Every day, we get to learn a new use of crypto and the blockchain, whether it’s good or bad as the technology continues to rapidly expand. Today’s use, fortunately, is for the good, and it benefits people in many ways, whether you look at the face value or the economic aspect.
Recently, the charitable use of cryptocurrencies has gained a lot of popularity, especially during the current humanitarian crisis in Ukraine, which has spurred millions across the globe to donate to the cause. According to Una Osili, people usually donate their most appreciated asset, which for most new to middle-aged investors is cryptocurrency, and crypto companies are recognizing this. Crypto.com has played a key role in raising funds for Ukraine through cryptocurrencies and NFTs, which end up being converted into US dollars before being donated. Since we are dealing with cryptocurrency, which qualifies as property taxes, these donations become tax-deductible, which is making this attractive to a lot of people and companies.
NFTs go a step further in this donation idea, with many ideas floating around in the crypto space. The most complicated part would be dealing with the “value” of each NFT per say as that is very subjective, but people believe that NFT art sales could occur, with a certain percentage of the sale price going to charity as part of a crypto fundraiser. This could be something that helps validate the value of NFTs to people in the world as the industry has been taking a hit recently, but it stands to see if this could be viable for non-profit charities going forward.
I am not a financial advisor and my comments should never be taken as financial advice. Investments come with risk, so always do your research and analysis beforehand.