Značka: Charity

What the Russia-Ukraine conflict has revealed about crypto

The Russia-Ukraine conflict has tested the capabilities of crypto in a real-world conflict where sanctions and inventive blockchain crowdfunding models abound.The war, which is drawing into its ninth month, has uncovered a raft of blockchain benefits, such as the capacity to support humanitarian endeavors. It has also revealed how much control national authorities can exert over crypto networks.Vadym Synegin, co-founder at IT and crypto solutions provider Tecor, told Cointelegraph that cryptocurrencies have a unique advantage in situations where there is an increased risk of money transfer interruptions due to the centralization of conventional systems.“With most markets controlled by centralized authority figures that can easily buckle under the political tensions, the crypto markets remain more or less decentralized, meaning that their operational efficiencies during periods of crisis are further enhanced,” he said.So, what other aspects has the Russia-Ukraine conflict revealed about crypto?Crypto donations for humanitarian aidThe Russia-Ukraine conflict has shown that cryptocurrencies can be used for fundraising in military conflicts. Notably, the Ukrainian government began accepting crypto donations at the beginning of the year in a bid to enhance donor inclusivity, and this led to the creation of the Crypto Fund of Ukraine.The nation’s Ministry of Digital Transformation is currently in charge of the fund, which was set up in conjunction with Kuna, FTX and Everstaketo buttress Ukraine’s humanitarian aid and military programs. The project has enabled the Ukrainian government to raise over $100 million in cryptocurrency donations so far.That said, some pro-Ukraine crypto fundraising groups have turned to novel crypto instruments such as decentralized autonomous organizations (DAOs) to raise funds for the nation.The UkraineDAO, which is among the most prominent of the lot, was created in February for the sole purpose of providing monetary support to Ukrainian soldiers. The project’s co-founders include Russian critic Nadya Tolokonnikova, who is also a founding member of the Pussy Riot feminist protest group. Other UkraineDAO founding members include PleasrDAO and Trippy Labs, a generative NFT studio. The project has raised over $8 million so far.Among the most notable successes of the UkraineDAO was the recent sale of a nonfungible token (NFT) of the Ukrainian flag that fetched just over $6 million in Ether (ETH). It is currently ranked among the top 20 most expensive NFTs of all time.Recent: Does the IMF have a vendetta against cryptocurrencies?Cointelegraph had the chance to speak with Kayla Kroot, the co-founder of the Koii Network, regarding the current use of crypto in the Ukraine situation. Her company is involved in the development of novel blockchain models, including Web3.According to the executive, cryptocurrencies have enabled citizens caught up in the war to maintain access to their money during these trying times:“Cryptocurrency was developed to help global citizens maintain control of their money.” Kroot also noted the increased use of digital coins by humanitarian groups operating in the nation. “Organizations such as World Central Kitchen performed crowdfunding campaigns. In WCK’s case, this involved accepting donations in ETH. These funds were dispersed with fewer restrictions and oversight, allowing money to more easily get to the hands of those who needed it most,” she added.Scammers take advantage of well-wishersWhile crypto donations have been helpful in furthering the Ukrainian cause, some malicious entities have blighted noble efforts by well-wishers.Some scammer syndicates have attempted to beguile donors by pretending to be representatives of authorized crypto exchanges involved in Ukraine fundraising efforts. Cybersecurity experts estimate that millions of deceptive emails employing the tactic have been sent out so far.Some of the emails contain messages of distress from cybercriminals purporting to be Ukrainians in dire need of financial aid.The influx of such messages subverts the cause of helping Ukrainians by making it harder for the real victims to get the help they need.There have also been reports of scam messages being spread on social media platforms. At this juncture, it is important to note that well-wishers should only donate their crypto via official Ukrainian government channels in order to avoid possible scams.Besides fraudulent posts appearing on social media, scam messages soliciting crypto are also popping up on the dark web.The dark web is an overlay internet network made up of unindexed websites that are invisible to standard browsers and search engines and can only be accessed using special browsers.The dark web is intentionally hidden from regular users for a good reason. It harbors all manner of illegal activity that includes black markets for illegal drugs and guns. Blackhats also use the dark web to sell stolen personal credentials.As such, there is little surprise that scammers are spreading fake messages on the dark web to cheat Ukraine supporters out of funds. Many of the messages have been found to contain links to phishing sites that are designed to steal crypto.According to a McAfee investigation into the schemes, some of the websites utilize fake chatboxes to simulate user activity, while others make use of mock-up donation verifiers to look more authentic.Early on in the Russia-Ukraine war, a more sophisticated group of fraudsters attempted to carry out a scam fundraising effort using the Peaceful World (WORLD) token. This is after the Ukrainian government announced an airdrop and then subsequently canceled it.The scammers launched the fake airdrop hours before the government scrapped the move in favor of NFTs. Industry experts and security analysts were quick to point out discrepancies in the fake giveaway, thereby forestalling the scheme. Governments can limit cryptoSatoshi Nakamoto, the pseudonymous creator of Bitcoin (BTC), developed the first cryptocurrency in order to devolve the control of money away from governments and centralized financial institutions.However, the Russia-Ukraine conflict has demonstrated that it’s possible for regional blocs and major jurisdictions to impose bans and exert control over cryptocurrencies.In October, the European Commission announced sweeping sanctions targeting Russian crypto custodial wallets under the control of European enterprises and exchanges. EU blockchain companies were additionally prohibited from providing crypto custodial services to Russian entities.The new laws were enacted in response to Russia’s invasion of Ukraine in order to prevent Russia from evading sanctions.Previous restrictions placed a trade and deposit limit of up to 10,000 euros on Russian crypto wallets and accounts.Recent EU crypto enactments have forced some major exchanges, such as Binance and Coinbase, which have operations in Europe, to restrict services to Russian individuals and companies to avoid a regulatory clash.Other regulated crypto exchanges such as Kraken, Crypto.com and Blockchain.comhave also ceased providing crypto services to Russian citizens as a result.Meanwhile, Russian authorities seem unsure of how to handle the flurry of crypto wallet prohibitions and the occlusion of major Russian banks from the SWIFT money transfer system. The ban on these systems has effectively locked out the nation from major international financial markets.In July, the Kremlin passed a law that banned the use of cryptocurrencies for making payments. However, the Russian government recently changed its tone. In September, the Russian central bank and the Ministry of Finance agreed to allow the use of cryptocurrencies for cross-border payments.Recent: Bitcoin miners rethink business strategies to survive long-termThe move was designed to promote the use of local crypto exchanges amid rising geopolitical tensions that left many Russians with limited options.The Russia–Ukraine conflict has showcased the use of crypto in community effort settings for the common good. While the Ukrainian government has raised millions of dollars from direct crypto donations, some digital currency fundraising efforts have been undermined by scammers out to make a profit from the war. More crypto advantages and limitations are likely to crop up as use cases emerge in more diverse environments.

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NFTs and crypto provide fundraising options for breast cancer awareness

The hype around nonfungible tokens (NFTs) may be fading, yet a number of organizations continue to implement Web3 initiatives. Nonprofit organizations and activists, in particular, have begun implementing nonfungible token projects to help fundraise and generate awareness for certain causes. While these methods are still new, NFT projects for philanthropy have been met with relative success. A recent report from crypto donation platform The Giving Block found that nonprofits using The Giving Block received more than $12.3 million dollars in cryptocurrency donations from NFT-related charitable giving initiatives in 2021. The report further noted that charitable organizations using NFTs are presented with the opportunity to connect with younger donor demographics while diversifying donation methods. NFT projects for Breast Cancer Awareness Month Benefits such as these can be especially helpful for raising awareness around life-threatening diseases. number of breast cancer-focused organizations have started implementing NFTs this October to highlight Breast Cancer Awareness Month. For example, Shaney jo Darden, founder of the Keep A Breast Foundation (KAB) — a California-based nonprofit that aims to reduce breast cancer risk — told Cointelegraph that KAB focuses on engaging with younger generations to bring attention to breast cancer. She said:“Even though women over the age of 40 are typically diagnosed with breast cancer, early detection can result in a 98% survival rate. Given this, KAB aims to generate awareness about breast cancer through encouraging and fun ways, like using NFTs to educate young women.” Darden said that last year, KAB hosted an exhibition in the CryptoVoxels metaverse to raise money for breast cancer research. “We wanted to do an event in the Metaverse as opposed to conducting a membership drive or gala, since this opens access globally,” she noted. Based on the success of this, Darden explained that she wanted to continue to implement Web3 initiatives — especially those involving artwork created by women — to generate awareness around breast cancer. Most recently, Darden partnered with the NFT project NFTitties to raise funds for KAB’s breast cancer prevention and educational initiatives. Carlota Dochao Naveira, founder of NFTitties, told Cointelegraph that the women-led project celebrates women, art and breasts to raise funds to fight breast cancer. “Emerging artists and activists were invited to submit an artwork representing breasts, following a set of visual guidelines. The artworks were then vetted and, if selected, included in the first release of NFTitties,” she said. NFTitties #1.14 by Medici_Labs. Source: OpenSeaAccording to Dochao Naveira, almost 30 NFTs were sold during the first week the project launched on Oct.1. She further pointed out that NFTitties has helped onboard more women into the Web3 ecosystem since the initiative encourages women artists, activists and others to submit their artwork to be presented as nonfungible tokens. Other organizations are implementing different forms of NFTs to educate individuals on this type of cancer that affects one in eight women. For example, the women’s handbag designer Vera Bradley announced on Oct. 3 that it will be donating almost 100% of the proceeds generated from its fashion NFT drops to The Vera Bradley Foundation for Breast Cancer.Jennifer Bova, vice president of marketing at Vera Bradley, told Cointelegraph that to date, the foundation has raised and donated more than $38 million to support critical advancements in breast cancer research. Yet, Bova noted that Vera Bradley has started focusing on marketing in the Metaverse to attract new users by attaching philanthropic utility to its digital and physical fashion NFTs. “Through its NFT PFP backgrounds, Vera Bradley hopes to drive awareness for fundraising, as well as female-led conversations and initiatives in Web3,” she said.We’re proud to announce through @TheGivingBlock, we’re now accepting #DOT donations to support lifesaving research in all areas of #breastcancer, from basic biology to prevention to treatment & to survivorship. Donate @Polkadot and 80+ other #cryptos today https://t.co/XoT7atRdV5 pic.twitter.com/JgTYBx1JkQ— Susan G. Komen (@SusanGKomen) August 10, 2022It’s also notable that Susan G. Komen, a leading breast cancer research foundation, recently began accepting crypto donations to enable cryptocurrency holders to give back. Michelle Strong, vice president of marketing strategy at Susan G. Komen, told Cointelegraph that about a year and a half ago, the organization began receiving requests from individuals interested in donating cryptocurrency:“We implemented this feature nearly a year ago with the help of The Giving Block. This has driven interest from both current and new donors, as crypto donations have opened doors to those who haven’t been able to give before but were interested in being charitable.” Based on the successful implementation of crypto donations over the past year, Strong mentioned that Susan G. Komen will be incorporating crypto donations, along with other digital donations received during the week of Oct. 9–15, to fund the organization’s metastatic breast cancer excellence in research award. “Oct. 13 this year is ‘metastatic breast cancer’ day, which is the most advanced stage of the disease. Susan G. Komen is giving out the excellence in research award to bolster investment around this specific area of research and cryptocurrency is another great way to support this,” she remarked. Web3 initiatives are helpful, but not necessarily betterWhile the use of NFTs and crypto donations to support breast cancer is innovative, these initiatives are still only helpful ways to bring attention to certain causes. For instance, Bova pointed out that driving awareness and funds for breast cancer research in the Metaverse is not necessarily better but rather an additive resource to tap into new donors and volunteers. Echoing this, Darden mentioned that incorporating NFT projects with KAB enables the organization to diversify its funding, yet it hasn’t proven to be a better solution in comparison to traditional fundraising mechanisms:“Many NFT projects die out over time, so KAB is taking a risk by being a part of certain projects. However, NFTitties has a clear goal and beautiful art that resonates with the KAB community.”Indeed, even though there are a number of risks associated with NFT projects, nonfungible tokens remain appealing when it comes to increasing user engagement and interest. “Susan G. Komen is happy to benefit from NFT projects that others are able to pull together. We are currently in conversation with an NFT project that aims to benefit our organization,” Strong noted. Yet, it’s also important to point out that, in addition to risks, there are challenges associated with implementing such projects. According to Dochao Naveira, targeting traditional NFT investors can be difficult when it comes to women-led initiatives “There tends to be a bro-culture in the Web3 space that doesn’t care as much about certain projects. There can also be difficulties with helping mainstream users set up a MetaMask wallet,” she said. But, as time progresses, Web3 projects aim to incorporate new features to help ease onboarding and educate new users. For example, Carmen Toal, CEO and co-founder of Sprkl NFT Studios — a platform working with nonprofits and individuals to implement NFT technologies — told Cointelegraph that mainstream users typically need more guidance when it comes to participating in NFT projects. As such, she mentioned that Sparkl NFT Studios incorporates familiarities with charitable NFT initiatives. “We sometimes include a ‘donate now’ button that is not directly attached to an NFT,” she said. Most recently, Sprkl NFT Studios partnered with the National Breast Cancer Foundation, Inc. (NBCF) on an NFT artwork fundraising campaign for Breast Cancer Awareness Month. Candice Hensley, senior manager of strategic partnerships at NBCF, further told Cointelegraph that working with Sprkl NFT Studios is part of the organization’s strategic plan to diversify its funds. Sprkl NFT Studios commissioned artist Pola a Yim to create and draw an original flower bouquet for a digital NFT to support Breast Cancer Awareness. Source: Sprkl NFT Studios

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Happy birthday Hal Finney: Crypto community honors world's first known Bitcoiner

Finney was also the first person to publicly run Bitcoin (BTC), going down in the annals of crypto Twitter history with a famous tweet that often resurfaces: Raise a glass to the world’s first Bitcoiner today. Hal Finney, the first person to receive a Bitcoin transaction from none other than Satoshi Nakamoto would have celebrated his birthday today.Running bitcoin— halfin (@halfin) January 11, 2009On Bitcointalk.org, Hal Finney explained that when Satoshi first released the software, he “grabbed it right away.”“I think I was the first person besides Satoshi to run bitcoin. I mined block 70-something, and I was the recipient of the first bitcoin transaction, when Satoshi sent ten coins to me as a test.”The wallet address for the 10 Bitcoin transaction tells a story: surging to 10 Bitcoin in value in 2009 (roughly $400,000 in today’s terms), but before Bitcoin had a dollar-denominated value.Finney’s wallet address which received 10 Bitcoin in 2009. Source: BitinfochartsFor Pete Rizzo, editor at Kraken and Bitcoin magazine, Finney was a “visionary”:✨ Today is Hal Finney’s 66th birthday. RIP to a true legend — the recipient of the first #Bitcoin transaction and a visionary who embraced its invention when others wouldn’t dare pic.twitter.com/rKNJ0m3ftI— RIZZO (@pete_rizzo_) May 4, 2022

Finney sadly passed away from Amyotrophic lateral sclerosis (ALS), also known as motor neuron disease, in Phoenix in 2014. However, an eternal technologist, he was cryopreserved by the Alcor Life Extension Foundation and may be brought back to life via a technological medium in the future. Prior to the diagnosis of the debilitating illness, Finney was known for more than just running Bitcoin: he ran half-marathons up until September 6th, 2009. Happy Birthday to the one and only Hal Finney!!Your spirit shall always live on…@halfin@franfinney pic.twitter.com/GHkODO8sqM— PU₿LORD (@publordhodl) May 4, 2022

As a part of his legacy, many Bitcoin foundations and charities organize running events including “Running Bitcoin” to fight ALS.Related: ‘How I met Satoshi’: The mission to teach 100M people about Bitcoin by 2030For some Bitcoin supporters, it’s a time to look back on his life and celebrate his achievements. But in typical Bitcoin Twitter fashion, it’s also an opportunity to make light of the situation:Just imagine what we could have done with a Full Inney— Bitcoin Lebowski (@DudeJLebowski) May 4, 2022

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Cashing out Bitcoin to save a dog’s life from cancer is 'the moon for us'

How much is a doggo’s life worth? For one Redditor, “dojeckahedron,” saving their pooch from the clutches of cancer is worth their entire Bitcoin (BTC) stack. In a tearjerker of a Reddit post, the dog owner from the States shared a photo of their pooch, Derby. The message said they cashed in all of their Bitcoin to pay for their “bestie’s radiation treatments.” Derby the dog, source: Bitcoin RedditDojeckahedron told Cointelegraph that they are “grateful” that they had Bitcoin to pay for Derby’s radiation treatment. For Dojeckahedron and their family, using Bitcoin as an investment strategy to pay for things was enough: “This is the moon for us, we’re happy with that.”The family began accumulating Bitcoin “right at the beginning of the pandemic.” Back in March 2020, when most of the world was locked down at home, many retail investors began to learn about Bitcoin and cryptocurrencies—the Dojeckahedrons included: “I believe we made our first investment in April 2020 and then primarily invested our stimulus checks along with a few smaller buys during some dips.”Cointelegraph previously reported that Americans investing their stimulus into Bitcoin made a $4,500 profit. For Dojeckahedron, a Reddit comment revealed that they had “doubled” their initial investment using the world’s most popular cryptocurrency. The Dojeckahedron family had sadly already lost Derby’s brother to cancer six years prior, so “after weighing all of our options, cashing out [to pay for treatment] was the best way for us to avoid completely depleting our personal savings.”When asked whether they could have taken out a loan against their Bitcoin to HODL and still pay for the treatment—like one British engineer did to pay for his Mom’s house—Dojeckahedron said they “did not know that taking a loan against it was an option.”They added that taking out a loan using Bitcoin as collateral is something they “would have considered that had we known.”A silver lining for Derby’s parents, the Reddit Bitcoin community was not only compassionate enough to share well wishes but it’s also helped the family to replenish their stack of Satoshis. Some Redditors agree, selling Bitcoin to save a dog’s life might be an exception. Source: RedditThe Bitcoin address they shared in the subreddit comments has already received 0.0058 BTC ($200) from dog lovers and generous Bitcoiners alike.It’s not the first time that crypto strangers on the internet have banded together to support those in need. A cancer patient raised funds through crypto Twitter, while crypto donations for Ukraine surpassed $37 million. Related: Seven times Bitcoin miners made the world a better placeFor the Dojeckahedrons, while Bitcoin has proved itself as an investment tool; it’s a “hobby” that is, unfortunately, “too unreliable for us to feel comfortable with it being our only safety net.” They summed up their feelings:“At the end of the day, money is just money. Our dog, Derby, has been our best friend and a very loyal companion for more than 12 years.”For those concerned about poor Derby’s outcome: “He’s otherwise healthy and his prognosis with treatment is very good.” Here’s to wishing Derby a speedy recovery.

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‘I’ve never paid with crypto before’: How digital assets make a difference amid a war

The ongoing conflict in Ukraine has become a stress test for crypto in many tangible ways. Digital assets have emerged as an effective means of directly supporting humanitarian efforts, and the crypto industry, despite enormous pressure, has largely proved itself a mature community — one ready to comply with international policies without compromising the core principles of decentralization.But there is another vital role that crypto has filled during these tragic events: It is becoming more and more familiar to those who have found themselves cut off from the payment systems that had once seemed unfailing.Traditional financial infrastructures don’t usually work well during military confrontations and humanitarian crises. From hyperinflation and cash shortages to the destruction of ATMs, crises can disrupt the banking system’s ability to function and threaten the money supply for millions of regular individuals.Cointelegraph spoke with some of the people who experienced these disruptions firsthand during the first days and weeks of the war. Some of them didn’t know much about crypto and had to learn fast, while others were lucky to have had some experience with digital assets that they could fall back on.Some of these people are from Ukraine and have directly experienced the struggles of war, while others are from Russia and had to leave the country as their ordinary lives collapsed overnight. Their stories reveal that when the world comes crashing down, it is ordinary people for whom crypto provides the last line of support, not the corrupt elites.“Crypto was originally created so that no single government or individual could control it”Viktoria Fox is a Ukrainian-American entrepreneur who is the founder and CEO of Polaris Capital, a cryptocurrency mining company. Her parents moved from Ukraine to the United States during the tumult of the post-Soviet Union 1990s. When the war broke out on Feb. 24, her U.S. family started receiving uneasy phone calls from their relatives in Ukraine. As Russian troops advanced into the country, the National Bank of Ukraine immediately stopped the circulation of all securities and limited cash withdrawals, creating a nationwide frenzy.Although the central bank claimed that banking and financial systems remained “resilient” following the Russian invasion, Fox’s relatives told a different story from the ground:“What I’ve been told is that banks are closed and all ATM machines have no more cash. After two weeks of war, my relatives, like most families, were completely out of cash.”Since then, Fox has been sending them Bitcoin (BTC), which started to function as a cash substitute for vendors and fellow citizens — a means to pay for almost anything from food to taxis. Viktoria’s uncle used Bitcoin to compensate a driver who traveled six hours to get him from Kharkiv to the Western part of the country.In Fox’s experience, most Ukrainians prefer to transact via established global exchanges such as Coinbase and Binance, though some rely on Ukrainian exchanges as well.“I think it’s important to remember that crypto, particularly Bitcoin, was originally created so that no single government or individual could control it,” Fox noted. “While it would be tempting to punish the ‘bad’ Russians and reward innocent Ukrainian civilians, it defeats the whole purpose of a decentralized currency or asset.” She doesn’t believe that tightening government control over crypto would help ordinary people during this or any future war.“For me, as an anarchist, it was a matter of ideological choice, not of comfort”Until several weeks ago, “Andrey” lived in the Russian city of Saint Petersburg, where he was born. Andrey is a front-end developer and has some professional experience with blockchain platforms. “I probably couldn’t write a smart contract, but I sure know how to use crypto in daily financial operations,” he said. “I have experience withdrawing USDT here and there, and I never did it through bank cards. For me, as an anarchist, it was a matter of ideological choice, not of comfort.”As Andrey headed for Berlin on the fourth day of the war, the entirety of his belongings consisted of a laptop, a pair of t-shirts and a hardware wallet holding some hard-earned stablecoins:“I had to use them to buy plane tickets to travel inside Europe. The last thing I managed to do with my Visa card was to rent a flat on Airbnb for two weeks. I was lucky enough to have a bunch of friends in Europe, and now they help me to pay with cards when necessary. I just send them the coins.”In the long run, Andrey admitted that he still needs fiat to buy groceries and other necessities. He has yet to learn the peer-to-peer withdrawal tools available in Europe. Still, he regards the decision to get a hardware wallet for crypto as one of the smartest moves in his life. “It’s not like I was preparing for something like this, but, you know, when living under authoritarianism, you’d better be independent of the local banks.”Andrey admitted that withdrawing crypto in a new jurisdiction could pose a major problem as well. He said:“Despite my overall knowledge of the industry, right now I’m in a difficult position. In Germany, very stringent requirements are applied to cash withdrawals, and I’m still researching the ways to do it.”It is not only about personal needs. Andrey is a Russian citizen whose father was born and raised in the south of Ukraine. He doesn’t have a legal way to donate money to support the relief effort for Ukrainian civilians — such an act could be considered a criminal offense or even high treason by the government. Andrey noted:“Like many others in Russia, I have friends in Ukraine. Some of them are in Kyiv now, sleeping in bomb shelters under artillery fire. My problems are nothing compared to theirs. To help them, I had to find someone on the ground who would agree to exchange my USDT for hryvnias [Ukraine’s currency]. After I made sure my friends’ banking cards worked, I used this opportunity. The sum wasn’t huge, but I hope it was at least some help.”“We could not receive international transfers to Ukrainian accounts”Anna Shakola, a native of Kyiv, began to work as an NFT project manager at Cointelegraph in November 2021, several months before the war broke out. She had not used crypto as a payment method until the crisis began: “Honestly, I had never paid by crypto, except for transacting in NFTs. I used these assets only as an investment tool.”Shakola had to learn fast, as during the first three weeks of the war, the fiat financial system was partially frozen: “We could not receive international transfers to Ukrainian accounts and had some problems with domestic fiat transfers as well.” After becoming accustomed to performing everyday transactions using digital currencies, she learned about Unchain, a charitable project founded by Ukrainian blockchain activists.Related: How crypto became a major source of relief for embattled UkraineUnchain began to channel donations to Ukrainian civilians on Feb. 27, after a network of local crypto-fiat exchanges supported the initiative. The next step was to issue virtual debit gift cards known as “Help Cards” in cooperation with Kyiv-based Unex Bank and Weld Money. The cards are designed to help families — mothers and children — who might not have the time to learn to use crypto in the middle of a war. Unchain accepts donations in crypto and converts them to hryvnias on the receiver’s end. It plans to finance up to 10,000 Help Cards.The war has undoubtedly shattered the global economic order, and it has also become a profound stress test for the crypto industry. Despite suspicions that digital assets could undermine the international sanctions regime, they have emerged freshly branded as a resilient, flexible payments system with the potential to help millions of people on their hardest day.It’s no accident that the Ukrainian government has championed measures that would develop its digital economy after the war. On March 16, Ukrainian President Volodymyr Zelenskyy signed a law to build a legal framework for the country to establish a regulated crypto market. Given the need to rebuild the country once the hostilities are over, the nation’s hard-earned experience with crypto will likely be instrumental in developing a thriving digital economy.

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NBA merch designer turned to blockchain to help end world hunger

When he’s not designing merch for the NBA or supplying coffee for big retailers, Shawn Kurz is fighting world hunger with the help of blockchain technology. Motivated to mend the shortcomings of traditional charity systems, Kurz founded FoodChain Global (FCG), an organization that uses a blockchain-based ecosystem to support charitable initiatives targeting global hunger. Enlisting the help of Cody Boyd, a former military systems engineer to lead a blockchain development team, the FCG launched digital asset products like FoodChain Global token (FOOD) and nonfungible tokens (NFTs) and uses the profits to supply food to food banks. Kurz told Cointelegraph that the project aims to bring the fight against global hunger to younger generations. The team aims to continuously provide digital products that speak to millennials and GenZ who are glued to the digital world. “We need to relate and provide products to future generations to continue to tackle the global hunger crisis but at the same time make the products engaging and interactive.” Related: Bitcoin set to help communities — Latinx nonprofit now accepts crypto donationsAccording to Kurz, many of the current blockchain projects, especially meme coins, have little to no contribution to the real world. He urges the community to move past the fluff and “have strong business leaders showcase the good side of the technology.”At the moment, FCG has released Polygon-based FOOD tokens, NFTs, and crypto merchandise clothing store. The proceeds were used to supply food to the Daily Bread Food Bank and Haven on the Queensway.“Most people who donate to charity just donate and never get to see tangible proof of that money being spent,” says Kurz. However, the FCG founder mentions that people who purchase FOOD tokens can easily track where their money goes through Polygon’s blockchain explorer.By going through the publicly-available transactions on Polyscan, anyone can see the movements of assets within FCG’s ecosystem. With this, people can track the amount that goes to charity. Kurz says that this allows the public to hold the company accountable. Meanwhile, crypto charities dedicated to various causes are on the rise. Many blockchain-based projects have contributed to philanthropic initiatives, raising millions of dollars. Crypto donations platform The Giving Block reported in February that crypto donations multiplied by 16 times in 2021.

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NFT philanthropy demonstrates new ways of giving back

NFTs, or nonfungible tokens, have created a wealth of opportunities over the last year. Data from market tracker DappRadar found that NFT sales reached $25 billion in 2021. Artwork NFTs in particular have seen impressive growth. Financial services firm FinancePR recently determined that 257 artists generated at least $1 million in the past 30 days from selling NFT artwork. It’s also notable that NFT transactions have continued to increase, despite recent slumps in the crypto market. Yet with so much revenue being generated over a short period of time, some may be wondering how NFT creators are applying these new streams of income. While this is a tough question to answer, industry experts believe that NFT philanthropy is becoming a major trend as sales from nonfungible tokens increase.Alex Wilson, co-founder of The Giving Block — a nonprofit crypto fundraising platform — told Cointelegraph that the rise of NFT philanthropy has mirrored general growth across the NFT sector. Wilson said that NFT philanthropy started taking off about six months ago, noting that The Giving Block has already seen over $12 million in cryptocurrency, or 30% of its donation volume, come from NFT-giving initiatives:“In most cases, creators are selling their NFTs and then have a portion (or all) of the proceeds donated to their favorite crypto-friendly charity. Since most NFTs are sold for ETH, many of the NFT-related donations have also come in the form of Ethereum.”Given the amount of interest in NFT philanthropy recently, Wilson stated that The Giving Block is currently working with a number of major NFT platforms to make crypto donations easier by integrating the concept into their core product. “For example, we are working with NFT platforms to ensure that when someone is setting up an auction, they can select a charity from a dropdown and then have the proceeds automatically sent there,” he said.In addition to initiatives from The Giving Block, Graph Blockchain, a decentralized finance and altcoin company, announced on Jan. 24 that the company has entered a share exchange agreement with Niftable, a charity-focused NFT company. This agreement would essentially allow Graph Blockchain to own Niftable after the acquisition is closed.Paul Haber, CEO of Graph Blockchain, told Cointelegraph that focusing expertise on NFTs in the charity space offers a number of benefits. He added that most charities today rely on volunteers and lack expertise in the emerging NFT world.Betting big on NFT philanthropyWhile emerging solutions from The Giving Block and Graph Blockchain could be game-changers for NFT philanthropy, artists and organizations have also begun using their own resources to ensure proceeds earned from NFT sales go to good causes. Many of these initiatives are focused on helping children.For example, Sheqonomi is a project that uses NFTs to give back to children in need, particularly girls in developing countries. Anu Bhardwaj, founder of Sheqonomi, told Cointelegraph that the rewards-based podcast is designed specifically for low-income populations who don’t have access to streaming media services, like Spotify:“This podcast was designed for people to listen, learn and earn, especially during COVID-19. We built Sheqonomi on KaiOS, which is a $10 mobile phone that has a partnership with the Indian telecommunication company Reliance Jio. This will incentivize 150 million JioPhone users to listen, learn and earn digital assets and rewards in the very near future.”Bhardwaj further explained that users listening to the app have the ability to earn reward tokens as an incentive for providing the platform with user-generated data. Listeners are then able to hold these tokens in their virtual wallets or spend them on the NFT artwork soon to be featured on Sheqonomi’s platform. Bhardwaj said:“On March 8, 2022, which is International Women’s Day, we will have an NFT gallery where people can purchase artwork NFTs with their tokens. Proceeds from each sale will be donated to participating charities on our platform. For instance, a minimum of 25% of NFT sales will be given to The State of Women Institute, a 501 (c)(3) nonprofit organization championing the stories and issues faced by young women and girls.”According to Bhardwaj, Sheqonomi uses NFTs for philanthropy since these digital assets represent the voices of women and girls everywhere. “The main thing we want to spotlight is divine feminism in all forms. For instance, one of the NFTs that will be featured in our gallery was created by an eight-year-old girl who wanted to have 50% of proceeds donated to refugees.”NFT created by eight-year-old Isla Mostaque. Source: SheqonomiMoreover, Bhardwaj noted that giving back using NFTs allows Sheqonomi the ability to continually add charities to its platform while letting users understand where exactly those funds are going thanks to the transparency provided by blockchain technology.This concept also resonated with UNICEF, or the United Nations Children’s Fund. In order to commemorate UNICEF’s 75th anniversary, the agency launched 1,000 NFTs to support digital connectivity among schools in underserved communities. UNICEF partnered with data visualization scientist and artist Nadieh Bremer to create the collection “Patchwork Kingdoms.”NFT from the “Patchwork Kingdoms.” Source: UNICEFChris Fabian, co-founder and lead at Giga — UNICEF’s global school internet connectivity initiative — told Cointelegraph that all of the proceeds from UNICEF’s NFT sale went back to support Giga:“The entire sale generated 235 ETH worth of revenue. Through the minting of the NFTs alone, we raised 175 ETH. We then had an in-person auction for one unique piece that sold for 40.9 ETH. Finally, royalties from OpenSea allowed us to receive 20% back from secondary sales, where we’ve generated 20 ETH. In total, we’ve raised 235 ETH, all of which was given back to UNICEF.”To date, Fabian explained that Giga has connected over 3,000 schools to the internet, benefitting over 700,000 children, and mapped over 1 million more to help target investment in connectivity. He explained that using NFT proceeds has allowed Giga to bring in a new community of donors seeking social good opportunities through cryptocurrency. Moreover, Fabian mentioned that the utility behind UNICEF’s NFTs allows donors the ability to continue giving back to underserved communities. “We have flipped the way of looking at NFT utility, which is refreshing,” he said.In another example of NFT artwork being used for charity, American entertainment company iNDIEFLIX recently released a documentary entitled Angst, which features a series of film NFTs focused on raising awareness for children’s mental health.The film will stream until Jan. 31, 2022, on a blockchain network created by digital content management firm Eluvio.Scilla Andreen, producer of Angst and chief operating officer iNDIEFLIX, told Cointelegraph that the production company wanted to use film NFTs to create a marketplace for creatives to directly connect with the film’s audience. “We wanted to use a story to build community. COVID hit everyone hard, so we pivoted by doing a hybrid approach to deliver content through different models, NFTs being one of those,” said Andreen.Andreen explained that viewers can easily claim a free NFT by creating an Eluvio digital wallet from the film’s event page. There are three community NFTs featured, each containing a supply of 10,000 unique nonfungible tokens with a specific theme related to the film:“The NFTs are meant to symbolize three stages of anxiety: revelation (to normalize and address our most common fears), action (tips and tricks to help children hack their brain to create calm), and change. A special thank you NFT will also be airdropped to the community following the event. Each NFT is linked with metadata that contains video clips from Angst.”Angst “Change” NFT. Source: iNDIEFLIXWhile the NFTs from the film are given to viewers for free, Andreen shared that a “special film” NFT will be available for purchase. She said that 50% of the proceeds from this sale will be given to the organizations Jack.org and Lady Gaga’s Born This Way Foundation, both of which focus on children’s mental health.Michelle Munson, co-founder and chief operating officer of Eluvio, told Cointelegraph that her firm has spent years working on incorporating blockchain technology with digital media content. For instance, in August of last year, Fox Corporation made a strategic investment in Eluvio to help develop Fox’s NFT business model. Munson explained that NFTs have opened a mechanism for value and engagement to occur through film content:“NFTs are a new form of digital identity that can help reach youth. The backstory, though, is that NFTs can also be very profitable. NFTs can be viewed as a way to eventually provide a new type of equity finance, working as blockchain equity through NFTs. This is a huge area that our company believes will accelerate fast. Many projects are using NFTs to engage with an audience while funding their own work and charitable initiatives.”Challenges could hamper adoptionWhile NFTs for charity are certainly a growing sector, challenges remain that could hamper adoption. For instance, as NFT sales gain traction, a number of scams have plagued the space. Therefore, it’s important for both donors and organizations to carefully consider each nonprofit accepting NFT donations.For instance, Wilson mentioned that The Giving Block has vetted every nonprofit the organization works with, noting that these are all registered charities. In terms of ensuring that donations actually go to the intended recipients, Wilson added that The Giving Block is automating its distribution or payout models. “For example, on some platforms like Foundation, you can set a payout address so that a portion (or all) of the proceeds are automatically sent.”Technical challenges aside, Munson pointed out that she believes the biggest challenge surrounding NFT philanthropy is awareness. “We need to educate the world on the possibilities. There is a real need to keep amplifying what is possible with NFTs.”Even with the present challenges, NFT philanthropy is poised to be an ongoing trend. Alex Salnikov, co-founder and head of product at Rarible — an NFT marketplace — told Cointelegraph that there has been an increase in NFT philanthropy efforts lately. Salnikov said that while the number of donation volumes are impressive, the fact that NFT community members are becoming first-time donors is equally important:“This presents an entirely new audience who might be even more generous than investors across other sectors. This trend is giving rise to a crowd that is just more comfortable with donating via NFTs and crypto, be it for tax reasons or just because they’re more comfortable with on-chain assets as opposed to fiat assets processed by centralized authorities.”

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