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Fidelity Charitable NFT Raffle

29, November, 2022

in Latest NFT News

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Fidelity Charitable, an autonomous charitable trust, has launched the "Art of Generosity," a unique non-fungible token (NFT) project meant to honour generosity.

Fidelity Charitable is getting into NFTs despite the crypto winter, which has led to the dissolution of many big crypto and NFT projects in recent months.

Participants in the raffle, which ends today, can win one of the NFTs. Fifty people will also receive $1,000 to donate to a Fidelity donor-advised fund.

Donor-advised funds enable donors to claim a charitable tax credit before donating to an eligible non-profit. According to Amy Pirozzolo, head of donor engagement for Fidelity Charitable, the promotion is being run to reach a new generation of philanthropists.

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Cryptocurrency donations

Fidelity claimed that donations made in cryptocurrencies to donor-advised funds skyrocketed last year, increasing from $28 million in 2020 to $331 million last year.

Engiven facilitates cryptocurrency donations to non-profits such as Christian ministries. Co-founder and CEO James Lawrence estimates that only 4,000 or 5,000 of the 1.5 million-plus non-profits that are registered with the US IRS (Internal Revenue Service) could receive cryptocurrency donations directly.

He also noted that many people making significant gifts in Bitcoin are the same types of donors that make large donations generally, rather than the younger demographics who are more prone to invest in cryptocurrencies.

According to Robbie Heeger, Endaoment's president and CEO, there is a great opportunity for non-profits to transition from paper checks to cryptocurrency. Heeger further said that the cryptocurrency space is very focused on adopting flywheels and ways to incentivize or encourage traditional economies to migrate into the crypto economy.

Fidelity Charitable: NFT project

According to Fidelity, 50,000 different wallets potentially show that many people have already registered to create an NFT and could win the money to donate.

The company is covering NFT production costs, including a "gas" fee that covers the creation and registration of the item. It has also stated that it has compensated the artists who created the images.

To claim the NFTs, users must create a cryptocurrency wallet with access to the Polygon blockchain. The Fidelity Charitable NFTs are hosted on the OpenSea platform.

When participants sign up, they will see the NFT in their wallet, but the art and the winners of the $1,000 tickets will not be revealed until Giving Tuesday (29 November).

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Author: Harsh Verma

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