any other generations during the time period, demonstrating their economic power, generosity, and creativity with NFT donations as a new form of contribution. Many NFTs come with a charitable purpose, as buyers are associating with projects they feel most deeply connected to. Charity organisations have also begun taking crypto donations as well as raising proceeds from the sales of NFTs.
World of Women and Inclusivity
At the beginning of Women's History Month on 1 March 2022, Christie’s sold World of Women NFT #5762 by digital artist Yam Karkai for £567,000; this NFT was part of a series of portraits of women whose features were assembled by an algorithm that pooled assets from a set of 200 designs that Karkai created by hand. Patrons of the series were drawn not only to the concept, but also to Karkai's philantrophy: 15 per cent of the proceeds were to be reinvested in other crypto-art projects, while 7.5 per cent was to be given to charities dedicated to causes like educating girls and ending child marriage.
According to The Giving Block, about US$300 million worth of crypto is donated to charitable causes yearly—further noting that donations in the first half of 2021 already doubled the entire amount from the previous year.
Some donations are made through a smart contract, where sales of NFTs are donated regularly on an ongoing basis, either per sale or as a percentage of proceeds. In some NFT projects or Decentralised Autonomous Organisations (DAOs), holders can vote as a collective to select their beneficiaries. Because NFTs are trackable on the blockchain, charity fraud is eliminated as the technology prompts accountability with transaction records that are encrypted and decentralised. Donors are also attracted to the anonymity provided by the system, as only public key addresses are made visible, and are not identifiable.
NFTs for SDGs
