Did you catch Macy’s Thanksgiving Parade NFT auction for Make a Wish Foundation?
You can purchase digital representations of Macy’s Thanksgiving Day Parade floats as “NFTs” (Non-Fungible Tokens). If you’re not familiar with NFTs they’re the latest trend in blockchain technology providing proof of ownership of digital items. Some of these items are digital sports collectibles or digital art.
Before you quickly look past this trend that might be hard to understand, take a look at the numbers. At the time of writing this article, the current auction prices for these NFTs are as high as $300,000 for one and $74,000 for another. Just because you don’t understand the value, doesn’t mean someone else might not.
The same can be said for crypto donations as many have looked past crypto and the crypto community when it comes to the non-profit sector.
You might be surprised to know that 45% of the cryptocurrency holders donated $1,000 or more to charities in 2020 compared to 33% of other investors, according to a new report by Fidelity.
According to Coinbase Bytes article on November 24th, they share that cryptocurrency now represents more than $3 trillion in value, non-profit organizations need to be prepared to accept cryptocurrency donations. Our friends at Engiven shared that the average cryptocurrency donation on their platform is over $7,500 in value.
I believe that we’re in a similar moment as to when non-profit organizations began to accept credit card gifts. We were used to cash and checks and knew how to process them and what to do with them. Credit cards had a stigma and we were confused on what to do with them. So most non-profit organizations avoided them for seemingly as long as they could. And they missed out on many potential gifts because of it.
Cryptocurrency is different than credit cards and it’s unlikely that the majority of your giving will be via cryptocurrency anytime soon, but don’t miss out on the potential gifts that individuals do want to make to your organization.
Unlike the transition to credit card giving years ago, cryptocurrency giving is much easier to integrate. Utilizing a platform like Engiven allows you to accept crypto, receipt donors and instantly liquidate cryptocurrency into USD or the fiat currency of your choosing. It really is that easy.
So let’s not make the same mistakes that we have in the past and let’s run ahead of these technology trends with your first step being to accept crypto donations. Once you’ve taken that first step, the possibilities don’t stop there as blockchain technologies are opening up a world of possibilities.
Maybe you too will soon hold a digital NFT auction! Let’s not get ahead of ourselves though, one step at a time.
To set up a crypto donation platform on Engiven for free, visit https://dunham.engiven.com/.
+ More Insights from Dunham+Company: “Cryptocurrency 101”