Youth charity launches crypto-art sale to raise funds

Youth organisation One Young World is the latest charity to use crypto technology in its fundraising and is understood to be the first in the UK to sell Non-Fungible Token (NFT) art to raise funds.

It is collaborating with NFT artist Soy Fira to sell and auction five crypto-art pieces to raise money to fund scholarships for young people to attend the charity’s summit later this year in Tokyo.

The charity aims to raise £15,000 through the sale of the art via digital marketplace OpenSea. The sale and auction ends on February 28.

It is also staging a competition via Instagram offering people the chance to win an NFT, which is a unique unit of data that is stored using blockchain technology to represent a digital item, such as a piece of art.

According to the charity: “NFTs grew in global popularity over the course of 2021, with individuals increasingly using the crypto token as an investment asset. One Young World is the first UK charity to create and sell NFT art pieces to raise funds.”

One Young World co-founder David Jones added: “As technology plays an ever-increasing part in connecting the planet, we need to ensure women are not excluded from specialising in STEM skills that are vital to building this world.

“We need to break down stereotypes and spotlight how technology has the power to create opportunities and empower women. We’re delighted to be joining forces with Soy Fira as she is an inspiration for girls across the world looking to pursue a career in tech.

“As a charity, it is important for us to consider the ways we can innovate our fundraising efforts through the use of technology”.

Charities’ use of innovative technology is set to escalate this year, according to the NCVO’s Road Ahead 2022 report.

However, it adds that charities use of blockchain, which is also used to create cryptocurrency, “remains unclear”, due to transparency issues around the source of crypto-currency donations.

Other charities to already look to use crypto technology to raise money is international aid charity SEED Madagascar. Last year it launched a partnership with cryptocurrency specialist platform GiveTrack to “engage the crypto-community”.

Other charities already benefitting from crypto-currency include Children’s Heart Unit Fund (CHUF), Helping Households Under Great Stress, RNLI, Save the Children and the Turing Trust.