Non-profit volunteer organization New York Cares is embracing the world of Web3 philanthropy by selling non-fungible tokens (NFT) to raise funds for Stand with Students, an initiative to help support local public schools that have faced disproportionate socio-economic struggles exacerbated by the COVID-19 pandemic.
Although fundraising efforts have seen success over the last three years, Keith A. Grossman, Time president and New York Cares board member, told CoinDesk he’s not only passionate about raising money for underprivileged students, but also about implementing technologies to propel a new wave of philanthropic efforts.
“In Web3, there is a desire and an intent for people to show that the space has tremendous good in it. Doing something like this is the best example to highlight the good,” said Grossman.
The collection will feature over 16,000 digital pieces created by Open AI’s DALL-E. Each artificial intelligence-generated piece is inspired by different Winston Churchill quotes that are interpreted in the style of 13 artists including Andy Warhol, Frida Kahlo and Jean-Michel Basquiat.
Individuals who previously signed up for Grossman’s “About Nothing” allow list can now mint digital artworks that are priced at 0.05 ETH (about $65) each. The site will be open to the public on Friday at midnight ET, and will close Sunday at noon.
All of the proceeds from the first and secondary sales will go towards bolstering academic programs, providing school supplies and enrichment programs throughout New York City.
New York City Department of Education Chancellor David C. Banks said in a press release that he is ready to embrace new technology to uplift over 1 million students across the roughly 2,000 schools he oversees.
“To ensure a bright future for our young people, we must collaboratively take a technologically driven approach to supporting our schools and our young people,” said Banks.
Several other efforts have also used NFTs as a philanthropy tool. In March, the Ministry of Digital Transformation of Ukraine created an NFT museum to digitize and reflect on moments from the Russian invasion, with proceeds donated to Ukrainian efforts. In October 2021, a high school student released a Solana-based NFT collection to raise money for Beluga whale conservation as well as children’s hospital funds.
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